# BUS 591 Week 2 Assignment

Week 2 – Assignment

Week Two Homework Problems

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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

(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

(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

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

(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

(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

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