ACC 290 Complete Course

ACC 290 Week 1 DQ 1

ACC 290 Week 1 DQ 2
ACC 290 Week 1 Financial Statements Paper
ACC 290 Week 1 Summary
ACC 290 Week 2 DQ 1
ACC 290 Week 2 DQ 2
ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 ,E3-9 Problem
3-5A, 3-6A
ACC 290 Week 2 Learning Team Reflection Summary
ACC 290 Week 3 DQ 1
ACC 290 Week 3 DQ 2
ACC 290 Week 3 Individual WileyPLUS Assignment Exercise BE4-1, Problem P4-2A
and P4-3A
ACC 290 Week 3 Learning Team Reflection Summary
ACC 290 Week 4 DQ 1
ACC 290 Week 4 DQ 2

ACC 290 Week 4 Individual WileyPLUS Assignment Problem 4-8A

ACC 290 Week 4 Learning Team Financial Reporting Problem Part 1
ACC 290 Week 4 Reflection Summary
ACC 290 Week 5 DQ 1
ACC 290 Week 5 DQ 2
ACC 290 Week 5 Individual WileyPLUS Assignment
ACC 290 Week 5 Learning Team Financial Reporting Problem Part 2
ACC 290 Week 5 Learning Team Weekly Reflection

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ACC 290 Week 1 DQ 1

What are the four basic financial statements? What is the primary purpose of each
of the four basic financial statements? In your opinion, which financial statement
is the most important? Explain why. How would the financial statements be useful
to managers and employees? How would the financial statements be useful to
investors and creditors?

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ACC 290 Week 1 DQ 2

What are debits and credits? How are debits and credits used to record business
transactions? Why do accountants debit asset accounts to increase them but
credit liability accounts to increase them? Why do accountants debit expenses to
increase them but credit revenues to increase them?

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ACC 290 Week 1 Financial Statements Paper

Prepare a 700 -1,050 word paper in which you identify the four basic financial
statements. Describe the purpose of each of the four financial statements.
Discuss how the financial statements would be useful to internal users, such as to
managers and employees. Discuss how the financial statements would be useful
to external users, such as investors and creditors.

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ACC 290 Week 1 Summary

ACC 290 Week 1 Summary

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ACC 290 Week 2 DQ 1

What is the revenue recognition principle? What is the expense recognition

principle? Why are they important to financial reporting?
What are adjusting entries and why are they necessary?
What are accruals? Provide examples of accruals. Why do accruals require
adjusting entries?

What are deferrals? What are some examples of deferrals? Why do deferrals require
adjusting entries?

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ACC 290 Week 2 DQ 2

What accounts are subject to adjusting journal entries and why? How would you
explain the purpose of the adjusted trial balance?

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ACC 290 Week 2 Individual WileyPLUS

Assignment Exercise E3-4 ,E3-9 Problem 3-5A,
3-6A

Exercise E3-4
A tabular analysis of the transactions made during August 2010 by Witten
Company during its first month of operations is shown below. Each increase and
decrease in stockholders equity is explained.
Liabilitie
Assets

= s
Accounts
Receivabl

Cash

+ e

Supplie
+ s

Office

Account

Equipmen

+ t

= Payable

+ Stockholders Equity
Retained Earnings
Commo
+ n Stock

+ Rev.

- Exp.

- Div.

$20,00
1.

2.

-1,000

3.

-750

$20,000
$5,000

$4,000

$750
$9,80

4.

4,400

5.

-1,500

$5,400

0
-1,500
-

2,00
6.

-2,000

7.

-800

8.

450

-800
-450
3,00

9.
10

-3,000

0
500

-500

Determine how much stockholders equity increased for the month.

Exercise E3-9

This information relates to Pickert Real Estate Agency.

Oct. 1

Stockholders invested $30,000 in exchange for common stock of the corporation.

Oct. 2

Hires an administrative assistant at an annual salary of $42,000.

Oct. 3

Buys office furniture for $4,600, on account.

Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty

Oct. 6

at this time).

Oct.
10

Receives cash of $140 as commission for acting as rental agent renting an apartment.

Oct.
27

Pays $700 on account for the office furniture purchased on October 3.

Oct.
30

Pays the administrative assistant $3,500 in salary for October.

Post the transactions to T-accounts and complete the following trial balance.

Problem 3-5A

Sunflower Architects incorporated as licensed architects on April 1, 2010. During

the first month of the operation of the business, these events and transactions
occurred:
April 1

Stockholders invested $15,000 cash in exchange for common stock of the corporation.

Hired a secretary-receptionist at a salary of $375 per week, payable monthly.

Paid office rent for the month $900.

Purchased architectural supplies on account from Spring Green Company $1,000.

10

Completed blueprints on a carport and billed client $1,500 for services.

11

Received $500 cash advance from J. Madison to design a new home.

20

Received $2,300 cash for services completed and delivered to M. Svetlana.

30

Paid secretary-receptionist for the month $1,500.

30

Paid $300 to Spring Green Company for accounts payable due.

Problem 3-6A
This is the trial balance of Slocombe Company on September 30.

SLOCOMBE COMPANY
Trial Balance
September 30, 2010
Debit
Cash

$8,300

Accounts Receivable

2,600

Supplies

2,100

Equipment

8,000

Accounts Payable

Credit

$5,100

Unearned Revenue

900

Common Stock

15,000
$21,000

$21,000

The October transactions were as follows.

Oct. 5

Received $1,300 in cash from customers for accounts receivable due.

10

Billed customers for services performed $5,100.

15

Paid employee salaries $1,400.

17

Performed $600 of services for customers who paid in advance in August.

20

Paid $1,500 to creditors for accounts payable due.

29

Paid a $300 cash dividend.

31

Paid utilities $500

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ACC 290 Week 2 Learning Team Reflection

Summary

ACC 290 Week 2 Learning Team Reflection Summary

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ACC 290 Week 3 DQ 1

What are the steps in completing the accounting cycle? How do the different steps
affect the financial statements? What is the effect on the financial statements of
missing a step when completing the accounting cycle? What are the four closing
journal entries? Why are they necessary? What are reversing entries? Why are
they used? What are the pros and cons of using reversing entries? Why are
reversing entries optional?

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ACC 290 Week 3 DQ 2

What are the pros and cons of using reversing entries? Why are reversing entries
optional? What is the main purpose of a financial statement worksheet and its

benefits? How has automation aided the preparation, accuracy, and use of the
financial statement worksheet?

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ACC 290 Week 3 Individual WileyPLUS

Assignment Exercise BE4-1, Problem P4-2A and
P4-3A

Exercise BE4-1
Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon
cash and net income. The first transaction has been completed as an example.
(a)

Purchased $100 of supplies for cash.

(b)

Recorded an adjusting entry to record use of $40 of the above supplies.

(c)

Made sales of $1,300, all on account.

(d)

Received $800 from customers in payment of their accounts.

(e)

Purchased equipment for cash, $2,500.

(f)

Recorded depreciation of building for period used, $600.

Problem P4-2A

Nick Waege started his own consulting firm, Waegelein Consulting, on June 1,
2010. The trial balance at June 30 is as follows.

WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit
Cash

$6,850

Accounts Receivable

7,000

Prepaid Insurance

2,640

Supplies

2,000

Office Equipment

15,000

Credit

Accounts Payable

$4,540

Unearned Service Revenue

5,200

Common Stock

21,750

Service Revenue

8,000

Salaries Expense

4,000

Rent Expense

2,000
$39,490

Other data:
1

Supplies on hand at June 30 total $980.

$39,490

2
.

A utility bill for $180 has not been recorded and will not be paid until next month.

3
.

The insurance policy is for a year.

4
.

$3,900 of unearned service revenue has been earned at the end of the month.

5
.

Salaries of $1,250 are accrued at June 30.

The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per

month for 60 months.

Invoices representing $3,500 of services performed during the month have not been recorded as

of June 30.

Problem P4-3A

The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before
adjustment on May 31.

OLATHE HOTEL
Trial Balance
May 31, 2010
Debit
Cash

$2,500

Prepaid Insurance

1,800

Supplies

2,600

Land

15,000

Lodge

70,000

Furniture

16,800

Credit

Accounts Payable

$4,700

Unearned Rent Revenue

3,300

Mortgage Payable

36,000

Common Stock

60,000

Rent Revenue

9,000

Salaries Expense

3,000

Utilities Expense

800

Advertising Expense

500
$113,000

$113,000

Other data:

1.

Insurance expires at the rate of $300 per month.

2.

A count of supplies shows $1,050 of unused supplies on May 31.

3.

Annual depreciation is $3,600 on the lodge and $3,000 on furniture.

4.

The mortgage interest rate is 7%. (The mortgage was taken out on May 1.)

5.

Unearned rent of $2,500 has been earned.

6.

Salaries of $750 are accrued and unpaid at May 31.

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ACC 290 Week 4 DQ 1

How would you calculate cost of goods sold? What items make up cost of goods
sold? How does beginning and ending inventory affect cost of goods sold? What are
the journal entries a merchandising organization would use to record the purchase
and subsequent sale of merchandise? How would these transactions differ with a
periodic versus a perpetual inventory system? Why are perpetual inventory
systems so much more popular today than back in the early 1960s and earlier?
Why would a company employing a perpetual inventory system still take a physical
inventory periodically?

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ACC 290 Week 4 DQ 2

What are the three different inventory cost flow assumptions commonly used in
commerce today and allowed by generally accepted accounting principles? How
does a company determine what cost flow assumption they should use? How does
first in, first out cost flow assumption work? When it is most appropriate to use?
How does last in, first out cost flow assumption work? When it is most appropriate
to use? How does an average cost flow assumption work? When it is most
appropriate to use?

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ACC 290 Week 4 Individual WileyPLUS

Assignment Problem 4-8A

Problem P4-8A

Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July
the following transactions were completed.
July 1

Issued 11,000 shares of common stock for $11,000 cash.

July 1

Purchased used truck for $9,000, paying $2,000 cash and the balance on account.

July 3

Purchased cleaning supplies for $900 on account.

July 5

Paid $1,800 cash on 1-year insurance policy effective July 1.

July
12

Billed customers $3,200 for cleaning services.

July

Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning

18

supplies.

July
20

Paid $2,000 cash for employee salaries.

July
21

Collected $1,400 cash from customers billed on July 12.

July
25

Billed customers $2,500 for cleaning services.

July
31

Paid $260 for gas and oil used in the truck during month.

July
31

Declared and paid a $600 cash dividend.

1.) Journalize the July transactions.

2.) Journalize the following adjustments.
1.

Services provided but unbilled and uncollected at July 31 were $1,700.

2.

Depreciation on equipment for the month was $250.

3.

One-twelfth of the insurance expired.

4.

An inventory count shows $360 of cleaning supplies on hand at July 31.

5.

Accrued but unpaid employee salaries were $400.

3.) Post the July transactions to the ledger accounts. (Use T accounts.) Post
adjusting entries to the T accounts. Post closing entries and complete the closing
process.
4.) Complete the Trial Balance and Adjusted Trial Balance at July 31.
5.) Complete the income statement and a retained earnings statement for July and
a classified balance sheet at July 31
6.) Journalize the post closing entries.

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ACC 290 Week 4 Learning Team Financial

Reporting Problem Part 1

Browse the Internet to acquire a copy of the most recent annual report for a
publicly traded company. Analyze the information contained in the companys
balance sheet and income statement to answer the following questions:
1

What are the companys total assets at the end of its most recent annual

reporting period? Why is this important?

2

What are the total assets at the end of the previous annual reporting period?

How much cash and cash equivalents did the company have at the end of its

most recent annual reporting period?

4

What amount of accounts payable did the company have at the end of its most

recent annual reporting period?

5

What amount of accounts payable did the company have at the end of the

previous annual reporting period?

6

What are the companys net revenues for the last three annual reporting

periods?
7

What is the change in dollars in the companys net income from its most recent

annual reporting period to the previous annual reporting period?

8

What are the companys total current assets at the end of its most recent

annual reporting period?

9

What are the total current assets at the end of the previous annual reporting

period?
10 What in the information above would be important to a potential investor,
employee, and so on?
Format your paper consistent with APA guidelines.

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ACC 290 Week 4 Reflection Summary

ACC 290 Week 4 Reflection Summary

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ACC 290 Week 5 DQ 1

companys internal controls? What are the negative and positive elements of a
control environment? What are two examples of strong and weak internal controls
in organizations where you have worked or have first-hand knowledge? How are
these different? How would you describe the key internal controls that should be
in place to protect cash in a cash rich environment such as a merchandiser? What
are the key internal controls that should be in place to protect inventory for a
merchandiser that sells highly desirable and very expensive inventory, such as
jewelry? Would this be different if the business had a less desirable and less
expensive inventory? Explain why or why not.

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ACC 290 Week 5 DQ 2

Using examples of weak internal controls in an organization you are familiar with,
how would you improve those controls to better safeguard a companys assets?
Would these internal controls differ with a different type of business? How could
you improve internal controls over the assets that you own? What is the SarbanesOxley Act of 2002? Why did it come about? How have the new rules in the
Sarbanes-Oxley Act of 2002 affected the way accounting departments and
companies operate? What are some positive outcomes from these changes?

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ACC 290 Week 5 Individual Assignment

WileyPLUS Assignment

ACC 290 Week 5 Individual Assignment WileyPLUS Assignment

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ACC 290 Week 5 Learning Team Assignemtn

Weekly Reflection

ACC 290 Week 5 Learning Team Assignemtn Weekly Reflection

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ACC 290 Week 5 Learning Team Assignment

Financial Reporting Problem Part 2

Access the internet to acquire a copy of the most recent annual report for the
public traded company used to complete the Financial Reporting Problem, Part 1
assignment due in week Four. Analyze the information contained in the companys
balance sheet and income statement to answer the following questions:
Are the assets included under the companys current assets listed in the proper
order? Explain your answer.
How are the companys assets classified?
What are cash equivalents?
What are the companys total current liabilities at the end of its most recent
annual reporting period?

What are the companys total current liabilities at the end of the previous annual
reporting period?
Considering all the information you have gathered, why might this information be
important to potential creditors, investors, and employees?
Format your paper and presentation consistent with APA guidelines.

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