Question

ACC3300 Intermediate Accounting! Examination I - Problem Component Please use the following Balance Sheet and Transaction information to prepare your responses to the required submissions detailed below: 1,500.00 1,250.00 100.00 ACC Company, Inc. Balance Sheet December 31, 2019 Assets: Current Assets: Cash $ Accounts Receivable Prepaid Expenses $ Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land $ Buildings Equipment Accumulated Depreciation $ Total Property, Plant, and Equipment Total Assets $ 2,850.00 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ 38,000.00 40,850.00 $ 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity $ 250.00 $ $ 15,000.00 25,600.00 $ $ 40,600.00 40,850.00

Answer 1

Required. ix Journal Entry. Date particular Debit & Credits y 16,000 Cash Ale. Capital (Being Cash invested) 10,000 2 2400 2000 prep and Insurance to Insurance payable. (Being Repaid issurance too 31 Dec 2020) 3 6500 6500 Salary and wages Exp. Ale. Salary and wages payable (Being outstal Seelary and are due) wages

Date particular Debit $ Credit $ 4 2400 Inserance payable Alo Cath. 2400 (Being Insurance perid) 5 1 570 1 500 Office Expenses Alc Cath (Being office expenses paid in Cash) 6 100 200 Insurane Expenses prepaid Inserrance . ( Being Insurance recorded for month of January) 21000 7) 21000 Revenue Alc Account Receivable. (Being Revenue Receivable

Required. Account. Cash Account payable. 1 SUD 2 400 1370 200 los 10000 2400 7600 100 Account Reeivable. Solary and wages Expenses. 1250 6500 210vo 22250 6JVO

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prepaid Expenses office lepenses. 100 200 S IS10 2000 2300 Service Revenue Insurance Expenses 21000 ។ 200 Capiles Accurred Expenses ISTUD 10 ous 150 2500D Relained earnings. 25600 12800 38400

ACC Company Inc. Income statement ces in 31 January 2020 particular Arnoun Service Revenue: 21000 Total Revenue 21000 - Expenses 6 suo Salary and wages. office Expenses. Insurance . 1500 200 Net Income 12800

Acc Company Inc. Balance Sheet. as 2020 31 January A Assets Amount Liabilines Amount Current Asseth 100 130 Cash. Accured Exp. pepaid Exp. 6500 Account payable Accured Expenses Salary and wages payable 7600 22250 2 3 10 Total Current Assets 32150 Total Current liebility 6750 Capiled Fireed Assets. Retain earning 2S000 3840D poperty, plant, and Equipmen land. Bulding Equipment Accumulated depreciation 10 000 25000 ISTUD (12000) Total tored Assets. 38000 70150 Total Liability 70150 Total Assets.