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*Started Class Aug 23rd* Listen to the video below for the
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  1. *Started Class Aug 23rd*
  2. Listen to the video below for the exercise/problem. The video completes the problems using the book numbers.
  3. Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report. Do not alter the guidance report.
  4. Submit the guidance report using the Assignment Submission tab below.

Complete the following problems and exercises:

Chapter Three, Exercises 4 and 8
Chapter Four, Exercises 3 and 6
Chapter Three, Problem 3
Chapter Four, Problem 3

LINKS TO WATCH

http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapter+3+Exercise+4/0_el824tnt

http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapter+3+Exercise+8/0_z8ebj2rh

http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapter+4+Exercise+3/0_k8qkaf0a

http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapter+4+Exercise+6/0_gttnkl2a

http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapter+3+Problem+3/0_130eh3o8

http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapter+4+Problem+3/0_ojlbebg2


*SEE THE ATTACHMENT*


Ashford University ACC205

 

Guidance Report

 

Week Two

 


 

Your Browser Must be Open to Access Video

 


 

LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT

 

YELLOW INDICATES ACCOUNT AMOUNTS CHANGED

 

Change Account to:

 

Based Upon Course Start Date

 

Exercise/

 

Problem

 

Ch 3 Ex 4

 


 

Account to

 

be changed

 


 

Original

 

Amount

 


 

Jan-Feb

 

125

 

150

 

72,000

 

78,000

 


 

Fish Trip

 

Boat rental

 


 

Mar-Apr

 

175

 

84,000

 


 

May-Jun

 

200

 

90,000

 


 

Jul-Aug

 

225

 

96,000

 


 

Sept-Oct

 

250

 

102,000

 


 

Nov-Dec

 

275

 

108,000

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

Questions

 


 

Prepare journal entries to record (1) the collection of monies

 

from tourists and (2) the revenue generated during January.

 

Cash

 

Unearned Fish Trips

 

Unearned Fish Trips

 

Earned Fish Trips

 


 

Calculate Hawaii-Blue's total obligation to tourists at the end

 

of January

 


 

On what financial statement and in which section would this

 

amount appear?

 


 

What section of the financial statement would this amount

 

appear?

 


 

Prepare journal entries to record (1) the payment to Pacific

 

Yacht Supply and (2) the subsequent adjustment on January

 

31.

 

Prepaid Boat Rental

 

Cash

 

Boat Rental Expense

 

Prepaid Boat Rental

 


 

On what financial statement would HawaiiBlue's January boat rental cost appear?

 


 

Account to

 

be changed

 

Ch 3 Ex 8

 

Miguel Gomez, Drawing

 

Service Revenue

 

Rent Expense

 


 

Original

 

Amount

 

2,500

 

38,000

 

9,000

 


 

3000

 

39000

 

9500

 


 

3500

 

40000

 

10000

 


 

4000

 

41000

 

10500

 


 

3500

 

47000

 

17000

 


 

5000

 

49000

 

17500

 


 

5500

 

50000

 

18000

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 

Service Revenue

 

Capital

 

Capital

 

Rent Expense

 

Insurance Expense

 

Advertising Expense

 

Utilities Expense

 


 

Capital

 

Drawing

 


 

Ch 3 Pb 3

 


 

Account to

 

be changed

 

Unrecorded interest

 

Total Tuition in advance

 

Depreciation

 

Rent

 

Salaries

 

Feb 1 20X2

 

Jan 1 20X3

 


 

Original

 

Amount

 

275

 

60000

 

3000

 

21000

 

400

 

540

 

912

 


 

Jan-Feb

 

Mar-Apr

 

May-Jun

 

Jul-Aug

 

Sept-Oct

 

Nov-Dec

 

300

 

325

 

350

 

370

 

376

 

377

 

70000

 

71000

 

74000

 

75000

 

79000

 

83000

 

4000

 

4100

 

4200

 

4300

 

4400

 

4500

 

24000

 

30000

 

36000

 

42000

 

48000

 

54000

 

500

 

600

 

700

 

800

 

900

 

950

 

600

 

610

 

620

 

640

 

650

 

660

 

1000

 

1050

 

1060

 

1070

 

1090

 

1095

 


 

YOUR ANSWERS BASED UPON COURSE

 

START DATE

 

Unrecorded interest owed to the

 

center totaled $275 as of

 

December 31.

 


 

Interest Expense

 

Interest Payable

 


 

All clients pay tuition in

 

advance, and their payments are

 

credited to the Unearned Tuition

 

Revenue account. The account was

 

credited for $75,500 on August

 

31. With the exception of

 

$15,500, which represented

 

prepayments for 10 months'

 

tuition from several well-to-do

 

families, all amounts were for

 

the current semester ending on

 

December 31.

 


 

Unearned Tuition Revenue

 

Tuition Revenue

 

Depreciation on the school's van

 

was $3,000 for the year.

 


 

Depreciation Expense

 

Accumulated Depreciation

 


 

On August 1, the center began to

 

pay rent in 6-month installments

 

of $21,000. Kathy wrote a check

 

to the owner of the building and

 

recorded the check in Prepaid

 

Rent, a new account.

 


 

Rent Expense

 

Prepaid Rent

 

Two salaried employees earn $400

 

each for a 5-day week. The

 

employees are paid every Friday,

 

and December 31 falls on a

 

Thursday.

 


 

Salary Expense

 

Salaries Payable

 

Kathy's Day Care paid insurance

 

premiums as follows, each time

 

debiting Prepaid Insurance:

 

Date Paid

 


 

Policy No.

 


 

Length of Polic

 

Amount

 


 

Feb. 1, 20X2

 

Jan. 1, 20X3

 

Aug. 1, 20X3

 


 

1033MCM19

 

7952789HP

 

XQ943675ST

 


 

1 year

 

1 year

 

2 years

 


 

$540

 

912

 

840

 


 

Insurance Expense

 

Prepaid Insurance

 


 

Ch 4 Ex 3

 

Balance per bank

 

Note collected by bank

 


 

6150

 

1000

 


 

$6,252

 

1,102

 


 

$6,354

 

1,204

 


 

$6,456

 

1,306

 


 

$6,558

 

1,408

 


 

$6,660

 

1,510

 


 

$6,762

 

1,612

 


 

0.06

 


 

0.07

 


 

0.08

 


 

0.09

 


 

0.1

 


 

0.11

 


 

0.15

 


 

0.16

 


 

0.17

 


 

0.18

 


 

0.19

 


 

0.2

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 

Balance per bank

 

Deposits in transit

 

Outstanding checks

 

Adjusted Bank Balance

 

Balance per company records

 

Bank service charge for January

 

Interest on note collected by bank

 

Note collected by bank

 

NSF check returned by the bank with

 

the bank statement

 

Adjusted Book Balance

 


 

Ch 4 Ex 6

 


 

Account to

 

be changed

 

5% of credit sales

 

14% of accounts receivable

 


 

(1) Uncollectible accounts are

 

estimated to be 5% of Credit

 

Sales.

 


 

Original

 

Amount

 

0

 

0

 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

Uncollectible Accounts Expense

 

Allowance for Uncollectible

 

Accounts

 

(2) Uncollectible accounts are

 

estimated to be 14% of Accounts

 

Receivable.

 

Uncollectible Accounts Expense

 

Allowance for Uncollectible

 

Accounts

 

How would Maverick's Accounts

 

Receivable appear on the

 

December 31 balance sheet under

 

assumption (1) of part (a)?

 

Accounts Receivable

 

Less: Allowance for

 

Uncollectible Accounts

 

How would Maverick's Accounts

 

Receivable appear on the

 

December 31 balance sheet under

 

assumption (2) of part (a)?

 

Accounts Receivable

 

Less: Allowance for

 

Uncollectible Accounts

 

Net Receivables

 


 

Ch 4 Pb 3

 


 

Account to

 

be changed

 

Percentage of Accounts

 

Expected to Be Collected

 


 

Original

 

Amount

 

1

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 

What is the company's

 

Uncollectible Accounts expense

 

for 20X2?

 

Compute the net realizable

 

value of Accounts Receivable at

 

the end of 20X2.

 


 

Accounts receivable

 


 

Net Realizable

 

value 20X2

 


 

96%

 


 

93%

 


 

90%

 


 

87%

 


 

84%

 


 

81%

 


 

Less: Allowance for Uncollectible Accounts

 

Net Realizable Value

 

Compute the net realizable value

 

at the end of 20X2 as a

 

percentage of respective yearend receivables balances.

 

Analyze your findings and

 

comment on the president's

 

decision to close the credit

 

evaluation department.

 


 

20X2

 


 

 







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