ACC 290 Week 2 Individual Assignment Week Two Problems and Exercises

Apr 28th, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 290 Week 2 Individual Assignment Week Two Problems and Exercises

Word Count: 423
Showing Page: 1/9
Week Two Problems and ExercisesACC/290University of PhoenixE3-4(a)1.Stockholders invested $20,000 cash in the business.2.Purchased equipment for $5,000, paying $1,000 in cash and the balance of $4,000 on account.3.Paid $750 cash for supplies.4.Earned $9,500 in revenue, receiving $4,100 cash and $5,400 onaccount.5.Paid $1,500 cash on accounts payable.6.Paid $2,000 cash dividends to stockholders.7.Paid $800 cash for rent.8.Collected $450 cash from customers on account.9.Paid salaries of $3,000.10.Incurred $300 of utilities expense on account.(b)Issued common stock$20,000Service revenue9,500Dividends(2,000)Rent expense(800)Salaries and wages expense(3,000)Utilities expense(300)Increase in stockholders equity$23,400(c)Service revenue$9,500Rent expense(800)Salaries and wages expense(3,000)Utilities expense(300)Net income$5,400E3-9General JournalDateAccount TitlesDebitCreditMay 4Accounts PayableCash7007007Accounts ReceivableService Revenue6,8006,8008SuppliesAccounts Payable8508509EquipmentCash1,0001,00017Salaries and Wages ExpenseCash 530 53022Maintenance and Repair ExpenseAccounts Payable 900 90029Prepaid InsuranceCash 1,2001,200

Review from student

Studypool Student
" Totally impressed with results!! :-) "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 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