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Linda_us, Finance, Accounts & Homework Tutor
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Experience:  Post Graduate Diploma in Management (MBA)
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hi Linda what about exam 061689 and 061693.....because in $42

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hi Linda what about exam 061689 and 061693.....because in $42 are included and this two exams
Please post the questions. Thanks
Customer: replied 5 years ago.

hi Linda How I can attach a file?

You can upload it on an external website like or and share the link here. OR you may upload it here by clicking on the paper clip icon on the tool bar shown in the reply window.
Customer: replied 5 years ago.


Lesson 1: Business

Accounting and You


The focus of this project is for the student to keep a set of

books through an accounting period to perform the following



Set up the books of accounting


Analyze and record transactions


Post the journal entries to general ledger accounts


Generate an unadjusted trial balance


Calculate, journalize, and post adjusting entries


Generate an adjusted trial balance


Generate financial statements


Create and post closing entries


Generate a post-closing trial balance


Use the explanation below and the information in the

assumptions section to complete the steps in the requirements

for this accounting project.

XXXXX XXXXXson recently left his job at a local pool company

to open his own pool and spa maintenance

business. XXXXX XXXXXson took all of the money he and

his wife had in their personal savings account and

used it to open Aqua Elite, Inc., on May 1, 20XX.

Assume that the following transactions for the first three

months of operations for the Hanson’s Aqua Elite, Inc., are

true and accurate.


rraaddeedd PPrroojjeecct


Graded Project Instructions



Because Aqua Elite, Inc. is a new startup business, the

beginning balances in all the general ledger accounts are

zero to start.


The length of the accounting periods are three months

using a fiscal calendar year. (A fiscal calendar is on a

yearly basis other than a calendar year—January 1st to

December 31st. For example, a fiscal calendar year can

be May 1, 2009, through April 30, 2010). Therefore,

posting to the general ledger, adjustments and closing

entries are made on a fiscal quarterly basis.


Accounts Receivable and Accounts Payable subsidiary

ledgers aren’t being used. Any references to invoicing,

receipts, or payments “on account” assume changes to

the running balance in the Accounts Receivable and

Accounts Payable general ledger accounts.


Payroll calculations aren’t necessary. Assume the salary

is the gross pay with no deductions taken. Therefore, the

net pay is the same as the gross pay, requiring a simplified

journal entry to record the expense.


Use the information in the Chart of Accounts that’s provided

after the


section below. Add general

ledger accounts if necessary.


Print out and use the blank worksheets in this file as

needed. Work through the project by hand using copies

that has the four forms you’ll need to fill in and submit

to the school for grading at the end of the project.

This project is adapted and revised from your textbook’s Chapter 1,

pp. 47–48, Continuing Problem; Chapter 2, p. 104, Continuing Problem; and

Chapter 3, pp. 169–170, Continuing Problem.


Changes have been made

to the scenario. Use only the information provided here for this project.


of those sheets. Later, you’ll be directed to another PDF

Graded Project Instructions



To begin, review the financial statements on pages 122 and

127 of your textbook (Exhibits 3-4 through 3-7). Then, following

the instructions below, complete the electronic forms

provided at the end of this file. Submission instructions are

given the end of this project.

1. Journalize the transactions. Omit explanations.

2. Post the transactions to the general ledger, creating new

ledger accounts as necessary. Calculate the new general

ledger account balances.

3. Prepare the unadjusted trial balance for Aqua Elite, Inc.,

at the end of July.

4. Journalize and post the adjusting entries for July based

on the following adjustment information:

a. Record the expired rent.

b. Supplies on hand, $350.

c. Depreciation: $400 equipment, $210 furniture, $650


d. Services performed but unbilled, $1,900.

e. Accrued salaries, $675.

f. Unearned service revenue earned as of July 31, $800.

5. Prepare an adjusted trial balance for Aqua Elite, Inc., at

the end of July.

6. Prepare the Income Statement, Statement of Retained

Earnings, and Balance Sheet for the three-month period

May through July 20XX.

7. Prepare, journalize, and post closing entries.

8. Prepare a Post-Closing Trial Balance for the end of the



Graded Project Instructions


1 Mike invested $15,000 cash and a used truck worth $13,500 in the business in exchange

for company stock.

3 Paid $4,700 cash to purchase office equipment.

7 Purchased $860 of supplies on account.

12 Performed services for cash customers and received $850.

15 Paid salaries of $675 to the office receptionist.

16 Sold the company truck for $13,500.

18 Signed a note payable for $31,000 to purchase a new truck.

21 Performed $3,200 of services on account for a local hotel chain.

27 Paid $500 of the amount owed from the purchase of supplies on May 7.

30 Received $2,000 on account from credit customers.

31 Received the utility bill for the month of May, $480. The bill is not due until the 15th

of June.

31 Paid $1,000 dividends to the shareholder, XXXXX XXXXXson.


1 Paid receptionist’s salary, $675.

2 Paid cash to acquire land for a future office site, $15,000.

3 Moved into a new location for the business and paid the first month’s rent, $1,800.

4 Performed service for a customer and received cash, $1,700.

5 Received $500 on account.

8 Purchased $750 of supplies on account.

11 Billed customers for services performed, $3,800.

13 Sold an additional $10,000 of stock to XXXXX XXXXXson.

16 Paid receptionist’s salary, $675.

17 Received $1,350 cash for services performed.

18 Received $1,500 from customers on account.

19 Paid $325 to be listed in the yellow pages telephone directory.

21 Paid $1,000 on account.

22 Purchased office furniture on account, $3,300.

24 Paid miscellaneous expenses, $275.

26 Billed customers for services provided, $1,000.

28 Received $300 from customers on account.

30 Paid utility bill, $745.

30 Paid receptionist’s salary, $675.

30 Paid $1,800 of dividends.


1 Paid three months’ rent, $4,500.

4 Performed service for a customer and received cash, $2,100.

9 Received $3,600 from customers for services to be performed later.

12 Purchased $750 of supplies on account.

15 Billed customers for services performed, $2,800.

16 Paid receptionist’s salary, $675.

22 Received $3,100 on account.

25 Paid $2,800 on account.

28 Received $1,200 cash for services performed.

30 Paid $600 of dividends.

Graded Project Instructions


Aqua Elite, Inc.

Chart of Accounts

May 1, 20XX



Accounts Receivable


Prepaid Rent


Office Furniture

Accumulated Depreciation, Office Furniture


Accumulated Depreciation, Equipment


Accumulated Depreciation, Vehicles

Accounts Payable

Salaries Payable

Unearned Service Revenue

Common Stock


Service Revenue

Notes Payable

Salary Expense

Rent Expense

Supplies Expense

Utilities Expense

Depreciation Expense, Office Furniture

Depreciation Expense, Equipment

Depreciation Expense, Vehicles

Advertising Expense

Miscellaneous Expense

When you’re confident that your work is complete and accurate,



and fill in the final forms.

Proofread your work carefully, and make any necessary corrections.

You’ll submit a copy of that completed PDF file to

the school for grading. That file will include your final work

for the following four items:


Balance Sheet


Income Statement


Statement of Retained Earnings


Post-Closing Trial Balance

These are the only four forms that will be graded. Your

journals, general ledger, and worksheet will


be evaluated.


The grading criteria for the project is as follows:



of the four financial statements is worth

4 points each for a total of

16 points

(4 × 4 = 16).

Calculations on the financial statements are based on

28 figures

from your general ledger account. Each of those

figures that came from the general ledger account is worth

3 points for a total of

84 points

(28 × 3 = 84).

Thus, the


of the financial statements (worth 16

points total) plus the


used for the financial statements

(worth 84 points total) provide the 100 points for the project.



16 points

Figures + 84 points


Complete the following exam by answering the questions and

compiling your answers into a word-processing document. When

you’re ready to submit your answers, refer to the instructions at

the end of your exam booklet. Be certain to indicate the proper

question number before each of your answers. Remember to

show your work if an answer requires a mathematical solution.

Part A: Answer each of the following questions. Each answer is

worth 20 points.



1. The following information was made available from the

income statement and balance sheet of Lauren Company.

Item 12/31/10 12/31/09

Accounts Receivable $53,400 58,600

Accounts Payable 35,600 32,700

Merchandise Inventory 85,000 79,000

Sales (2010) 243,000

Interest Revenue (2010) 5,600

Dividend Revenue (2010) 1,200

Tax Expense (2010) 12,300

Salaries Expense (2010) 28,000

COGS (2010) 65,000

Interest Expense (2010) 3,600

Operating Expenses 28,500

Complete the cash flow from operating activities section for

Lauren Company using the direct method for the year ended

December 31, 2010.




Given the following balance sheet, complete a horizontal


analysis. Compute the percentage to the nearest tenth of a






Jill’s Bikes


Comparative Balance Sheet


For Years Ended December 31, 2011 and 2010


(in thousands) 2011 2010 Difference Percentage




Current Assets


Cash and Equivalents $72 $94


Accounts Receivable, net 122 104


Inventory 288 232


Total Current Assets 482 430


Property, Plant and Equipment 638 358


Total Assets $1,120 $788




Current Liabilities


Accounts Payable $242 $148


Accrued Liabilities 48 66


Total Current Liabilities 290 214


Long-Term Liabilities 346 208


Total Liabilities 636 422


Stockholders’ Equity


Common Stock 70 60


Retained Earnings 414 306


Total Stockholders’ Equity 484 366


Total Liabilities and


Stockholders’ Equity $1,120


Part B: Answer each of the following questions. Each answer is


worth 4 points.


1. Record the following transactions using the accounting






Assets = Liabilities + Equity


XXXX(cash) XXXX(accounts payable)


A. Amanda invests $17,000 cash into her merchandising




B. She buys $6,500 of office equipment and $3,000 of office


supplies with cash from Office Depot.


C. Additional purchases were supplies for $35,000 on


account from various suppliers.


2. Journalize the following transactions and omit the explanations.


A. ABC Corporation purchased $15,000 of office furniture by


putting $7,000 down in cash and the rest on account on


April 8.


B. The corporation paid $60,000 for a two-year lease on


April 19.


C. The corporation had sales of $45,000, of which $35,000


were on account on April 20.


D. The corporation borrowed $25,000 by signing a note


payable on April 22.


E. The corporation paid $1,250 on one of its accounts


payable on April 26.


3. Prepare a trial balance from the following information for


Learn a New Language, Inc. for December 31, 2012.


Accounts payable $5,012


Common stock $9,692


Cash $3,928


Notes payable $1,439


Wages expense $777


Marketing expense $493


Equipment $8,345


Accounts receivable $1,142


Inventory $8,074


Sales $6,616


4. Compute the missing information from this post-closing trial




5. Journalize the following transactions using the perpetual


inventory method.


Aug. 6 Purchased $830 of inventory on account from


Johnston with terms of 2/10, n/30.


Aug. 8 Purchased $2,611 of inventory for cash from


Pillner Company.


Aug.15 Paid for August 6 purchase from Johnston.


Aug. 17 Purchased $1,743 of merchandise on account


from Luis Company with Terms of 3/15, n/45.


6. Given the following information, prepare a balance sheet for


Isaiah’s Tool Shed for the year ending December 31, 2012.


Cash $65,750 Retained Earnings $179,319


Common Stock $35,000 Equipment $27,500


Accounts Receivable $11,478 Accounts Payable $29,450


Land $30,000 Inventory $78,311


Prepaid Supplies $7,357 Income Taxes Payable $4,209


Office Computers $11,345 Other PPE $31,446


Accum. Depr. (all) $23,459 Prepaid Insurance $8,250


Cash $34,689


Accounts Receivable 9,467


Prepaid Rent 5,000


Prepaid Insurance (A)


Supplies 944


Accounts Payable $5,389


Wages Payable (B)


Common Stock 37,049


Retained Earnings 8,234


_______ _______


Total $52,356 $52,356


Rick Company’s beginning inventory and purchases during


the fiscal year ended December 31, 2012, were as follows:






The company uses a perpetual system of inventory.)


What is the cost of goods sold for Rick Company for 2012



using LIFO?



8. Assume that in Year 1, the ending merchandise inventory is



overstated by $30,000. If this is the only error in Years 1



and 2, fill in the items below, indicating which items will be



understated, overstated, or correctly stated for Years 1 and







Item Year 1 Year 2


Ending inventory ___________ _____________


Beginning inventory ___________ _____________


Cost of goods sold ___________ _____________


9. Below is a list of treatments of accounting topics. Place GAAP


on the line if the treatment is GAAP-based and place IFRS on


the line if the treatment is IFRS-based.


A. Interest and dividend income are reported in the


investing section of the cash flow statement.__________


B. Interest expense is reported in the financing section of


the cash flow statement. ___________


C. The use of LIFO is prohibited. ___________


Units Unit Price Total Cost


January 1—Beginning inventory 18 $24 $432


March 12—Sold 13


April 11—Purchase 45 $29 $1,305


June 20—Sold 33


Aug 16—Purchase 35 $27 $945


Sept 11—Sold 29


Total Cost of Inventory


Ending inventory is 23 units. $2,682


Record the necessary journal entries from the following bank


reconciliation information for July 31, 2011:


11. Journalize the following transactions for Tammy Company:


Sept. 1 Sold $3,500 of merchandise to Jim on account


Oct. 1 Exchanged Jim’s account receivable for a fourmonth,


8% note for $3,500


Dec. 31 Recorded accrued interest on Jim’s note


Feb. 1 Jim paid off his note with interest (round to


nearest dollar)


12. A truck was purchased on January 2 at a cost of $60,000.


It’s expected to be used for five years and to have a residual


value of $5,000 after 120,000 miles of service. The truck


was driven for 23,000 miles the first year and 25,000 miles


the second year. Calculate the depreciation expense to the


nearest dollar for the first and second years.


Method Year 1 Year 2


Straight-line ________ ________


Double-declining-balance ________ ________


Units-of-production ________ ________


Bank Balance, July 31, 2011 $36,739


Checkbook Balance, July 31, 2011 36,444


Bank collection of note receivable 1,200 + 165




Bank service charge 35


Deposits in transit 2,400


Outstanding checks 1,245


NSF check from customer 330


Correction of book error (check #456 written for $160,


13. Prepare the general journal entries for the following




Jan. 2, 2011 Purchased land with a building on it for


$750,000. The land is worth $300,000.


Paid $150,000 cash down and signed a


mortgage payable for the balance.


Dec. 31, 2011 Depreciation is computed using the


straight-line method. The estimated


salvage value of the building is $75,000


and has an estimated life of 20 years.


July 1, 2012 The building and land are sold for $825,000




14. Journalize the following treasury stock transactions:


June 3 Reacquired 350 shares of $12 par common stock


at $10 per share.


June 7 Sold 180 shares of treasury stock for $16 per




June 8 Sold 150 shares of treasury stock for $9 per




15. Lowry Landscapes had net income of $50,000 for 2010.


Land was sold for $40,000, of which $3,000 was a gain.


The beginning cash balance was $53,000, and the ending


cash balance was $151,000. Depreciation expenses were


$11,000. Prepare a statement of cash flows for the year


ended December 31, 2010, for Lowry Landscapes using the


indirect method.








The first question is very long and needs more than 7 calculations. The second assignment has 17 questions in total. The amount you are offering is too low for the amount of work involved. The fair price for all the questions will be $ 100.

Customer: replied 5 years ago.

Linda what about $60

I am already offering a low price considering the work involved. I will not be able to do it for lees than $90.
Customer: replied 5 years ago.

ok ...when I am going to have the questionsSmile

Customer: replied 5 years ago.


Customer: replied 5 years ago.

hi Linda when I am going to have the awnswersSmile

I will post the solution tonight. The question value is still not changed?
Customer: replied 5 years ago.

ok Smile thank you Linda

The amount is still showing as $40. Let me know if you are finding any issue in updating the amount.
Customer: replied 5 years ago.

what I have to do?


Please change the amount of money for this post.
Customer: replied 5 years ago.

hi Linda I am waiting for the answersSmile

I am still working on it and will post the solution in 1-2 hours.Smile

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Linda_us and other Homework Specialists are ready to help you
Customer: replied 5 years ago.



hi Linda the "Aqua elite solution" that you allready did for me in exell has to be done in this forms ......please can you help me with this?


Ok, that would be lot of rework. By what time do you need this.

Customer: replied 5 years ago.

hi Linda.... for this monday (09/24/2012)

Customer: replied 5 years ago.

hi Linda can I have it by Monday


thank you

I will try to complete it before your deadline.
Customer: replied 5 years ago.

Hi Linda .When are you going to send my homework.


Thank you

I will post the solution in 3-4 hours.
Customer: replied 5 years ago.
I can not put all the information in the file you have provided and not able to use formatting on my machine. I will put whatever I can.
I can not put all the information in the file you have provided and not able to use formatting on my machine.

Please click here for PDF

I have simply copied it from excel.
Customer: replied 5 years ago.

hi Linda


I failed in the projection that you did for me because you geve this and to others


The answers we provide here according to the policy are meant to be as a guide for students which is used to assist you with your own answer. I have helped others students and they have gotten back to me with their own quesries. This is just general practise and I am really sorry that you failed the test. You can always het back to me if you need any help with your studies.

Customer: replied 5 years ago.

ok thanks