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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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