Instructions Diagram from Kloos, et al. (2012) For this task you will write a paper listing at least five important social problems or issues facing your community or society. Then choose one of the

Instructions Diagram from Kloos, et al. (2012) For this task you will write a paper listing at least five important social problems or issues facing your community or society. Then choose one of the
ACCT&201 Week 3 Homework 1. Using the notion that the accounting equation (Assets = Liabilities + Stockholders’ Equity) must remain in balance, indicate whether each of the following transactions is possible. Transactions Yes/No a. Cash increases; Accounts Payable decreases. No b. Service Revenue increases; Salaries Payable increases. No c. Advertising Expense increases; Cash decreases. Yes 2. Hokies uses the following accounts:           Accounts Payable Equipment Accounts Receivable   Cash Supplies Utilities Expense   Prepaid Rent Rent Expense Service Revenue   Common Stock Notes Payable Retained Earnings   Salaries Payable Salaries Expense Dividends   Required: Indicate which accounts should be debited and which should be credited for the following transactions of Hokies company. Transactions Account Debited Account Credited Example: Purchase equipment in exchange for cash. Equipment Cash 1. Pay a cash dividend. 2. Pay rent in advance for the next three months. 3. Provide services to customers on account. 4. Purchase office supplies on account. 5. Pay salaries for the current month. 6. Issue common stock in exchange for cash. 7. Collect cash from customers for services provided in (3) above. 8. Borrow cash from the bank and sign a note. 9. Pay for the current month’s utilities. 10. Pay for office supplies purchased in (4) above. 3. Below is a list of typical accounts.  Required:For each account, indicate (1) the type of account and (2) whether the normal account balance is a debit or credit. Accounts Type of Account Normal Balance (Debit or Credit) 1. Salaries Payable 2. Common Stock 3. Prepaid Rent 4. Buildings 5. Utilities Expense 6. Equipment 7. Rent Expense 8. Notes Payable 9. Salaries Expense 10. Insurance Expense 11. Cash 12. Service Revenue 4. Below is a list of activities for Jayhawk Corporation.  Required:Select from the activities of Jayhawk Corporation whether the transaction increases, decreases, or has no effect on assets, liabilities, and stockholders’ equity. The first item is provided as an example. Transaction Assets = Liabilities + Stockholders’ Equity 1. Issue common stock in exchange for cash. Increase No effect Increase 2. Purchase business supplies on account. 3. Pay for legal services for the current month. 4. Provide services to customers on account. 5. Pay employee salaries for the current month. 6. Provide services to customers for cash. 7. Pay for advertising for the current month. 8. Repay loan from the bank. 9. Pay dividends to stockholders. 10. Receive cash from customers in (4) above. 11. Pay for supplies purchased in (2) above. 5. Below is a list of activities for Purple Cow Incorporated.  Required:For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a negative.) Transaction Assets = Liabilities + Stockholders’ Equity 1. Provide services to customers on account, $1,600. $1,600 $0 $1,600 2. Pay $400 for current month’s rent. 3. Hire a new employee, who will be paid $500 at the end of each month. 4. Pay $100 for advertising aired in the current period. 5. Purchase office supplies for $400 cash. 6. Receive cash of $1,000 from customers in (1) above. 7. Obtain a loan from the bank for $7,000. 8. Receive a bill of $200 for utility costs in the current period. 9. Issue common stock for $10,000 cash. 10. Pay $500 to employee in (3) above. Totals 6. Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the following transactions occurred.  July   3 Jake provides lawn services to Luke’s repair shop on account, $500.July   6 One of Jake’s mowers malfunctions. Luke provides repair services to Jake on account, $450.July   9 Luke pays $500 to Jake for lawn services provided on July 3.July 14 Luke borrows $600 from Jake by signing a note.July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110.July 20 Jake pays $450 to Luke for services provided on July 6.July 27 Luke performs repair services for other customers for cash, $800.July 30 Luke pays employee salaries for the month, $300.July 31 Luke pays $600 to Jake for money borrowed on July 14.Required:Record the transactions for Jake’s Lawn Maintenance Company. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) 7. Please look at question 6 and answer this question. Required:1. Record each transaction for Luke’s Repair Shop. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)   8. 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each company. (Decreases to account classification should be entered as a negative.) JAKE’S LAWN MAINTENANCE COMPANY LUKE’S REPAIR SHOP Assets = Liabilities + Stockholders’ Equity Assets = Liabilities + Stockholders’ Equity July 03 500 $0 $500 $0 $500 $(500) 06 09 14 18 20 27 30 31 9. Consider the recorded transactions below.        Debit Credit 1.   Accounts Receivable 8,400                   Service Revenue   8,400                2.   Supplies 2,300                   Accounts Payable   2,300                3.   Cash 10,200                   Accounts Receivable   10,200                4.   Advertising Expense 1,000                   Cash   1,000                5.   Accounts Payable 3,700                   Cash   3,700                6.   Cash 1,100                   Deferred Revenue   1,100             Required: Post each transaction to T-accounts and calculate the ending balance for each account. The beginning balance of each account before the transactions is: Cash, $3,400; Accounts Receivable, $4,200; Supplies, $400; Accounts Payable, $3,500; Deferred Revenue, $300. Service Revenue and Advertising Expense each have a beginning balance of zero. Cash Accounts Receivable Beg. bal. Beg. bal. End. bal. End. bal. Supplies Accounts Payable Beg. bal. Beg. bal. End. bal. End. bal. Deferred Revenue Service Revenue Beg. bal. Beg. bal. End. bal. End. bal. Advertising Expense Beg. bal. End. bal. 10. Below are the account balances of Bruins Company at the end of November.     Accounts Balances   Accounts Balances   Cash 40,000       Common Stock 50,000       Accounts Receivable   50,000       Retained Earnings   35,000       Supplies   1,100       Dividends   1,100       Prepaid Rent   3,000       Service Revenue   65,000       Equipment   ?        Salaries Expense   30,000       Accounts Payable   17,000       Rent Expense   12,000       Salaries Payable   5,000       Interest Expense   3,000       Interest Payable   3,000       Supplies Expense   7,000       Deferred Revenue   9,000       Utilities Expense   6,000       Notes Payable   30,000                Required:Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of the Equipment account. BRUINS COMPANY Trial Balance November 30 Accounts Debit Credit Totals $0 $0