Accounting homework help


Question One: 30 marks

Jefry’s Boss purchased a small delivery truck on January 1, 2020.
Cost                                                                $55,000
Expected residual value                             $4,000
Estimated useful life in years                    5 years
Estimated useful life in miles                     100,000 miles
Instructions: Prepare the deprecation schedule using:

  • Straight line method
  • Double Declining method


  • Straight Line (15 marks)
Year Depreciable Cost Annual Expense Accumulated Depreciation Book Value


  • Double Declining Method ( 15 marks)
Year Depreciable Cost Annual Expense Accumulated Depreciation Book Value

Question Two: (25 Marks: 5 marks each): 
On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred.
Sept. 4 Purchased 80 backpacks at $20 each from Hunter, terms 2/10, n/30.
Sept. 6 Received credit of $120 for the return of 6 backpacks purchased on Sept. 4 that were defective.
Sept. 9 Sold 40 backpacks for $25 each to Oliver Books, terms 2/10, n/30. Sept. 14 Paid Hunter in full, less discount.
Post the above transactions to the ledger of Inventory account in Reid Supply books and find the ending balance. The beginning balance is added to the T account already.
Question Three: 20 marks (5 marks each): Presented below is an adjusted trial balance for Cowell Company, at December 31, 2017.

Cash €10,700 Accounts payable €10,000
Accounts receivable 20,000 Notes payable 9,000
Prepaid insurance 15,000 Accumulated depreciation—  
Equipment 35,000    equipment 14,000
Depreciation expense 7,000 Service revenue 30,000
Dividends 1,500 Retained earnings 12,000
Advertising expense 1,400 Unearned service revenue 11,000
Rent expense 800 Share capital-ordinary 12,000
Salaries and wages expense 5,000    
Insurance expense     1,600             
  98,000    €98,000

Instructions: Post the closing entries to the retained earnings  account, and determine the ending balance after the closing entries have been posted.

Question Four: 25 marks: Explain the Accounting cycle




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