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The University of Texas at Austin
McCombs
School of Business
Foundations of Accounting (ACC 310F)

Assignment 4

Once you have completed the assignment below, you must submit your answers
using the answer sheet provided in Canvas (in the Assignments section); not all
answers will be turned in. Once
submitted, your answers cannot be changed.
Where appropriate, partial credit will be given.

.jpg”>Nguyen & Company had the following account
balances available:

Required:
a.
Using the accounting framework above, record each of the following
transactions/events:

March 1

Services previously sold in advance
of $300 were performed.

March 1

Purchased equipment for $11,360;
management expects it will be useful for 4 years at which time it should be
worth $800.

March 1

Performed $4,000 of consulting services
for customers; sent bill.

March 1

Borrowed $2,600 on a note payable.

March 12

Paid advertising of $640.

March 18

Purchased supplies of $130 on
account.

March 20

Received $600 from customers on
account.

March 23

Paid utility bill of $150.

March 30

Paid employee payrollof $1,400.

March 30

Supplies on hand reported at $190.

March 30

Insurance of $150 expired.

b. Use the resulting
accounting framework to prepare an income statement, statement of retained
earnings and a balance sheet for the company for the month.
.jpg” alt=”UTMBS_Mark_RGB”>The University of Texas at AustinMcCombs
School of BusinessFoundations of Accounting (ACC 310F)Assignment 4Once you have completed the assignment below, you must submit your answers
using the answer sheet provided in Canvas (in the Assignments section); not all
answers will be turned in. Once
submitted, your answers cannot be changed.
Where appropriate, partial credit will be given..jpg”>Nguyen & Company had the following account
balances available:Required:a.
Using the accounting framework above, record each of the following
transactions/events:March 1Services previously sold in advance
of $300 were performed.March 1Purchased equipment for $11,360;
management expects it will be useful for 4 years at which time it should be
worth $800.March 1Performed $4,000 of consulting services
for customers; sent bill.March 1Borrowed $2,600 on a note payable.March 12Paid advertising of $640.March 18Purchased supplies of $130 on
account.March 20Received $600 from customers on
account.March 23Paid utility bill of $150.March 30Paid employee payrollof $1,400.March 30Supplies on hand reported at $190.March 30Insurance of $150 expired.b. Use the resulting
accounting framework to prepare an income statement, statement of retained
earnings and a balance sheet for the company for the month.