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XACC 290 Week 4 - E4-5, P4-2A, and P4-3A

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Description

XACC 290 Week 4 Answer Guide

XACC 290 is a grueling 9 week introduction into financial accounting. This fast paced course has students learning the basics of financial statements, the accounting cycle, and journal entries, and much more. Our innovative study guides contain sample papers and assignment/textbook solutions to help you earn better grades. 

What's Included in the XACC/291 Week 4 Study Guide?

  • Detailed Solutions to E4-5, P4-2A, and P4-3A
  • All Work Shown
  • Textbook: Financial Accounting: Tools for Business Decision Making (6th or 7th edition and WileyPlus).

  • Unlimited Support from ACC Nerd Accounting Experts 

Preview of Answers

P4-2A

 

Ken Lumas started his own consulting firm, Lumas Consulting, on   June 1, 2014. The trial balance at June 30 is as follows:

 

(a) Prepare the adjusting entries for the month of June.

 

Supplies Expense

1,020

 

  Supplies

 

1,020

 

Utilities Expense

180

 

  Utilities Payable

 

180

 

Insurance Expense

220

 

Prepaid Insurance

 (2640 / 12)

 

220

 

P4-3A

The Soho hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31

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