MAT200 Sect1 Principles of Accounting: Module 4 ASSIGNMENT
Follow the directions for each question. Question #1, will help you understand the asset presentation on the balance sheet during the reconciliation process. Presentation is as important as accuracy for financial statements.
**Note: Remember to use the Excel file and watch the video attached in this module to assist you with the assignment.
Identify each account as “Cash (C)” or “Cash Equivalent (CE).”
Savings Account (C) or (CE)
Checking Account (C) or (CE)
Credit Card Account (C) or (CE)
Stock Account (C) or (CE)
Money Market Account (C) or (CE)
As the bookkeeper of Parker’s Plowing, you have been asked to complete the entire accounting cycle for Parker from the following information. Journalize each transaction and create an Income Statement.
Jan. 1 Parker invested $14,000 cash and $9,000 worth of snow equipment into the plowing company.
Jan. 1 Paid rent for five months in advance for garage space, $3,500
Jan. 4 Purchased office equipment on account from Liliis Corp., $12,600
Jan. 6 Purchased snow supplies for $500 cash
Jan. 8 Collected $15,000 from plowing local shopping centers
Jan. 12 Parker Muroney withdrew $5,000 from the business for his personal use
Jan. 20 Plowed Holiday Co. parking lots, payment not to be received until March, $7,000
Jan. 26 Paid salaries to employees, $1,400
Jan. 28 Paid Liliis Corp. one-half amount owed for office equipment
Jan. 29 Advertising bill received from Carter Co. but will not be paid until March, $600
Jan. 30 Paid telephone bill, $200
Jan. 30 Employee provided a receipt of $50 of supplies used in petty cash
Jan. 30 Company replenished petty cash account of $50
Parker’s Plowing Bank Reconciliation
Finish the bank reconciliation below. Also, see the example below.
Example:
Bank Cash Activity
Company General Ledger Activity
Bank Balance
$3,000
Ledger Balance
$3,500
Deposits Outstanding
$1,000
Checks Outstanding
-$500
Reconciliation
$3,500
Reconciliation
$3,500
Ending bank balance is $2,900
Ending general ledger balance is $5,000
Outstanding deposits of $4,000
Outstanding checks of $2,000
A bank fee of $100 is not recorded in the general ledger.
Write a summary describing what you did in this assignment.
Record audio and video showing your work (approximately 6-8 minutes).
M4 Assignment UMBO – 4, 5
M4 Assignment PLG – 1, 3
M4 Assignment CLO – 4, 9
Instructions & Specifications
Submissions
Rubric
Start by reading and following these instructions:
Study the required chapter(s) of the textbook and any additional recommended resources. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
Consider the discussion and the any insights you gained from it.
Review the assignment rubric and the specifications below to ensure that your response aligns with all assignment expectations.
Create your assignment submission and be sure to cite your sources, use APA style as required, and check your spelling.
The following specifications are required for this assignment:
Length: 6-8 minute video; answers must thoroughly address the two questions in a clear, concise manner.
Structure: Include a title page and reference page in APA style. These do not count toward the minimum word amount for this assignment.
References: Use the appropriate APA style in-text citations and references for all resources utilized to answer the questions. Include at least three (3) scholarly citations to support your claims.
Format: Save your assignment as a .mp4 or provide the link to the video on YouTube.
Filename: Name your saved file according to your FirstInitialLast Name_CourseID_ModuleNumber (for example, “RHall_EDD820_M1.docx”).
After completing the assignment above, select the link below to access the next module overview.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
