Hot Suds Car Wash uses the following accounts:

$$\begin{matrix} \text{Assets} & \text{$=$} & \text{Liabilities} & \text{$+$} & \text{Owner’s Equity}\\ \hline \text{Cash in Bank} & \text{ } & \text{Accounts Payable} & \text{ } & \text{Regina Delgado,}\\ \text{Accounts Receivable} & \text{ } & \text{ } & \text{ } & \text{Capital}\\ \text{Office Equipment} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{Office Furniture} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{Car Wash Equipment} & \text{ } & \text{ } & \text{ } & \text{ }\\ \end{matrix}$$

Use a form similar to the one that follows. For each transaction: 1. Identify the accounts affected. 2. Classify the accounts. 3. Determine the amount of the increase (+) or decrease (-) for each account affected. The first transaction is completed as an example.

$$\begin{matrix} \text{Trans.} & \text{Accounts } & \text{Classification} & \text{Amount of Increase (+)}\\ \text{ } & \text{Affected} & \text{ } & \text{or Decrease (-)}\\ \hline \text{1.} & \text{Cash in Bank} & \text{Asset} & \text{$+\$25,000$}\\ \text{ } & \text{Regina} & \text{ } & \text{ }\\ \text{ } & \text{Delgado,} & \text{ } & \text{ }\\ \text{ } & \text{Capital} & \text{Owner’s Equity} & \text{$+\$25,000$}\\ \end{matrix}$$

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Jan. 1} & \text{1.Regina Delgado, the owner, invested $\$25,000$ cash in the business.}\\ \text{4} & \text{2.Bought car wash equipment with cash for $\$12,000$.}\\ \text{5} & \text{3.Purchased, on account, $\$2,500$ of office equipment.}\\ \text{10} & \text{4.Wrote a check for the monthly rent, $\$800$.}\\ \text{12} & \text{5.Received cash for services performed, $\$1,000$.}\\ \text{15} & \text{6. The owner withdrew $\$600$ cash from the business for personal use.}\\ \text{20} & \text{7. Purchased a desk for $\$1,000$, paying $\$200$ cash and agreeing to pay the balance of $\$800$ in 30 days.}\\ \text{25} & \text{8. Provided services worth $\$600$ on account.}\\ \end{array}$$

After graduating from college, Abe Shultz decided to start a pet grooming service called Kits & Pups Grooming. Use a form similar to the one that follows. For each of the following transactions: 1. Identify the accounts affected, using the account names on the form. 2. Determine the amount of the increase or decrease for each account. 3. Write the amount of the increase (+) or decrease (-) in the space under each account affected. 4. On the following line, write the new balance for each account. 5. Transaction 1 is completed as an example. $$ \begin{matrix} \text{ } & \text{ } & \text{Assets} & \text{ } & \text{ } & \text{$=$} & \text{Liabilities} & \text{$+$} & \text{Owner’s Equity}\\ \hline \text{Trans.} & \text{Cash in} & \text{Accts.} & \text{Office} & \text{Grooming} & \text{$=$} & \text{Accounts} & \text{$+$} & \text{Abe Shultz,}\\ \text{ } & \text{Bank} & \text{Rec.} & \text{Equip.} & \text{Equip.} & \text{ } & \text{Payable} & \text{ } & \text{Capital}\\ \text{1} & \text{$+\$ 10,000$} & \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{$+\$ 10,000$}\\ \end{matrix} $$ $$ \begin{array}{rl} \text{Date} & \text{Transactions}\\ \text{Jan. 2} & \text{1. Abe Shultz began the business by depositing $\$10,000$ in a checking account at the Shoreline National Bank in the name of the business, Kits & Pups Grooming.}\\ \text{3} & \text{2. Bought grooming equipment for cash, $\$1,000$.}\\ \text{8} & \text{3. Issued a check for $\$900$ for the monthly rent.}\\ \text{9} & \text{4.Bought $\$6,000$ worth of new office equipment on account for use in the business.}\\ \text{15} & \text{5. Received $\$700$ cash for services performed for customers during the first week of business. }\\ \text{21} & \text{6. Issued a $\$2,000$ check to the creditor as partial payment for the office equipment purchased on account.}\\ \text{29} & \text{7. Performed grooming services and agreed to be paid for them later, $\$500$.}\\ \end{array} $$

As the accounting clerk for Hot Suds Car Wash, you write checks and make deposits. The current checkbook balance is $3,486.29. For each transaction: 1. Record the necessary information on the check stub. Determine the new balance and carry the balance forward. 2. Prepare the necessary checks and sign your name as drawer.$

$$\begin{array}{ll} \text{Date} & \text{Transactions}\\ \text{Oct. 3} & \text{Issued Check 504 for \$868.45 to Custom Construction for}\\ \text{ } & \text{construction supplies.}\\ \text{3} & \text{Deposited \$601.35 in the checking account.}\\ \text{6} & \text{Issued Check 505 for \$299.60 to CP Lumber for paint.}\\ \text{7} & \text{Issued Check 506 to Laverne Brothers for \$1,000.00 for }\\ \text{ } & \text{completing a painting job.}\\ \text{10} & \text{Deposited \$342.80 in the checking account.}\\ \text{10} & \text{Issued Check 507 to Union Utilities for the September }\\ \text{ } & \text{electricity bill of \$175.50.}\\ \end{array}$$

$ Calculate the balance brought forward amount on Check Stub 508.

Listed here are the account names and balances for Wilderness Rentals. Accounts Payable $7000 Accounts Receivable$2,000 Camping Equipment $12,000 Cash in Bank$5,000 Office Equipment 3,000 Ronald Hicks, Capital $15,000. Using these account names and balances: 1. List and total the assets of the business. 2. Determine the amount owed by the business. 3. Give the amount of the owner’s equity in the business.

All accounts belong in one of the following classifications: Asset, Liability, Owner’s Equity. In your working papers, indicate the classification for each of the following accounts. 1. John Jones, Capital 2. Cash in Bank 3. Accounts Receivable 4. Accounts Payable 5. Office Equipment 6. Delivery Equipment 7. Camping Equipment 8. Building 9. Land 10. Computer Equipment

The general ledger for Hot Suds Car Wash shows the following account balances on May 31, the end of the period.

$$\begin{array}{lll} \text{101} & \text{Cash in Bank} & \text{$\$ 9,400$}\\ \text{105} & \text{Accts. Rec. - Linda Brown} & \text{429}\\ \text{110} & \text{Accts. Rec. - Valley Auto} & \text{372}\\ \text{115} & \text{Detailing Supplies} & \text{694}\\ \text{120} & \text{Detergent Supplies} & \text{418}\\ \text{125} & \text{Office Equipment} & \text{$15,195$}\\ \text{130} & \text{Office Furniture} & \text{$2,029$}\\ \text{135} & \text{Car Wash Equipment} & \text{$7,486$}\\ \text{201} & \text{Accts. Pay. - Allen Vacuum Systems} & \text{$4,346$}\\ \text{205} & \text{Accts. Pay. - O'Brian's Office Supply} & \text{$2,730$}\\ \text{301} & \text{Regina Delgado, Capital} & \text{$26,530$}\\ \text{305} & \text{Regina Delgado, Withdrawals} & \text{$2,500$}\\ \text{310} & \text{Income Summary} & \text{ }\\ \text{401} & \text{Wash Revenue} & \text{$7,957$}\\ \text{405} & \text{Wax Revenue} & \text{$5,329$}\\ \text{410} & \text{Interior Detailing Revenue} & \text{$2,970$}\\ \text{501} & \text{Advertising Expense} & \text{$1,940$}\\ \text{505} & \text{Equipment Rental Expense} & \text{$3,836$}\\ \text{510} & \text{Maintenance Expense} & \text{$1,424$}\\ \text{520} & \text{Rent Expense} & \text{$3,500$}\\ \text{530} & \text{Utilities Expense} & \text{639}\\ \end{array}$$

Prepare a work sheet for Hot Suds Car Wash in your working papers. Identify the temporary accounts on the work sheet that have normal credit balances.

A business owned and operated by Mike Murray uses these accounts. Look at the following list of accounts, and determine the missing amount for each of the question marks.

$$\begin{matrix} \text{ASSETS =} & & \text{LIABILITIES } & \text{$+$} & \text{OWNER’S EQUITY}\\ \hline \text{Cash in Bank} & \text{$\$ 4,500$} & \text{Accounts Payable} & \text{ } & \text{Mike Murray,}\\ \text{Accounts Receivable} & \text{$1,350$} & \text{?} & \text{ } & \text{Capital $\$ 9,250$}\\ \text{Office Equipment} & \underline{5,000} & \text{ } & \text{ } & \text{ }\\ \text{ } & \text{?} & \text{ } & \text{ } & \text{ }\\ \end{matrix}$$

Juanita Ortega is the owner of a professional guide service called Outback Guide Service. Use a form similar to the one below. Complete these steps for each of the following transactions: 1. Identify the accounts affected. 2. Write the amount of the increase (+) or decrease (-) in the space provided on the form in your working papers. 3. Determine the new balance for each account.

$$\begin{matrix} \text{ } & \text{ } & \text{ } & \text{Assets} & \text{ } & \text{ } & \text{$=$} & \text{Liabilities} & \text{$+$} & \text{Owner’s Equity}\\ \hline \text{Trans.} & \text{Cash in} & \text{Accts.} & \text{Hiking} & \text{Rafting} & \text{Office} & \text{$=$} & \text{Accounts} & \text{$+$} & \text{Juanita}\\ \text{ } & \text{Bank} & \text{Rec.} & \text{Equip.} & \text{Equip.} & \text{Equip.} & \text{ } & \text{Payable} & \text{ } & \text{Ortega,}\\ \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{Capital}\\ \end{matrix}$$

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Jan. 3} & \text{1. Ms. Ortega, the owner, opened a checking account for the business by depositing $\$60,000$ of her personal funds.}\\ \text{6} & \text{2. Paid by check the monthly rent of $\$3,000$.}\\ \text{8} & \text{3. Bought hiking equipment for the business by writing a check for $\$3,000$.}\\ \text{9} & \text{4. Purchased $\$24,000$ of rafting equipment by writing a check. }\\ \text{11} & \text{5. Purchased office equipment on account for $\$4,000$.}\\ \text{15} & \text{6. Received payment for guide services, $\$2,500$.}\\ \text{18} & \text{7. Ms. Ortega contributed a desk valued at $\$450$ to the business.}\\ \text{21} & \text{8. Withdrew $\$3,000$ cash from the business for personal use.}\\ \text{26} & \text{9. Wrote a check to a creditor as partial payment on account, $\$1,500$. }\\ \text{30} & \text{10. Took a group on a tour and agreed to accept payment later, $\$1,200$.}\\ \end{array}$$

Juanita Ortega runs Outback Guide Service. The accounts she uses to record and report business transactions are listed below.

$$\begin{matrix} \text{General Ledger} & \text{ }\\ \hline \text{101 Cash in Bank} & \text{205 Accounts Payable—}\\ \text{105 Accounts Receivable—} & \text{Peak Equipment Inc.}\\ \text{Mary Johnson} & \text{207 Accounts Payable—}\\ \text{130 Office Equipment} & \text{Premier Processors}\\ \text{140 Computer Equipment} & \text{301 Juanita Ortega, Capital}\\ \text{145 Hiking Equipment} & \text{ }\\ \text{150 Rafting Equipment} & \text{ }\\ \end{matrix}$$

For each transaction: 1. In your working papers, prepare a T account for each account. 2. Analyze and record each of the following business transactions in the appropriate T accounts. Identify each transaction by number. 3. After recording all transactions, compute and record the account balance on the normal balance side of each T account. 4. Add the balances of those accounts with normal debit balances. 5. Add the balances of those accounts with normal credit balances. 6. Compare the two totals. Are they the same?

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{May 2} & \text{1. Juanita Ortega transferred an additional $\$53,250$ from her personal savings account into the business checking account.}\\ \text{6} & \text{2. Bought hiking equipment for $\$550$, Check 367.}\\ \text{7} & \text{3. Bought rafting equipment on account from Peak Equipment Inc. for $\$2,675$.}\\ \text{11} & \text{4. Juanita Ortega transferred her own computer, valued at $\$850$, to the business. }\\ \text{16} & \text{5. Bought a cash register for the office on account from Premier Processors for $\$1,250$.}\\ \text{19} & \text{6. Sold the computer on credit for $\$850$ to Mary Johnson.}\\ \text{22} & \text{7. Paid $\$500$ on account to Peak Equipment Inc., Check 368.}\\ \text{24} & \text{8. Purchased shelves for the office for $\$650$, Check 369.}\\ \text{28} & \text{9. Paid $\$1,250$ on account to Premier Processors, Check 370.}\\ \text{31} & \text{10. Bought rafting oars for $\$175$, Check 371.}\\ \end{array}$$

A business transaction that involves a purchase on account is considered to be a(n) a. cash transaction. b. credit transaction. c. investment of the owner d. expense transaction.

By paying $\$50$ cash up front and the balance at $\$35$ a week, how long will it take to pay for a computer costing $\$960$?

Find the first four nonzero terms of the Maclaurin series for the function by making an appropriate substitution in a known Maclaurin series and performing any algebraic operations that are required. State the radius of convergence of the series.

$$\frac { x } { x - 1 }$$

Without performing any row operations, explain why each of the matrices does not have an inverse.

$$\left[\begin{array}{rrr}{-2} & {3} & {-1} \\ {4} & {0} & {1}\end{array}\right]$$

Algoma, Inc., signs a five-year lease for office equipment with Office Solutions. The present value of the lease payments is $15,499. Prepare the journal entry that Algoma records at the inception of this capital lease.