Principles of accounting 1 -ashworth college-graded project

Directions:  Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading.  Unless otherwise stated, answer in complete
sentences, and be sure to use correct English spelling and grammar.  Sources
must be cited in APA format.  Your response should be a minimum of one
(1) single-spaced page to a maximum of two (2) pages in length; refer to the
“Assignment Format” page for specific format requirements.
Part A
(30 points)
Prepare general journal entries to record the following transactions for the Harris
Company. (The company uses the balance sheet approach for recording bad
debts expense.)
Dec. 31  Recorded Bad Debts Expense, $800
Jan. 3  Wrote off Jal’s account as uncollectible, $60
Mar. 4  Wrote off Hall’s account as uncollectible, $75
Jul. 5  Recovered $45 from Hall
Aug. 19  Wrote off M. Wilson’s account as uncollectible, $100
Nov. 7  Recovered $25 from Jal
Part B
(10 points each for a possible total of 40 points)
For each of the following, identify in Column 1 the category to which the account
belongs, in Column 2 the normal balance for the account, in Column 3 the
financial statement that the account in which the account balance is reported,
and in Column 4 the account’s nature (temporary/permanent).
Interest payable
Interest receivable
Discount on notes
Store equipment
Part C
Column 1 Column 2 Column 3 Column 4
Column 1 Column 2 Column 3 Column 4
Column 1 Column 2 Column 3 Column 4
Column 1 Column 2 Column 3 Column 4
(15 points each for a possible total of 30 points)
A computer server system, which had cost $210,000 and had accumulated
depreciation of $147,000, was traded for a new system with a fair market value
of $235,000. The old system and cash of $180,000 were given for the new system.
Prepare the journal entry for the exchange of these similar assets.
Prepare journal entries for the following for Bartz, Inc.
May 11  Replaced the engine in a Van #1, paying cash of $5,400
May 18  Paid cash for a tune-up of the engine in Van #2 of $570
May 29  Paid cash to add a lift to Van #2 of $3,700
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successfully submitted to the school (Figure 7).
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