I am taking Accounting 205 and I need help with this assignment ATTACHMENT PREVIEW Download attachment Week_2_guidance_report.xlsx Ashford University ACC205 Guidance Report Week Two Your Browser Must be Open to Access Video LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Exercise/ Problem Ch 3 Ex 4 Account to be changed Original Amount Jan-Feb 125 150 72,000 72,000 Fish Trip Boat rental Mar-Apr 175 78,000 May-Jun 200 84,000 Jul-Aug 225 90,000 Sept-Oct 250 96,000 Nov-Dec 275 102,000 YOUR ANSWERS BASED UPON COURSE START DATE Questions Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January. Cash Unearned Fish Trips Unearned Fish Trips Earned Fish Trips Calculate Hawaii-Blue’s total obligation to tourists at the end of January On what financial statement and in which section would this amount appear? What section of the financial statement would this amount appear? Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31. Prepaid Boat Rental Cash Boat Rental Expense Prepaid Boat Rental On what financial statement would HawaiiBlue’s January boat rental cost appear? Account to be changed Ch 3 Ex 8 Miguel Gomez, Drawing Service Revenue Rent Expense Original Amount 2,500 38,000 9,000 3000 39000 9500 3500 40000 10000 4000 41000 10500 3500 47000 17000 5000 49000 17500 5500 50000 18000 YOUR ANSWERS BASED UPON COURSE START DATE Service Revenue Capital Capital Rent Expense Insurance Expense Advertising Expense Utilities Expense Capital Drawing Account to be changed Original Amount Ch 4 Ex 3 Balance per bank Note collected by bank 6150 1000 $6,252 1,102 $6,354 1,204 $6,456 1,306 $6,558 1,408 $6,660 1,510 $6,762 1,612 0.06 0.07 0.08 0.09 0.1 0.11 0.15 0.16 0.17 0.18 0.19 0.2 YOUR ANSWERS BASED UPON COURSE START DATE Balance per bank Deposits in transit Outstanding checks Adjusted Bank Balance Balance per company records Bank service charge for January Interest on note collected by bank Note collected by bank NSF check returned by the bank with the bank statement Adjusted Book Balance Ch 4 Ex 6 Account to be changed 5% of credit sales 14% of accounts receivable (1) Uncollectible accounts are estimated to be 5% of Credit Sales. Original Amount 0.05 0.14 YOUR ANSWERS BASED UPON COURSE START DATE Uncollectible Accounts Expense Allowance for Uncollectible Accounts (2) Uncollectible accounts are estimated to be 14% of Accounts Receivable. Uncollectible Accounts Expense Allowance for Uncollectible Accounts How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (1) of part (a)? Accounts Receivable Less: Allowance for Uncollectible Accounts How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)? Accounts Receivable Less: Allowance for Uncollectible Accounts Net Receivables Ch 4 Pb 3 Account to be changed Percentage of Accounts Expected to Be Collected Original Amount 0.99 96% 93% 90% 87% 84% 81% YOUR ANSWERS BASED UPON COURSE START DATE What is the company’s Uncollectible Accounts expense for 20X2? Compute the net realizable value of Accounts Receivable at the end of 20X1 and 20X2. Net Realizable value 20X1 Net Realizable value 20X2 Accounts receivable Less: Allowance for Uncollectible Accounts Net Realizable Value Compute the net realizable value at the end of 20X1 and 20X2 as a percentage of respective yearend receivables balances. Analyze your findings and comment on the president’s decision to close the credit evaluation department. 20X1 20X2 Ch 3 Pb 3 Account to be changed Unrecorded interest Total Tuition in advance Depreciation Rent Salaries Feb 1 20X2 Original Amount 275 60000 3000 21000 400 540 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec 300 325 350 370 376 377 70000 71000 74000 75000 79000 83000 4000 4100 4200