Week Two Homework Problems

Week 2 – Assignment 

Week Two Homework Problems

Complete the following Workbook Template Week TwoPreview the document. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

Week 2 Homework Template

Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.

REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.

Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet.

(a) WALZ SERVICE INC.

 

Assets

=

Liabilities

+

Stockholders’ Equity

 

   Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

   =

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings

 

Revenues 

Expenses

Dividends

 

June 1