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ACC 290 Empower Learning/ indigohelp

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

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ACC 290 Empower Learning/ indigohelp

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  1. ACC 290 Empower Learning/ indigohelp

  2. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Final Exam Guide 1 ACC 290 Final Exam Guide For more classes visit www.indigohelp.com The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is • For more classes visit • www.indigohelp.com • At December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following: • ▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd

  3. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 1 Discussion Question 1 ACC 290 Week 1 Discussion Question 2 For more classes visit What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them? • For more classes visit • www.indigohelp.com • What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

  4. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 1 Individual Assignment Financial Statements Paper ACC 290 Week 1 Practice Quiz For more classes visit Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer. Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. • For more classes visit • www.indigohelp.com • Individual - Financial Statements Paper - Prepare a 700 -1,050 word paper in which you identify the four basic financial statements.  Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. 

  5. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 1 Vocabulary Activity ACC 290 Week 1 Wiley Plus Assignment DI 1-3, E1-3,E1-4, E2-4, IFRS2-4 For more classes visit www.indigohelp.com WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: DO IT! 1-3 • Exercise 1-3 • Exercise 1-4 • For more classes visit • www.indigohelp.com • WileyPLUS Assignment: Week 1 Vocabulary Activity • Resource: WileyPLUS • Complete the following Week 1 Assignment in WileyPLUS: • • Chapter 1 WileyPLUS Crossword Puzzle 1 • .

  6. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 2 Discussion Question 1 ACC 290 Week 2 Discussion Question 2 For more classes visit www.indigohelp.com What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance? • For more classes visit • www.indigohelp.com • What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting? • What are adjusting entries and why are they necessary? • What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?

  7. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 2 LT Reflection Summary 1 ACC 290 Week 2 LT Reflection Summary For more classes visit www.indigohelp.com Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. • For more classes visit • www.indigohelp.com • Discuss the objectives for ACC 290 Week One. How do they relate to the practice of accounting and its uses in business? Identify the four basic financial statements. Classify transactions using the rules of debit and credit. Journalize basic transactions. Discuss how financial statements would be useful to external users such as investors and creditors.

  8. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 2 Practice Quiz ACC 290 Week 2 Vocabulary Activity For more classes visit www.indigohelp.com WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • Chapter 2 Wiley PLUS Crossword Puzzle 1 • For more classes visit • www.indigohelp.com • ACC 290 Week 2 Quiz • Question 1 • Expenses decrease retained earnings. • Question 2 • During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity • Question 3 • Payment of a dividend

  9. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6 ACC 290 Week 3 by 4 Learning Team Financial Reporting Problem Part 1 For more classes visit www.indigohelp.com Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? • For more classes visit • www.indigohelp.com • WileyPLUS Assignment: Week 2 Assignment • Resource: WileyPLUS • Complete the following Week 2 Assignment in WileyPLUS: • • BYP 2-2 • • IFRS 2-6 • • Exercise 3-4 • • Exercise 3-8

  10. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 3 Discussion Question 1 ACC 290 Week 3 Discussion Question 2 For more classes visit www.indigohelp.com What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet? • For more classes visit • www.indigohelp.com • What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used?

  11. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 3 LT Reflection Summary ACC 290 Week 3 Practice Quiz For more classes visit www.indigohelp.com Question 1 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Question 2 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Question 3 Which statement is correct? Question 4 Book value is equal to cost minus accumulated depreciation. • For more classes visit • www.indigohelp.com • Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion.

  12. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 3 Vocabulary Activity ACC 290 Week 3 Wiley Plus Assignment BE4-1, P4-2A, P4-3A, BYP4-1 For more classes visit www.indigohelp.com Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: • Brief Exercise 4-1 • Problem 4-2A • Problem 4-3A • BYP 4-1 • For more classes visit • www.indigohelp.com • WileyPLUS Assignment: Week 3 Practice Quiz • Resource: WileyPLUS • Complete the following Week 3 Assignment in WileyPLUS: • • Chapter 4 Practice Quiz

  13. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 4 by 5 Individual Assignment Financial Reporting Problem Part II ACC 290 Week 4 Discussion Question 1 For more classes visit www.indigohelp.com How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? • For more classes visit • www.indigohelp.com • Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

  14. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 4 Discussion Question 2 ACC 290 Week 4 LT Reflection Summary For more classes visit www.indigohelp.com Discuss the objectives for ACC 290 Week Three. How do they relate to the practice of accounting and its uses in business? Prepare closing entries, reversing entries, and a post closing trial balance. Prepare a financial statement work sheet. Prepare a classified income statement, retained earnings statement and balance sheet. Write a 350 to 500 word summary of your Learning Team’s discussion • For more classes visit • www.indigohelp.com • What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?

  15. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 4 Practice Quiz ACC 290 Week 4 Vocabulary Activity For more classes visit www.indigohelp.com WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Chapter 5 Crossword Puzzle 1 • For more classes visit • www.indigohelp.com • A service company's operating cycle is ordinarily shorter than that of a merchandising company. • The operating cycle of a merchandising company is ordinarily shorter than that of a service company. • Question 2 • Due to the turnover time of inventory, merchandising companies have an operating cycle that is longer than a service company.

  16. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 4 Wiley plusAssignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, Do it 5-3, 5-4 ACC 290 Week 5 Discussion Question 1 For more classes visit www.indigohelp.com What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? • For more classes visit • www.indigohelp.com • WileyPLUS Assignment: Week 4 Assignment • Resource: WileyPLUS • Complete the following Week 4 Assignment in WileyPLUS: • • Problem 4-8A

  17. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 5 IFRS Paper ACC 290 Week 5 Learning Team Reflection Summary For more classes visit www.indigohelp.com Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion. • For more classes visit • www.indigohelp.com • IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP? • IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.

  18. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp ACC 290 Week 5 Wiley Plus Assignment BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6, BE5-1, BE5-2, BE7-5, E4-17, E4-18 • For more classes visit • www.indigohelp.com • WileyPLUS Assignment: Week 5 Assignment • Resource: WileyPLUS • Complete the following Week 5 Assignment in WileyPLUS: • • Brief Exercise 6-5 • • Brief Exercise 6-7 • • BYP 6-1

  19. ACC 290 Empower Learning/ indigohelp ACC 290 Educational Tutor/ indigohelp

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