TRADITIONAL HOMEWORK ITEMS

General Instructions for the Traditional Homework Items:

  1. Prepare your answers using some type of computer software program, e.g., Microsoft Word, Excel.
  2. Upload your answers through Canvas. Do NOT upload any type of hand-written documents.
  3. You will NOT receive ANY CREDIT FOR LATE HOMEWORK.
  4. When completing your homework assignments DO NOT use abbreviations for phrases, e.g. state Financial Accounting Standards Board and not simply FASB.
  5. You can work on these homework assignments in groups or as an individual. If you work in a group, have one person upload the group’s answers making sure all individual names are on the uploaded assignment.
  6. For ANY problem involving a calculation, CLEARLY SHOW HOW you performed the calculation.
  7. For ANY problem involving an entry, identify EACH account that you debited and credited as either a(an):
  • Asset (includes contra-assets)                 You can abbreviate with an A
  • Liability (includes contra-liabilities)                 You can abbreviate with an L
  • Equity (includes contra-equities) You can abbreviate with an EQ
  • Revenue (includes contra-revenues AND gains) You can abbreviate with an R
  • Expense (includes losses)                 You can abbreviate with an EX

For example, if you make the following entry:

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Cash                                       $100                                        Place an “A” to the left of “Cash”

                Sales revenue                         $100                        Place an “R” to the left of “Sales Revenue”

Thus, your final answer would look like this:

A             Cash                                       $100                                       

R                             Sales revenue                         $100

 

UNACCEPTABLE ENTRY FORMATS. Format your entries like the example above. DO NOT give me entries that look like the following:

A             Cash                                                       $100                                       

R                             Sales revenue                         $100

or

A             Cash                                                                       $100                                       

R                             Sales revenue                         $100

or

A             Cash                                                       $100                                       

R             Sales revenue                                         $100

or

A             Cash                                                       $100                                       

R                             Sales revenue         $100

 

 

 

  1. (6 points) Write the best accounting word/phrase that describes the following. Write ONLY ONE word/phrase next to each item. DO NOT ABBREVIATE.

 

 

  1. This term is used to describe the common set of accounting standards and

procedures that are used to prepare general purpose financial statements.                                                                                   

 

  1. This organization’s mission is to establish and improve standards of financial

accounting and reporting; it is the organization that currently sets GAAP.                                                                                 

 

  1. This term is used to describe the financial-related report that a publicly

traded firm files annually with the SEC.                                                                                                                                      

 

  1. This term is used to describe the financial-related report that a publicly

traded firm files quarterly with the SEC.                                                                                                                                     

 

  1. This was developed by the FASB to provide in one place all of the

authoritative literature related to a particular accounting topic.                                                                                                   

 

  1. This phrase is a fundamental quality of accounting information; its ingredients

consist of completeness, neutrality, and freedom from error.                                                                                                      

 

 

 

  1. (12 points) Peggy’s balance sheet as of December 31, 2019 is presented below:

 

Cash                                                                                        $25,000

Accounts receivable                                                                  15,000

Prepaid expenses                                                                        5,000

Property, plant, and equipment – at cost                                  45,000

Accumulated depreciation                                                       (10,000)

TOTAL ASSETS                                                                   $80,000

 

Accrued expenses payable                                                      $10,000

Unearned revenues                                                                     4,000

Long-term debt                                                                         21,000

Common stock                                                                            5,000

Additional paid-in-capital                                                          25,000

Retained earnings                                                                    15,000

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY     $80,000

 

During January 2020, Peggy recorded the following events/transactions:

  1. Received $4,000 from issuing 400 shares of $1 par value Peggy common stock. (When recording this entry, Peggy credited TWO distinct owners’ equity accounts – check Peggy’s 12-31-19 balance sheet and you will find the two distinct accounts.)
  2. Borrowed $10,000 on a long-term basis.
  • Used one month’s worth ($2,500) of various prepaid expenses.
  1. Paid $500 for February 2020’s prepaid advertising.
  2. Performed $7,000 of services for customers on a cash basis.
  3. Incurred and paid $5,000 of wages expense.
  • Collected $10,000 of accounts receivable.
  • Performed services to earn $3,000 of Peggy’s 12-31-19 balance in unearned revenues.

 

  1. Prepare the journal entries for the eight events/transactions identified above. No not forget to code each account that you debited and credited. Use the coding scheme identified in the general homework instructions. Remember to use only codes of A or L or EQ or R or EX.
  2. Prepare Peggy’s balance sheet for the month ended 01-31-20.

 

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