Solved by verified expert :mod 1 diss 1This discussion thread will be used to discuss the practice problems completed in this module. Complete practice problems P1-34A and P1-36A in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 1 dq 2Desean Edwards plans on opening a new business named Desean Edwards Online Marketing Strategies. He is considering the various types of business organizations and wishes to organize his business with unlimited life and limited liability features. Additionally, Desean wants the option to raise additional equity easily in the future. Which type of business organization will meet Desean’s needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.mod 2 dq 1This discussion thread will be used to discuss the practice problems completed in this module. Complete practice problem P2-29A in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 2 dq 2Susie Homaker wants to open a delivery service called Cookies on Wheels. Baking skills and creativity are her strengths, but she lacks knowledge on how to keep records on money transactions for a business. While she might hire an accountant, she needs to be able to speak the language. Discuss which key accounting practice or principles (e.g., procedural steps, types of accounts, tools, etc.) are going to be important for her to understand and why.module 3 dq 1his discussion thread will be used to discuss the practice problems completed in this module. Complete practice problem P3-32A in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 3 dq 2The term “adjusting entries” sounds like an illegal practice, but, in fact, it refers to a very important accounting process. Explain when, why, and how the adjusting process is used. Provide examples to clarify your statements.mod 4 dq 1This discussion thread will be used to discuss the practice problems completed in this module. Complete practice problem E4-18 in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 4 dq 2Under what circumstances is an accounting worksheet used? Do you find this to be an effective tool? Why, or why not?module 5 dq 1This discussion thread will be used to discuss the practice problems completed in this module. Complete practice problems E5-17, E6-21, and E6-22 in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 5 dq 2Under what circumstances would you use a periodic inventory system? Under what circumstances would you use a perpetual inventory system? Why?mod 6 dq 1This discussion thread will be used to discuss the practice problems completed in this module. Complete practice problem E9-20 in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 6 dq 2A textbook production company makes all sales on credit. Cash receipts arrive by mail by Employee A. Someone in the mailroom opens envelopes and separates the checks from remittance advices. The same person forwards the checks to Employee B. Employee B makes a daily bank deposit, but does not have access to accounting records. The accompanying remittance advices are forwarded from the mailroom (by Employee A) to the accountant for entry into the books. Where are the weaknesses in internal control? What are possible ramifications to the gaps? What are the remedies to these weaknesses?mod 7 dq 1This discussion thread will be used to discuss the practice problems completed in this module. Complete practice problem S10-1 in the textbook using the Excel template provided for you. After completing the problems, submit your answers to the appropriate assignment drop box. Review the posted solutions to the practice problems, and determine what errors, if any, you have made. Respond to this discussion thread and discuss any challenges you had with completing the problems, tips that helped you arrive at the correct answers, and/or questions you may still have.mod 7 dq 2Reflect upon your experiences and the concepts studied throughout the course. In your own words, explain what accounting is all about. What is or was the most difficult concept to grasp about accounting? What are some tips you would share with future students taking the course?problemsUsing the “M1 Continuing Problem” Excel template, complete the requirements for problem P1-48 in the textbook.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doe’s module #1 assignment would be named DoeJ.ACC250.1.ACC250 Module 1 TemplateP1-48Student Name:Requirement 3:Prepare the statement of owners’ equity for the month ended December 31, 2012.Requirement 1:Analyze the effects of Draper Consulting’s transactions on the accounting equation. Use the format of Exhibit 1-6 and include these headings: Cash; Accounts receivable; Supplies; Equipment, Furniture; Accounts payable, and Draper, capital.Requirement 2:Prepare the income statement of Draper Consulting for the month ended December 31, 2012.Requirement 3:Prepare the statement of owners’ equity for the month ended December 31, 2012.Requirement 4:Prepare the balance sheet at December 31, 2012.Details:Complete practice problems P1-34A and P1-36A in the textbook using the “M1 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC250 Module 1 Practice Problems TemplateP1-34AStudent Name:Requirement 1:Analyze the effects of the preceding transactions on the accounting equation. Use the format of Exhibit 1-6 and include these headings: Cash; Accounts receivable; Supplies; Land; Accounts payable, and Crone capital.Date Assets Liabilities Owners’ EquityCash + Accounts receivable + Supplies + Land + = Accounts payable + Crone, capital Type of OE TransactionBegaBalbBalcBaldBaleBalfBalgBalh-1h-2BaliBaljBalTotal Assets: Total Liabilities + Equity:Hint: See Exhibit 1-6 on page 19.ACC250 Module 1 Practic Problems Template aP1-36AStudent Name:Requirement 1a:Prepare the financial statements for Studio Photography for the year ended December 31, 2012.Studio PhotographyIncome StatementFor the year ended December 31, 2012Revenues:List revenues hereExpenses:List expenses hereList expenses hereList expenses hereTotal ExpensesNet incomeNote to student: Fill in the highlighted cells above to complete the income statement.Hint: See page 22 for an example of the income statement.ACC250 Module 1 Practice Problems TemplateP1-36AStudent Name:Requirement 1b:Prepare the statement of owners’ equity for the year ended December 31, 2012.Studio PhotographyStatement of Owners’ EquityFor the month ended December 31, 2012Studio Photography, capital, December 1, 2012Owner investmentNet income for the monthDrawingStudio Photography, capital, December 31, 2012Note to student: Fill in the highlighted cells above to complete the statement of owners’ equity.Hint: See page 22 for an example of the statement of owners’ equity.ACC250 Module 1 Pracitice Problems TemplateP1-36AStudent Name:Requirement 1c:Prepare the balance sheet at December 31, 2012.Studio PhotographyBalance SheetDecember 31, 2012Assets LiabilitiesList asset accounts here List liability accounts hereList asset accounts here List liability accounts hereList asset accounts here List liability accounts hereTotal liabilitiesTotal Assets Owners’ EquityList equity accounts hereTotal liabilities and owners’ equityNote to student: Fill in the highlighted cells above to complete the balance sheet.Hint: See page 22 for an example of the balance sheet.mod 2Details:Using the “M2 Continuing Problem” Excel template, complete the requirements for problem P2-62 in the textbook.Save your template using the file name Last name First initial. ACC 250.#. For example, John Doe’s module #2 assignment would be named .2.ACC250 Module 2 TemplateP2-62Requirement 1:Open T-Accounts: Cash; Accounts receivable; Supplies; Equipment; Furniture; Accounts payable; Draper, capital; Service revenue; Rent expense and Utilities expense.P2-62Student Name:Requirement 2:Journalize the transactions. Explanations are not required.ACC250 Module 2 TemplateP2-62Student Name:Requirement 4:Prepare a trial balance at December 18.Details:Complete practice problem P2-29A in the textbook using the “M2 Practice Problem” Excel template.After completing the practice problem, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 2 Practice Problems TemplateP2-29AStudent Name:Deborah HarveyRequirement 1:Journalize each transaction , a shown for July 1. Explanations are not required.P2-29AStudent Name:Deborah HarveyRequirement 2:Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts.ACC 250 Module 2 Practice Problems TemplateP2-29Student Name:Deborah HarveyRequirement 3:Prepare the trial balance of Vernon Yung, M.D. at July 31, 2012Details:Using the “M2 Continuing Problem” Excel template, complete the requirements for problem P2-62 in the textbook.Save your template using the file name Last name First initial. ACC 250.#. For example, John Doe’s module #2 assignment would be named .2.ACC250 Module 2 TemplateP2-62Requirement 1:Open T-Accounts: Cash; Accounts receivable; Supplies; Equipment; Furniture; Accounts payable; Draper, capital; Service revenue; Rent expense and Utilities expense.P2-62Student Name:Requirement 2:Journalize the transactions. Explanations are not required.ACC250 Module 2 TemplateP2-62Student Name:Requirement 4:Prepare a trial balance at December 18.Details:Complete practice problem P2-29A in the textbook using the “M2 Practice Problem” Excel template.After completing the practice problem, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 2 Practice Problems TemplateP2-29AStudent Name:Requirement 1:Journalize each transaction , a shown for July 1. Explanations are not required.P2-29AStudent Name:Requirement 2:Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts.ACC 250 Module 2 Practice Problems TemplateP2-29Student Name:Requirement 3:Prepare the trial balance of Vernon Yung, M.D. at July 31, 2012mod 3Details:Complete practice problem P3-32A in the textbook using the “M3 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 3 Practice Problems TemplateP3-32AStudent Name:Requirement 1:Journalize the adjusting entry needed on December 31, 2014, for each of the previous items affecting Laughter Landscaping.Details:Using the “M3 Continuing Problem” Excel templates, complete the requirements for problem P3-49 in the textbook.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doe’s module #3 assignment would be named DoeJ.ACC250.3.ACC250 Module 3 TemplateP3-49Student Name:Requirement 2:Journalize the transactions of December 21 – 30. Explanations are not required. (If there is no entry required, select “No entry required”).ACC250 Module 3 TemplateP3-49Student Name:Requirement 1:Open these additional T-Accounts: Accumulated depreciation-equipment; Accumulated depreciation-furniture; Salary payable; Unearned service revenue; Salary expense; Depreciationexpense-equipment; Depreciation expense-furniture; and Supplies expense.Requirement 3:Post to the T-accounts, keying all items by date.Requirement 6:In the T-accounts, denote each adjusting amount as Adj and an account balance as Bal.ACC250 Module 3 TemplateP3-49Student Name:Requirement 4:Prepare the trial balance at December 31. Also set up columns for the adjustments and for the adjusted trial balance, as illustrated in Exhibit 3-8.Requirement 5:On your worksheet, make these adjustments directly in the adjustments columns, and complete the adjusted trial balance at December 31.Draper ConsultingACC250 Module 3 TemplateP3-49Student Name:Requirement 6:Journalize and post the adjusting entries.ACC250 Module 3 TemplateP3-49Student Name:Requirement 7:Prepare the income statement and the statement of owners’ equity of Draper Consulting for the month ended December 31, 2012, and prepare the balance sheet at that date.ACC250 Module 3 TemplateP3-49Student Name:Requirement 7:Prepare the income statement and the statement of owners’ equity of Draper Consulting for the month ended December 31, 2012, and prepare the balance sheet at that date.ACC250 Module 3 TemplateP3-49Student Name:Requirement 7:Prepare the income statement and the statement of owners’ equity of Draper Consulting for the month ended December 31, 2012, and prepare the balance sheet at that date.mod 4ACC250 Module 4 TemplateP4-37Student Name:Requirement 1:Complete the accounting worksheet at December 31.ACC250 Module 4 TemplateP4-37Student Name:Requirement 2:Journalize and post the closing entries at December 31.(Note: journalize the closing entries here, post them on the next tab, P4-37 2T).ACC250 Module 4 TemplateP4-37Student Name: Deborah HarveyRequirement 2:Journalize and post the closing entries at December 31. Denote each closing amount as Clo and an account balance as Bal.(Complete the closing entries on the prior tab, P4-37 2JE)ACC250 Module 4 TemplateP4-37Student Name:Requirement 3:Prepare a classified balance sheet at December 31.Details:Complete practice problem E4-18 in the textbook using the “M4 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 4 Practice Problems TemplateE4-18Requirement 1:Journalize Silver’s closing entries at January 31, 2012.mod 5Details:Using the “M5 Continuing Problem” Excel templates, complete the requirements for problem P6-45 in the textbook. Please note that the Chapter 5 Continuing Problem is not required.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doe’s module #5 assignment would be namedDoeJ.ACC250.5.ACC250 Module 5 TemplateP6-45Student Name: Deborah HarveyRequirement 1:Prepare perpetual inventory records for January for Draper using the LIFO perpetual method.ACC250 Module 5 TemplateP6-45Student Name:Requirement 2:Journalize and post the January transactions. (Post into the t-accounts on the next tab.)Requirement 3:Journalize and post the adjusting entries. (Post into the t-accounts on the next tab.)ACC250 Module 5 TemplateP6-45Student Name:Requirement 2:Journalize and post the January transactions using the perpetual inventory records created in requirement 1. Key all items by date. Compute each account balance, and denote the balance as Bal.(Journalize the entries on the previous tab).Total debits:Requirement 3: Total credits:Journalize and post the adjusting entries. Denote each adjusting amount as Adj. After posting all adjusting entries, prove the equality of debits and credits in the ledger.ACC 250 Module 5 Practice Problems TemplateE5-17Student Name: Deborah HarveyRequirement:Journalize the February transactions for Soul Art Gift Shop. No explanations are required.Details:Complete practice problems E5-17, E6-21, and E6-22 in the textbook using the “M5 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 5 Practice Problems TemplateE6-21 E6-22Student Name: Deborah HarveyRequirement 1: Requirement 1:Compute the cost of ending inventory using FIFO. Compute the cost of goods sold under FIFO.Requirement 2: Requirement 2:Compute the cost of ending inventory using LIFO. Compute the cost of goods sold under LIFO.Requirement 3: Requirement 3:Which inventory method results in a higher cost of ending inventory? Which inventory method results in a higher cost of goods sold?mod 6Details:Using the “M6 Continuing Problem” Excel template, complete the requirements for problem P8-42 and P9-40 in the textbook. Please note that the Chapter 7 Continuing Problem is not required.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doe’s module #6 assignment would be namedDoeJ.ACC250.6.ACC250 Module 6 TemplateP8-42Student Name: Deborah HarveyRequirement 1:Journalize the entry to record and establish the allowance using the percentage method for January credit sales.Requirement 2:Journalize the entry to record the identification of the customer’s bad debt.ACC250 Module 6 TemplateP9-40Student Name:Requirement 1:Calculate the amount of depreciation for each asset for the year ended December 31, 2012, assuming both assets use straight-line depreciation.ACC250 Module 6 TemplateP9-40Student Name:Requirement 2:Record the entry for one month’s depreciation. Date it on December 31, 2012.Details:Complete practice problems E8-16 and E9-20 in the textbook using the “M6 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 6 Practice Problems TemplateE8-16Student Name:Requirement 1: Requirement 2:Journalize the transactions. Prepare t-accounts to show the ending balances in Accounts Receivable and Allowance for Uncollectible Accounts.Compare net accounts receivable at October 31. How much does Windy Mountain expect to collect?ACC 250 Module 6 Practice Problems TemplateE9-20Requirement 1:Record both depreciation for 2013 and sale of the fixtures on October 31, 2013mod 7Details:Complete practice problem S10-1 in the textbook using the “M7 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 7 Practice Problems TemplateS10-1Student Name:Requirements:1. Journalize the company’s accrual of interest expense on June 30, 2013, its fiscal year-end.2. Journalize the company’s payment of the note plus interest on December 31, 2013.ACC250 Module 7 TemplateDetails:Using the “M7 Continuing Problem” Excel template, complete the requirements for problem P10-24 in the textbook.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doe’s module #7 assignment would be namedDoeJ.ACC250.7.P10-24Student Name:Requirement 1:Record the $300,000 note payable on March 1, 2013.Requirement 2:Record the entry to accrue interest due on the note at December 31, 2013.Requirement 3:Record the entry Draper would make to record the payment to the bank on March 1, 2014.
