ACC 205 WEEK 2 COMPLETE
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ACC 205 WEEK COMPLETE
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ACC 205, 2016
ACC 205 WEEK 2 COMPLETE
Description:
ACC 205 WEEK 2 COMPLETE,
Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
• The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
• Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
• Salaries owed to employees at year-end amounted to $1,650.
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
• The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
• Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
• Salaries owed to employees at year-end amounted to $1,650.
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Adjusting entries and financial statements. The following
information pertains to Fixation Enterprises:
• The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
• Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
• Salaries owed to employees at year-end amounted to $1,650.
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
• The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
• Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
• Salaries owed to employees at year-end amounted to $1,650.
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
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ASSIGNMENT:
Acc 205_Week Two Exercise Solution
1. Classification of items for Ron Carroll Company
DQ 1 Accounting Cycle
DQ 1 Accounting Cycle
Financial statements are a product of the
accounting cycle. Think about two different companies: a manufacturing company,
and a retail company. Why would different companies have different accounting
cycles? Would you expect the steps of the accounting cycle to be the same for
each company? Why or why not?
DQ 2 Bank Reconciliation
What is the purpose of bank reconciliation? What
are the reasons for differences between the cash reported in the accounting
records and the cash balance in the bank statements? Analyze several of your
peers’ posts. Let at least two of your peers know what happens to the
discrepancies between the book balance and the bank balance. Could these
differences just be written off?
Week 2 Journal
Income Statement Journal
The income statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the income statement? What did you learn from this experience?
The income statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the income statement? What did you learn from this experience?
ACC 205 WEEK 2 COMPLETE
ART 101 , Test Banks , BUS 401 , ECE 313 , BUS 325, BUS
210 , BUS 250, BUS
303, BUS 402, BUS
201 , BA 215, BUS
230, BUS 211, BUS
307, BUS 235, BUS 308, BUS
475, BUS 415
, BUS 610, BUS
620, BUS 405, BUS
642, MATH 221, BUS
600, BSA 500, BUS
310 , BIO 101 , ECO
100, BUS 370, BIO
100, BUS
226, BUS 640, BUS
630, PSY 101, BUS
372, BUS 680, BUS
501, ECE 311, BUS
311,
,
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