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BUS591 Financial Statement and Analysis

Week 4 Homework Assignment Templates



Instructions: Only enter data in the yellow boxes. The remaining areas are already completed
for you.

Save the file as follows: lastnamewk4.docx

Submit to the assignment box before the due date. (Late assignments will receive a late
penalty).


Problem 8-2B

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one
box. The dates have been included to help with formatting).


Date Account Titles and Explanation Debit Credit
1





2



3



4



5




(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful
Accounts. Post the transactions to the ledger T Accounts
Be sure to post the amounts to the correct side of the T-Account!

Accounts Receivable
Bal. (2)
(1) (3)
(5) (4)
(5)
Bal.


Allowance for Doubtful Accounts
(4) Bal.
(5)
Bal.


(c) Prepare the journal entry to record bad debt expense for 2014, assuming that aging the
accounts receivable indicates that expected bad debts are $140,000.

Balance needed ............................................................................... $
Balance before adjustment [see (b)] ................................................
Adjustment required ........................................................................ $
The journal entry would therefore be as follows:

(d) Accounts Receivable Turnover Ratios:

Enter your answer here

Average Collection Period:

Enter your answer here







Problem 8-6B (next page)

(a) Journalize the transactions, including explanations. (Note, enter all accounts
in one box. The dates have been included to help with formatting).


Date Account Titles and Explanation Debit Credit
5





20



Feb 18



Apr 20



30



May 25



Aug 18



Sept. 1





Problem 9-2B

(a) Journalize the transactions, including explanations. (Note, enter all accounts
in one box. The dates have been included to help with formatting).

If there are two entries for the same day, then you do not need to enter the date
again.


Date Account Titles and Explanation Debit Credit
April 1





May 1



May 1







June 1



Sept 1





PART B


Dec 31



31








(c) Partial Balance Sheet

TONG CORPORATION
Partial Balance Sheet
December 31, 2014

Assets
Plant assets
Account title Amount
Account title Amount
Account title Amount
Account title (or contra account) Amount
Total plant assets Amount




Problem 9-7B

(a)
BUS 1
Year Computation Accumulated
Depreciation
Amount
Amount
Amount


BUS 2
Year Computation Accumulated
Depreciation
Amount
Amount
Amount

BUS 3
Year Computation Accumulated
Depreciation
Amount
Amount
Amount

(b)

BUS 2
Year Depreciation Expense
Amount
Amount