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Exercise/
Problem
Ch 3 Ex 4
Account to
be changed
Fish Trip
Boat rental
Questions
Prepare journal entries to record (1) the collection of
monies from tourists and (2) the revenue generated during
January.
Cash
Unearned Fish Trips
Unearned Fish Trips
Earned Fish Trips
Calculate Hawaii-Blue's total obligation to tourists at the end
On what financial statement and in which section would this
What section of the financial statement would this amount
Prepare journal entries to record (1) the payment to Pacific
Yacht Supply and (2) the subsequent adjustment on January
31.
Prepaid Boat Rental
Cash
Boat Rental Expense
Prepaid Boat Rental
On what financial statement would HawaiiBlue's January boat rental cost appear?
Account to
be changed
Original
Amount
Ch 3 Ex 8
Miguel Gomez, Drawing
Service Revenue
Rent Expense
2,500
38,000
9,000
Service Revenue
Capital
Capital
Rent Expense
Insurance Expense
Advertising Expense
Utilities Expense
Capital
Drawing
Ch 3 Pb 3
Account to
be changed
Unrecorded interest
Total Tuition in advance
Depreciation
Rent
Salaries
Feb 1 20X2
Jan 1 20X3
Original
Amount
275
60000
3000
21000
400
540
912
YOUR ANSWERS BASED UPON COURSE
START DATE
Unrecorded interest owed to the
center totaled $275 as of
December 31.
Interest Expense
Interest Payable
All clients pay tuition in
advance, and their payments are
credited to the Unearned
Tuition Revenue account. The
account was credited for
$75,500 on August 31. With the
exception of $15,500, which
represented prepayments for 10
months' tuition from several
well-to-do families, all
amounts were for the current
semester ending on December 31.
Unearned Tuition Revenue
Tuition Revenue
Depreciation on the school's
van was $3,000 for the year.
Depreciation Expense
Accumulated Depreciation
On August 1, the center began
to pay rent in 6-month
installments of $21,000. Kathy
wrote a check to the owner of
the building and recorded the
check in Prepaid Rent, a new
account.
Rent Expense
Prepaid Rent
Two salaried employees earn
$400 each for a 5-day week. The
employees are paid every
Friday, and December 31 falls
on a Thursday.
Salary Expense
Salaries Payable
Kathy's Day Care paid insurance
premiums as follows, each time
debiting Prepaid Insurance:
Date
Feb.
Jan.
Aug.
Paid
1, 20X2
1, 20X3
1, 20X3
Policy No.
1033MCM19
7952789HP
XQ943675ST
Insurance Expense
Prepaid Insurance
Ch 4 Ex 3
Balance per bank
Note collected by bank
Balance per bank
Deposits in transit
Outstanding checks
Adjusted Bank Balance
Balance per company records
Bank service charge for January
Interest on note collected by bank
Note collected by bank
NSF check returned by the bank with
the bank statement
Adjusted Book Balance
Ch 4 Ex 6
Account to
be changed
5% of credit sales
14% of accounts receivable
(1) Uncollectible accounts are
estimated to be 5% of Credit
Sales.
Uncollectible Accounts Expense
Allowance for Uncollectible
Accounts
(2) Uncollectible accounts are
estimated to be 14% of Accounts
Receivable.
Uncollectible Accounts Expense
Allowance for Uncollectible
Accounts
How would Maverick's Accounts
Receivable appear on the
December 31 balance sheet under
assumption (1) of part (a)?
Accounts Receivable
Less: Allowance for
Uncollectible Accounts
How would Maverick's Accounts
Receivable appear on the
December 31 balance sheet under
assumption (2) of part (a)?
Accounts Receivable
Less: Allowance for
Uncollectible Accounts
Net Receivables
Ch 4 Pb 3
Account to
be changed
Percentage of Accounts
Expected to Be Collected
What is the company's
Uncollectible Accounts expense
for 20X2?
Compute the net realizable
value of Accounts Receivable at
the end of 20X2.
Accounts receivable
Less: Allowance for Uncollectible Accounts
Net Realizable Value
Compute the net realizable
value at the end of 20X2 as a
percentage of respective yearend receivables balances.
Analyze your findings and
comment on the president's
decision to close the credit
evaluation department.
Ashford University ACC205
Guidance Report
Week Two
Guidance Report Download
Date
11/28/2017
Guidance Report Revision
Date
12/1/2017
YELLOW INDICATES ACCOUNT AMOUNTS CHANGED
Change Account to:
Based Upon Course Start Date
Original
Amount
125
72,000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Jan-Feb
150
78,000
Mar-Apr
175
84,000
May-Jun
200
90,000
Jul-Aug
225
96,000
Sept-Oct
250
102,000
Nov-Dec
275
108,000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
3000
39000
9500
3500
40000
10000
4000
41000
10500
3500
47000
17000
5000
49000
17500
5500
50000
18000
Jan-Feb
Mar-Apr
May-Jun
Jul-Aug
Sept-Oct
Nov-Dec
300
325
350
370
376
377
70000
71000
74000
75000
79000
83000
4000
4100
4200
4300
4400
4500
24000
30000
36000
42000
48000
54000
500
600
700
800
900
950
600
610
620
640
650
660
1000
1050
1060
1070
1090
1095
Length of Policy
Amount
1 year
$540
1 year
912
2 years
840
6150
1000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
$6,252
1,102
$6,354
1,204
$6,456
1,306
$6,558
1,408
$6,660
1,510
$6,762
1,612
Original
Amount
0.05
0.14
YOUR ANSWERS
BASED UPON
COURSE START
DATE
0.06
0.15
0.07
0.16
0.08
0.17
0.09
0.18
0.1
0.19
0.11
0.2
Original
Amount
0.99
96%
93%
90%
87%
84%
81%
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Net Realizable
value 20X2
20X2
Your Browser Must be Open to Access Video
LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT
Exercise/
Problem
Ch 3 Ex 4
Account to
be changed
Fish Trip
Boat rental
Questions
Prepare journal entries to record (1) the collection of
monies from tourists and (2) the revenue generated during
January.
Cash
Unearned Fish Trips
Unearned Fish Trips
Earned Fish Trips
Calculate Hawaii-Blue's total obligation to tourists at the end
On what financial statement and in which section would this
What section of the financial statement would this amount
Prepare journal entries to record (1) the payment to Pacific
Yacht Supply and (2) the subsequent adjustment on January
31.
Prepaid Boat Rental
Cash
Boat Rental Expense
Prepaid Boat Rental
On what financial statement would HawaiiBlue's January boat rental cost appear?
Account to
be changed
Original
Amount
Ch 3 Ex 8
Miguel Gomez, Drawing
Service Revenue
Rent Expense
2.500
38.000
9.000
Service Revenue
Capital
Capital
Rent Expense
Insurance Expense
Advertising Expense
Utilities Expense
Capital
Drawing
Ch 3 Pb 3
Account to
be changed
Unrecorded interest
Total Tuition in advance
Depreciation
Rent
Salaries
Feb 1 20X2
Jan 1 20X3
Original
Amount
275
60000
3000
21000
400
540
912
YOUR ANSWERS BASED UPON COURSE
START DATE
Unrecorded interest owed to the
center totaled $275 as of
December 31.
Interest Expense
Interest Payable
All clients pay tuition in
advance, and their payments are
credited to the Unearned
Tuition Revenue account. The
account was credited for
$75,500 on August 31. With the
exception of $15,500, which
represented prepayments for 10
months' tuition from several
well-to-do families, all
amounts were for the current
semester ending on December 31.
Unearned Tuition Revenue
Tuition Revenue
Depreciation on the school's
van was $3,000 for the year.
Depreciation Expense
Accumulated Depreciation
On August 1, the center began
to pay rent in 6-month
installments of $21,000. Kathy
wrote a check to the owner of
the building and recorded the
check in Prepaid Rent, a new
account.
Rent Expense
Prepaid Rent
Two salaried employees earn
$400 each for a 5-day week. The
employees are paid every
Friday, and December 31 falls
on a Thursday.
Salary Expense
Salaries Payable
Kathy's Day Care paid insurance
premiums as follows, each time
debiting Prepaid Insurance:
Date
Feb.
Jan.
Aug.
Paid
1, 20X2
1, 20X3
1, 20X3
Policy No.
1033MCM19
7952789HP
XQ943675ST
Insurance Expense
Prepaid Insurance
Ch 4 Ex 3
Balance per bank
Note collected by bank
Balance per bank
Deposits in transit
Outstanding checks
Adjusted Bank Balance
Balance per company records
Bank service charge for January
Interest on note collected by bank
Note collected by bank
NSF check returned by the bank with
the bank statement
Adjusted Book Balance
Ch 4 Ex 6
Account to
be changed
5% of credit sales
14% of accounts receivable
(1) Uncollectible accounts are
estimated to be 5% of Credit
Sales.
Uncollectible Accounts Expense
Allowance for Uncollectible
Accounts
(2) Uncollectible accounts are
estimated to be 14% of Accounts
Receivable.
Uncollectible Accounts Expense
Allowance for Uncollectible
Accounts
How would Maverick's Accounts
Receivable appear on the
December 31 balance sheet under
assumption (1) of part (a)?
Accounts Receivable
Less: Allowance for
Uncollectible Accounts
How would Maverick's Accounts
Receivable appear on the
December 31 balance sheet under
assumption (2) of part (a)?
Accounts Receivable
Less: Allowance for
Uncollectible Accounts
Net Receivables
Ch 4 Pb 3
Account to
be changed
Percentage of Accounts
Expected to Be Collected
What is the company's
Uncollectible Accounts expense
for 20X2?
Compute the net realizable
value of Accounts Receivable at
the end of 20X2.
Accounts receivable
Less: Allowance for Uncollectible Accounts
Net Realizable Value
Compute the net realizable
value at the end of 20X2 as a
percentage of respective yearend receivables balances.
Analyze your findings and
comment on the president's
decision to close the credit
evaluation department.
Ashford University ACC205
Guidance Report
Week Two
Guidance Report Download
Date
11/28/2017
Guidance Report Revision
Date
12/1/2017
YELLOW INDICATES ACCOUNT AMOUNTS CHANGED
Change Account to:
Based Upon Course Start Date
Original
Amount
125
72.000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Jan-Feb
150
78.000
Mar-Apr
175
84.000
May-Jun
200
90.000
Jul-Aug
225
96.000
Sept-Oct
250
102.000
Nov-Dec
275
108.000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
3000
39000
9500
3500
40000
10000
4000
41000
10500
3500
47000
17000
5000
49000
17500
5500
50000
18000
Jan-Feb
Mar-Apr
May-Jun
Jul-Aug
Sept-Oct
Nov-Dec
300
325
350
370
376
377
70000
71000
74000
75000
79000
83000
4000
4100
4200
4300
4400
4500
24000
30000
36000
42000
48000
54000
500
600
700
800
900
950
600
610
620
640
650
660
1000
1050
1060
1070
1090
1095
Length of Policy
Amount
1 year
$540
1 year
912
2 years
840
6150
1000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
$6.252
1.102
$6.354
1.204
$6.456
1.306
$6.558
1.408
$6.660
1.510
$6.762
1.612
Original
Amount
0,05
0,14
YOUR ANSWERS
BASED UPON
COURSE START
DATE
0,06
0,15
0,07
0,16
0,08
0,17
0,09
0,18
0,1
0,19
0,11
0,2
Original
Amount
0,99
96%
93%
90%
87%
84%
81%
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Net Realizable
value 20X2
20X2
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