can you help with my accounting assignments

Apr 8th, 2014
Price: $15 USD

Question description

Homework Week 3


Exercise 2

Resource: Ch. 4 of Financial Accounting

Complete Exercise BE4-1.

Complete Problems 4-2A & 4-3A. 

Answer the following:

·  Commercial accounting and generally accepted accounting principles, generally prescribe the accrual basis of accounting over the cash basis.

·  Describe both bases of accounting and explain the differences.

Submit as either a Microsoft® Excel® or Microsoft® Word document

Brief Exercises

BE4-1 Transactions that affect earnings do not necessarily affect cash. Identify the effect,

if any, that each of the following transactions would have upon cash and net income.

The first transaction has been completed as an example.


  Cash  Income

(a) Purchased $100 of supplies for cash.  -$100   $ 0

(b) Recorded an adjusting entry to record use of $20 of the above supplies.

(c) Made sales of $1,300, all on account.

(d) Received $800 from customers in payment of their accounts.

(e) Purchased equipment for cash, $2,500.

(f) Recorded depreciation of building for period used, $600.

BE4-2 The ledger of Hubbard Company includes the following accounts. Explain why

each account may require adjustment.

(a) Prepaid Insurance.

(b) Depreciation Expense.

(c) Unearned Service Revenue.

(d) Interest Payable.

BE4-3 Dicker Company accumulates the following adjustment data at December 31.

Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and

(2) the status of the accounts before adjustment (overstated or understated).

(a) Supplies of $400 are on hand. Supplies account shows $1,600 balance.

(b) Service Revenue earned but unbilled total $700.

(c) Interest of $300 has accumulated on a note payable.

(d) Rent collected in advance totaling $1,100 has been earned.

Tutor Answer

(Top Tutor) nicestmeg
School: Boston College

Studypool has helped 1,244,100 students

Review from student
" Wow this is really good.... didn't expect it. Sweet!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors