DEVRY ACCT 550 W EEK 1 H OMEWORK A SSIGNMENT Check this A+ tutorial guideline at homework-assignment For more classes visit ACCT 550 Week 1 Homework Assignment E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $30,000 cash and equipment valued at $14,000 in the business. 2 Hired a secretary-receptionist at a salary of $290 per week payable monthly. 3 Purchased supplies on account $700. (debit an asset account.)

11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement. 17 Received cash of $2,300 for services completed for Ferengi Co. 21 Paid insurance expense $ Paid secretary-receptionist $1,160 for the month. 30 A count of supplies indicated that $120 of supplies had been used. 30 Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.) E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 20,000 Unearned Rent Revenue 6,300 Rent Revenue 60,000 Interest Expense Salaries and Wages Expense

14,000 An analysis of the accounts shows the following. The equipment depreciates $250 per month. One-third of the unearned rent was earned during the quarter. Interest of $500 is accrued on the notes payable. Supplies on hand total $650. Insurance expires at the rate of $300 per month. most directly related to measuring the performance and financial status of an enterprise are provided below. Assets Distributions to owners Expenses Liabilities Comprehensive income Gains Equity Revenues Losses Investments by owners Identify the element or elements associated with the 12 items below. CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple- choice questions.