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ACC 557 Homework 2 Chapter , 4, 5 and 6

ACC 557 Homework 2 Chapter , 4, 5 and 6

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ACC 557 Homework 2 Chapter , 4, 5 and 6

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ACC 557 Homework 2 Chapter , 4, 5 and 6

Due Week 4 and worth 105 points

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.

Exercises

E4-7.Kay Magill Company had the following adjusted trial balance.

Instructions

2015.              Prepare closing entries at June 30, 2015.

2016.              Prepare a post-closing trial balance.

E4-13.Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.

1.     A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.

2.     The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.

3.     A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.

Instructions

Prepare the correcting entries.

E5-4.On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Instructions


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