Acc 205 Week 4 Complete Uop Exam Assignment

ACC 205 Week 4 Complete

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DQ1.From Chapter 7, Fraud Case 7-1. Complete all parts of the case and respond to at least two of your classmates’ postings.

What was the key control weakness in this case?

Many small businesses cannot afford to hire enough people for adequate separation of duties. What can they do to compensate for this?

DQ2.Discuss the allowance method and the direct write-off method of accounting for bad debts.  When is the expense for uncollected accounts receivable recognized under each method?  Respond to at least two of your classmates’ postings.

Individual Assignment - Liability

1.  Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000.

a.    Prepare the journal entries needed to record the investments of Levy and Parcells.

2. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.

a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:

·  Social Security taxes

·  Medicare taxes

·  Federal income taxes withheld

·  State income taxes

·  Insurance withholdings

b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:

·  Matching Social Security taxes

·  Matching Medicare taxes

·  State unemployment taxes

·  Federal unemployment taxes

3.  Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the...