Acc 205 Week 2 Complete Uop Exam Assignment

ACC 205 Week 2 Complete

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DQ1.From Chapter 3, Ethical Issue 3-1.Complete all parts of the case and respond to at least two of your classmates’ postings.

Compute the overall effects of these transaction o the store’s reported income 2014.

Why is Steinbach taking this action? Is his action ethical? Give your reason, identifying the parties helped and the parties harmed by Steinbach’s action.

As a personal friend, what advice would you give the accountant?

DQ2.Explain the purpose of adjusting entries. How is net income affected if adjusting entries are not made? Describe the four closing entries and explain their purpose. Respond to at least two of your classmates’ postings.

Individual Assignment – Revenue and Expenses

1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.

a. Amounts paid on June 30 for a 1-year insurance policy

b. Professional fees earned but not billed as of June 30

c. Repairs to the firm’s copy machine, incurred and paid in June

d. An advance payment from a client for a performance next month at a convention

e. The payment in part (d) from the client’s point of view

f. Interest owed on the company’s bank loan, to be paid in early July

g. The bank loan payable in part (f)

h. Office supplies on hand at year-end

2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:

Compute the balance in the Prepaid Insurance account on January 1, 20X2.

3. Understanding the closing process. Examine the following list of accounts:

Interest...