ACC 205 WEEK 2 COMPLETE

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ASSIGNMENT:

Acc 205_Week Two Exercise Solution

1. Classification of items for Ron Carroll Company
DQ 1 Accounting Cycle

Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?

DQ 2 Bank Reconciliation

What is the purpose of bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ posts. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off?

Week 2 Journal

Income Statement Journal
The income statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the income statement? What did you learn from this experience?

Description

ACC 205 WEEK 2 COMPLETE,
Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
• The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
• Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
• Salaries owed to employees at year-end amounted to $1,650.
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.

Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
• The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
• Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
• Salaries owed to employees at year-end amounted to $1,650.
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.

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