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Bus 591 week 4 assignment

Week 4 – Assignment

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Week Four Homework Problems

Complete the following Workbook Template Week Four. Problems P8-2B and P8-6B from Chapter 8 and problems P9-2B and P9-7B from Chapter 9 are located on the Textbook Student Companion Site. Submit all your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

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…………………………………………………………………….  \$

The journal entry would therefore be as follows:

(d) Accounts Receivable Turnover Ratios:

Average Collection Period:

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

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