Week 4 Homework ProblemsComplete the following Workbook Template Week 4 (attatched) Problems P8-2B and P8-6B from Chapter 8 and problems P9-2B and P9-7B from Chapter 9 are located on the Textbook Stud
BUS591 – Financial Statement and Analysis
Week 4 Homework Assignment Templates
Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you.
Save the file as follows: lastnamewk4.docx
Submit to the assignment box before the due date. (Late assignments will receive a late penalty).
Problem 8-2B
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
| Date | Account Titles and Explanation | Debit | Credit | |||
| 1 | | |||||
| 2 | ||||||
| 3 | ||||||
| 4 | ||||||
| 5 | ||||||
(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts
Be sure to post the amounts to the correct side of the T-Account!
| Accounts Receivable | |
| Bal. | (2) |
| (1) | (3) |
| (5) | (4) |
| (5) | |
| Bal. | |
| Allowance for Doubtful Accounts | |
| (4) | Bal. |
| (5) | |
| Bal. | |
(c) Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.
Balance needed $
Balance before adjustment [see (b)]
Adjustment required $
The journal entry would therefore be as follows:
(d) Accounts Receivable Turnover Ratios:
Enter your answer here
Average Collection Period:
Enter your answer here
Problem 8-6B (next page)
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
| Date | Account Titles and Explanation | Debit | Credit | |||
| 5 | | |||||
| 20 | ||||||
| Feb 18 | ||||||
| Apr 20 | ||||||
| 30 | ||||||
| May 25 | ||||||
| Aug 18 | ||||||
| Sept. 1 | ||||||
Problem 9-2B
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
If there are two entries for the same day, then you do not need to enter the date again.
| Date | Account Titles and Explanation | Debit | Credit | |||
| April 1 | | |||||
| May 1 | ||||||
| May 1 | ||||||
| June 1 | ||||||
| Sept 1 | ||||||
| PART B | ||||||
| Dec 31 | ||||||
| 31 | ||||||
|
| ||||||
(c) Partial Balance Sheet
| TONG CORPORATION | ||
| Partial Balance Sheet | ||
| December 31, 2014 | ||
| Assets | ||
| Plant assets | ||
| Account title | Amount |
|
| Account title | Amount |
|
| Account title | Amount | |
| Account title (or contra account) | Amount |
|
| Total plant assets | Amount | |
Problem 9-7B
(a)
| BUS 1 | ||
| Year | Computation | Accumulated Depreciation |
| Amount | ||
| Amount | ||
| Amount | ||
| BUS 2 | ||
| Year | Computation | Accumulated Depreciation |
| Amount | ||
| Amount | ||
| Amount | ||
| BUS 3 | ||
| Year | Computation | Accumulated Depreciation |
| Amount | ||
| Amount | ||
| Amount | ||
(b)
| BUS 2 | |
| Year | Depreciation Expense |
| Amount | |
| Amount | |
