ACC 290 Week 3 WileyPLUS Assignment Week Three

In this file ACC 290 Week 3 WileyPLUS Assignment Week Three you can find right answers on the following tasks:

1. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount has a decreasing effect use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Do not use a dollar sign $ for negative answers.)

2. Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows. Prepare the adjusting entries for the month of June. Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T-Accounts. (List multiple items from largest to smallest amount, e.g. 10, 5, 2.)

3. Complete the following adjusted trial balance at June 30, 2010.

4. The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.

5. Journalize the adjusting entries on May 31. Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries. Complete the Adjusted Trial Balance as of May 31.

5. Complete the income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31. (List expenses from largest to smallest amount, e.g. 10, 5, 2. If amounts are the same, list alphabetically. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.). Indicate which accounts should be closed on May 31.

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