Assignment

Module 2: Critical Thinking

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Critical Thinking Assignment (60 Points)

Important! Read First

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. Option #1 is for sensing learners who learn best from concrete materials like examples; that is, those learners who are practical and careful with details. Option #2 is for intuitive learners who learn best from abstract materials—such as, theories and concepts—and who enjoy challenges and tend to be more innovative. When you are ready to submit your completed assignment, click the Week 2 Critical Thinking header on the Assignments page to upload the document.

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Option #1: Adjusted Trial Balance: The Modine Consulting Case

For this assignment, you are required to present the seven correct journal entries in an Excel spreadsheet.

Assignment Template attached below

Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below.

MODINE CONSULTING

Trial Balance

May 31, 2008

Account

Number |   | Debit | Credit |

101 | Cash | $7,700 |   |

112 | Accounts Receivable | 4,000 |   |

126 | Supplies | 1,500 |   |

130 | Prepaid Insurance | 4,800 |   |

149 | Office Furniture | 9,600 |   |

201 | Accounts Payable |   | $3,500 |

209 | Unearned Service Revenue |   |    3,000 |

301 | L. Ace, Capital |   | 19,100 |

400 | Service Revenue |   | 6,000 |

726 | Salaries Expense | 3,000 |   |

729 | Rent Expense | 1,000 |   |

In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation – Office Furniture; No. 229 Travel Payable; No. 212 Salaries Payable; No. 717 Depreciation Expense; No....