Week 2 – Assignment  Week Two Homework Problems Complete the following Workbook

Week 2 – Assignment  Week Two Homework Problems Complete the following Workbook Template Week Two. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit. Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment. Week 2 Homework Template Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year. REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line. Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet.  (a) WALZ SERVICE INC.    Assets = Liabilities + Stockholders’ Equity      Date Cash + Accounts Receivable + Supplies + Equipment    = Notes Payable + Accounts Payable + Common Stock + Retained Earnings   Revenues  – Expenses – Dividends   June 1                           Totals     $ $    Total of All Columns under Assets Total of All columns under Liabilities &   Stockholder’s Equity                                (a) Continued Changes in Retained Earnings: (b) Prepare an Income Statement for June     WALZ   SERVICE INC.   Income   Statement   For   the Month Ended June, 30, 2014   Revenues   Account title Amount   Expenses   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Total expenses Amount   Net income Amount (Part C is on the next page) (c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).    WALZ   SERVICE Inc.   Balance   Sheet   June   30, 2014     Assets   Current assets   Account title Amount   Account title Amount   Account title Amount   Total current assets Amount   Account title Amount   Total assets Amount     Liabilities   and Stockholders’ Equity   Current liabilities   Account title Amount   Account title Amount   Total current liabilities Amount   Stockholders’ equity   Account title Amount   Account title Amount Amount   Total liabilities and stockholders’ equity Amount Problem 3-5B is on the next page.    (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).  Remember that every transaction affects TWO accounts!    Date Account Titles and Explanation Debit Credit   May 1     2     3     7     11     12     17     31     31 Part B is on the next page. PROBLEM 3-5B (Continued)     (b) Post the transactions to the ledger T Accounts Be sure to post the amounts to the correct side of the T-Account!    Cash     Bal.      Accounts Receivable     Bal.     Supplies     Bal.     Accounts Payable     Bal.     Unearned Service Revenue     Bal.    Common Stock     Bal.    Service Revenue     Bal.       Salaries and Wages Expense     Bal.     Rent Expense     Bal.     PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014. (c) ROYCE CONSULTING Trial Balance May 31, 2014    Account Name Debit Credit                     Total E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary). (E 4-19 is on the next page). E4-19. Prepare the closing entries at January 31, 2017. (Enter all accounts for each transaction in one box. Dates have been provided).     Date Account Titles and Explanation Debit Credit   Jan 31     31     31   E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided. Part A    Date Account Titles and Explanation Debit Credit   July 10     14     15     20   Part B    Date Account Titles and Explanation Debit Credit   July 10     14     15     20      E4-21Prepare the adjusting entries that were made: (a) Enter all accounts in one box. The dates have been included to help with formatting.     Date Account Titles and Explanation Debit Credit   Aug 31     31     31     31     31     31   E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.    RYAN   COMPANY   Income   Statement   For   the Month Ended August 31, 2017   Revenues   Account title Amount   Account title Amount   Total Revenues   Expenses   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Total expenses Amount   Net income Amount (Continued on next page)       RYAN   COMPANY   Retained   Earnings Statement   For   the Month Ended August 31, 2017   Retained earnings, September 1, 2016 Amount   Add: Account title Amount   Total   Less: Account title Amount   Retained earnings, August 31, 2017 Total    RYAN COMPANY   Balance   Sheet   August   31, 2017     Assets   Current assets   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Total current assets Amount   Account title Amount   Total assets Amount     Liabilities   and Stockholders’ Equity   Current liabilities   Account title Amount   Account title Amount   Account title Amount   Total current liabilities Amount   Stockholders’ equity   Account title Amount   Account title Amount Amount   Total stockholder’s equity   Total liabilities and stockholders’ equity Amount Exercise 4-23 is on the next page    Exercise 4-23 (a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting).     Date Account Titles and Explanation Debit Credit   Aug 31     31     31     31       Week 2 – Assignment  Week Two Homework Problems Complete the following Workbook Template Week Two. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit. Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment. Week 2 Homework Template Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year. REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line. Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet.  (a) WALZ SERVICE INC.    Assets = Liabilities + Stockholders’ Equity      Date Cash + Accounts Receivable + Supplies + Equipment    = Notes Payable + Accounts Payable + Common Stock + Retained Earnings   Revenues  – Expenses – Dividends   June 1                           Totals     $ $    Total of All Columns under Assets Total of All columns under Liabilities &   Stockholder’s Equity                                (a) Continued Changes in Retained Earnings: (b) Prepare an Income Statement for June     WALZ   SERVICE INC.   Income   Statement   For   the Month Ended June, 30, 2014   Revenues   Account title Amount   Expenses   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Total expenses Amount   Net income Amount (Part C is on the next page) (c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).    WALZ   SERVICE Inc.   Balance   Sheet   June   30, 2014     Assets   Current assets   Account title Amount   Account title Amount   Account title Amount   Total current assets Amount   Account title Amount   Total assets Amount     Liabilities   and Stockholders’ Equity   Current liabilities   Account title Amount   Account title Amount   Total current liabilities Amount   Stockholders’ equity   Account title Amount   Account title Amount Amount   Total liabilities and stockholders’ equity Amount Problem 3-5B is on the next page.    (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).  Remember that every transaction affects TWO accounts!    Date Account Titles and Explanation Debit Credit   May 1     2     3     7     11     12     17     31     31 Part B is on the next page. PROBLEM 3-5B (Continued)     (b) Post the transactions to the ledger T Accounts Be sure to post the amounts to the correct side of the T-Account!    Cash     Bal.      Accounts Receivable     Bal.     Supplies     Bal.     Accounts Payable     Bal.     Unearned Service Revenue     Bal.    Common Stock     Bal.    Service Revenue     Bal.       Salaries and Wages Expense     Bal.     Rent Expense     Bal.     PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014. (c) ROYCE CONSULTING Trial Balance May 31, 2014    Account Name Debit Credit                     Total E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary). (E 4-19 is on the next page). E4-19. Prepare the closing entries at January 31, 2017. (Enter all accounts for each transaction in one box. Dates have been provided).     Date Account Titles and Explanation Debit Credit   Jan 31     31     31   E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided. Part A    Date Account Titles and Explanation Debit Credit   July 10     14     15     20   Part B    Date Account Titles and Explanation Debit Credit   July 10     14     15     20      E4-21Prepare the adjusting entries that were made: (a) Enter all accounts in one box. The dates have been included to help with formatting.     Date Account Titles and Explanation Debit Credit   Aug 31     31     31     31     31     31   E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.    RYAN   COMPANY   Income   Statement   For   the Month Ended August 31, 2017   Revenues   Account title Amount   Account title Amount   Total Revenues   Expenses   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Total expenses Amount   Net income Amount (Continued on next page)       RYAN   COMPANY   Retained   Earnings Statement   For   the Month Ended August 31, 2017   Retained earnings, September 1, 2016 Amount   Add: Account title Amount   Total   Less: Account title Amount   Retained earnings, August 31, 2017 Total    RYAN COMPANY   Balance   Sheet   August   31, 2017     Assets   Current assets   Account title Amount   Account title Amount   Account title Amount   Account title Amount   Total current assets Amount   Account title Amount   Total assets Amount     Liabilities   and Stockholders’ Equity   Current liabilities   Account title Amount   Account title Amount   Account title Amount   Total current liabilities Amount   Stockholders’ equity   Account title Amount   Account title Amount Amount   Total stockholder’s equity   Total liabilities and stockholders’ equity Amount Exercise 4-23 is on the next page    Exercise 4-23 (a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting).     Date Account Titles and Explanation Debit Credit   Aug 31     31     31     31

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