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AC116 Unit 3 Lab Assignment
Question 2 of 12
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Blue Spruce Company incurs the following expenditures in purchasing a truck: cash price $31,000, accident insurance (during use)
$2,500, sales taxes $3,400, motor vehicle license $210, and painting and lettering $510. What is the cost of the truck?
Cost of the truck
$
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6/3/23, 2:29 PM
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AC116 Unit 3 Lab Assignment
Question 3 of 12
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Pronghorn Company had the following two transactions related to its delivery truck.
1.
Paid $110 for an oil change.
2.
Paid $550 to install special gear unit, which increases the operating efficiency of the truck.
Prepare Pronghorn’s journal entries to record these two transactions. (List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and
enter 0 for the amounts.)
No
Account Titles and Explanation
Debit
Credit
1.
2.
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Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depletion
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Timberland
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Buildings
Cash
Coal Mine
Cost of Goods Sold
Depletion Expense
Depreciation Expense
Equipment
Franchises
Freight-In
Gain on Disposal of Plant Assets
Goodwill
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
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6/3/23, 2:29 PM
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AC116 Unit 3 Lab Assignment Interest Revenue
Inventory
Question 3 of 12
Land
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License Expense
Loss on Disposal of Plant Assets
Machine
Maintenance and Repairs Expense
Miscellaneous Expense
No Entry
Notes Payable
Notes Receivable
Ore Mine
Other Operating Expenses
Owner’s Capital
Owner’s Drawings
Patents
Prepaid Insurance
Rent Revenue
Research and Development Expense
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Timberland
Unearned Rent Revenue
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6/3/23, 2:20 PM
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AC116 Unit 3 Lab Assignment
Question 5 of 12
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Your answer is incorrect.
Cullumber Company purchased land and a building on January 1, 2022. Management’s best estimate of the value of the land was
$106,000 and of the building $212,000. However, management told the accounting department to record the land at $233,200 and
the building at $84,800. The building is being depreciated on a straight-line basis over 15 years with no salvage value.
Calculate the annual change in net income
$
Why do you suppose management requested this accounting treatment? Is it ethical?
It is likely that management requested this accounting treatment
to boost the net income
and this practice is
not ethical
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5/19/23, 5:23 PM
NWP Assessment Player UI Application
AC116 Unit 1 Lab Assignment
Question 9 of 10
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Bonita Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
Aug. 1
Established the petty cash fund by writing a check payable to the petty cash custodian for $215.
15
Replenished the petty cash fund by writing a check for $211.20. On this date, the fund consisted of $3.80 in cash and
these petty cash receipts: freight-out $94, entertainment expense $45.90, postage expense $41.40, and miscellaneous
expense $28.00.
16
Increased the amount of the petty cash fund to $320 by writing a check for $105.00.
31
Replenished the petty cash fund by writing a check for $304.30. On this date, the fund consisted of $15.70 in cash and
these petty cash receipts: postage expense $142.00, entertainment expense $93.80, and freight-out $67.30.
(a)
Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)
Date
Account Titles and Explanation
Debit
Credit
Drop down options:
– Aug 1
– Aug 15
– Aug 16
– Aug 31
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List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Bank Charge Expense
Cash
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5/19/23, 5:23 PM
NWP Assessment Player UI Application
AC116 Unit 1 Lab Assignment
Cash Over and Short
Charitable Contribution Expense
Question 9 of 10
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Cost of Goods Sold
Delivery Expense
Depreciation Expense
Entertainment Expense
Equipment
Freight-In
Freight-Out
Insurance Expense
Interest Receivable
Interest Revenue
Inventory
Miscellaneous Expense
Notes Receivable
Owner’s Capital
Petty Cash
Postage Expense
Prepaid Insurance
Salaries and Wages Expense
Sales Discounts
Sales Revenue
Supplies
Supplies Expense
Travel Expense
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(b)
Post to the Petty Cash account.
Petty Cash
Drop down options
8/1
8/16
8/31 Bal
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6/3/23, 2:35 PM
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AC116 Unit 3 Lab Assignment
Question 10 of 12
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At December 31, 2022, Pronghorn Company reported the following as plant assets.
Land
$ 4,320,000
Buildings
$29,800,000
Less: Accumulated depreciation—buildings
10,570,000
Equipment
47,520,000
Less: Accumulated depreciation—equipment
4,910,000
Total plant assets
19,230,000
42,610,000
$66,160,000
During 2023, the following selected cash transactions occurred.
April 1
Purchased land for $2,000,000.
May 1
Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504,000.
June 1
Sold land purchased on June 1, 2013 for $1,430,000. The land cost $393,000.
July 1
Purchased equipment for $2,440,000.
Dec. 31
Retired equipment that cost $480,000 when purchased on December 31, 2013.
(a)
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are
estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage
value. Update depreciation on assets disposed of at the time of sale or retirement. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in
the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
April 1
May 1
June 1
July 1
Dec 31
(To record depreciation)
May 1
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6/3/23, 2:35 PM
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AC116 Unit 3 Lab Assignment
Question 10 of 12
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(To record sale of equipment)
(To record depreciation)
(To record retirement of equipment)
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(b)
Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automatically
indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is
required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(To record building depreciation)
(To record equipment deprecition)
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AC116 Unit 3 Lab Assignment
eTextbook and Media
List of Accounts
Question 10 of 12
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(c)
Prepare the plant assets section of Pronghorn’s balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings
and Equipment.)
Pronghorn Company
Balance Sheet (Partial)
– Current Assets
– Current Liabilities
– Intangible Assets
– Long term investments
– Long term liabilities
– Property, plant, equipment
– Owner’s equity
– Total assets
– Total current assets
– Total current liabilities
– Total intangible assets
– Total liabilities
________________________________
$
$
:
:
$
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AC116 Unit 3 Lab Assignment
Question 11 of 12
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Monty Co. has equipment that cost $80,300 and that has been depreciated $49,700.
Record the disposal under the following assumptions.
(a)
It was discarded with no cash received.
(b)
It was sold for $24,200.
(c)
It was sold for $32,300.
(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If
no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
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AC116 Unit 3 Lab Assignment
Question 12 of 12
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The intangible assets section of Flounder Company at December 31, 2022, is presented here.
Patents ($87,000 cost less $8,700 amortization)
$78,300
Franchises ($43,400 cost less $17,360 amortization)
26,040
$104,340
Total
The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a
useful life of 10 years. The following cash transactions may have affected intangible assets during 2023.
Jan. 2
Paid $28,800 legal costs to successfully defend the patent against infringement by another company.
Sept.
1
Paid $45,000 to an extremely large defensive lineman to appear in commercials advertising the company’s products. The
commercials aired in September and October.
Oct. 1
Acquired a franchise for $135,600. The franchise has a useful life of 50 years.
Nov.–
Dec.
Developed a new product, incurring $143,000 in research and development costs during December. A patent was
granted for the product on January 1, 2024.
(a)
Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no
entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
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(b)
Prepare journal entries to record the 2023 amortization expense for intangible assets. (List all debit entries before credit entries.
Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order
presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
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(To record patents amortization)
AC116 Unit 3 Lab Assignment
Question 12 of 12
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(To record franchise amortization)
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(c)
Prepare the intangible assets section of the balance sheet at December 31, 2023.
Flounder Company
Balance Sheet (Partial)
$
$
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