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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

The July 31 unadjusted trial balance of Lake Outfitters, a firm renting various types of equipment to canoeists and campers, follows.Lake Outfitters' fiscal year ends on July 31. The following
Burne Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Burne collected \(\$ 90,000\) in advance on a six-month contract for work to be
Judy Rock began Rock Refinishing Service on July 1. Selected accounts are shown below as of July 31 , before any adjusting entries have been made:Using the following information, record in a general
On January 1, the credit balance of the Retained Earnings account was \(\$ 60,000\). The company's common stock account had an opening balance of \(\$ 85,000\) and new contributions during the year
The adjusted trial balance prepared December 31, for Cheryl Lester \& Company, shipping agent, contains the following accounts:Prepare journal entries to close the accounts directly to Retained
Identify the proper point to recognize revenue for each of the following transactions.a. Creed Industries sells a machine in January with terms of 50 percent due on delivery in January and the
Identify the proper point to recognize expenses for each of the following transactions.a. Julio Inc. purchases for cash five custom dining tables for \(\$ 1,200\) each in March. Three tables are
In the midst of closing procedures, La Verne Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books. You find that all the revenue and
At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the following amounts:In preparing the statements, the accountant overlooked the
The adjusted trial balance of the Murray Corporation, prepared December 31, contains the following accounts:Prepare journal entries to close the accounts directly to Retained Earnings. After these
Use the information provided in E3-5B to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the Retained Earnings
In the midst of closing procedures, La Verne Corporation's accountant became ill. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have
Worksheet Identify each of the 10 amount columns of the worksheet and indicate to which column the adjusted balance of the following accounts would be extended:a. Accounts Receivableb. Accumulated
Use the information provided in E3-11B to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the Retained Earnings
The adjusted trial balance columns of a worksheet for Levitt Corporation are shown below. The worksheet is prepared for the year ended December 31,Complete the worksheet by(a) entering the adjusted
Mark Gold opened Gold Roofing Service on April 1. Transactions for April are as follows:1 Gold contributed \(\$ 15,000\) of his personal funds in exchange for common stock to begin the business.2
The Healthy Catering Service had the following transactions in July, its first month of operations:1 Kelly Foster contributed \(\$ 18,000\) of personal funds to the business in exchange for common
Trial Balance and Adjusting Entries Image, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before
Foote Carpet Cleaners ended its first month of operations on June 30. Monthly financial statements will be prepared. The unadjusted account balances are as follows:The following information is also
The following selected accounts appear in the Bullard Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances):Required Prepare the
Adjusting Entries The following selected accounts appear in the Birch Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal
The adjusted trial balance shown below is for Sharpe Consulting Service as of December 31. Byran Sharpe made no capital contributions during the year.Requireda. Prepare an income statement and a
The adjusted trial balance shown below is for Batton, Inc., at December 31:Requireda. Prepare closing entries directly to Retained Earnings in general journal form.b. After the closing entries are
At the beginning of the year, Azuza's Parking Lots had the following balance sheet:a. At the end of the year, Azuza had the following assets and liabilities: Cash, \(\$ 7,800\); Accounts Receivable,
The following information appears in the records of Stern Corporation at the end of the year:a. Calculate the amount of retained earnings at the end of the year.b. Using your answer from part \(a\),
Angela Mica operates the Mica Dance Studio. On June 1, the business's general ledger contained the following information:The following transactions occurred during the month of June:1 Paid June rent
On December 1, a group of individuals formed a corporation to establish the Local, a neighborhood weekly newspaper featuring want ads of individuals and advertising of local firms. The free paper
The following balance sheet data are given for Norman Catering Service, a corporation, as of May 31 :Assume that on June 1, the following transactions occurred:June 1 Purchased additional equipment
The following selected income statement and balance sheet information is available for Floyd Appraisers at the end of the current month:a. Calculate the net income or net loss for the month.b. If Mr.
The following account balances were taken (out of order) from the general ledger of Howe \& Company as of January 31. Howe trains dogs for competitive championship field trials. The firm's
The following account balances, in alphabetical order, are from the general ledger of Milo's Waterproofing Service at January 31. The firm began business on January 1 . All accounts have normal
Use the information provided in P3-8A.Requireda. Prepare an income statement, a statement of stockholders' equity, and a balance sheet as of December 31.b. Prepare closing entries using the Income
Use the information provided in P3-9A.Requireda. Prepare closing entries in general journal form using the Income Summary account.b. After the closing entries are posted, what is the ending balance
The following unadjusted trial balance was prepared as of March 31:Focus Travel Agency's fiscal year ends on March 31. The following additional information is available:1. Depreciation for the year
Listed below, out of order, are the steps in an accounting cycle.1. Prepare the unadjusted trial balance.2. Post journal entries to general ledger accounts.3. Analyze transactions from source
Evan Corporation provided consulting services for Kensington Company in 2018. Evan incurred costs of \(\$ 60,000\) associated with the consulting and billed Kensington \(\$ 130,000\). Evan paid \(\$
MacKenzie Enterprises includes the following accounts in its general ledger. Explain why each of these accounts may need to be adjusted.a. Rent Payableb. Unearned Revenuec. Prepaid Subscriptionsd.
Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of \(\$ 20,000\). There is no balance in the Accumulated Depreciation-Equipment account or
Insurance Cooper Inc. recorded the purchase of a three-year insurance policy on July 1 in the amount of \(\$ 4,800\) by debiting Prepaid Insurance and crediting Cash. Prepare the necessary December
Prepare adjusting journal entries for Sparky Electronics for the following items:a. Salaries for employees in the amount of \(\$ 2,750\) have not been paid.b. Interest expense of \(\$ 1,400\) for an
The trial balance of Fisher Supplies contains the following balance sheet accounts that require adjustment. Identify the likely income statement account that will be used to adjust these accounts.a.
The Decade Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings \(\$ 8,500\); Dividends \(\$ 2,000\); Sales \(\$ 22,000\); Cost of Goods Sold \(\$
Use the data from SE3-8 to prepare the closing entries for The Decade Company. Close the temporary accounts straight to retained earnings. The balance of \(\$ 8,500\) in the retained earnings account
Trownel Corp reports the following accounts in its adjusted trial balance. Identify which financial statement each account would appear on:a. Cashd. Unearned Revenueb. Salese. Retained Earningsc.
Use the data from SE3-8 to prepare the closing entries for The Decade Company. Close the temporary accounts to income summary. The balance of \(\$ 8,500\) in the retained earnings account is from the
The adjusted trial balance section of Menlo Company's worksheet shows a \(\$ 1,500\) debit balance in utility expense. At the end of the accounting period the accounting manager accrues an additional
Deluxe Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Deluxe collected \(\$ 42,000\) in advance on a six-month contract for work to be
Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjusting entries have been made:Monthly financial statements are prepared.
On January 1, the credit balance of the Retained Earnings account was \(\$ 51,000\). The company's Common Stock account had an opening balance of \(\$ 65,000\), and \(\$ 8,000\) in new capital
The adjusted trial balance prepared as of December 31, for Phyllis Howell \& Company, Consultant, contains the following revenue and expense accounts:Prepare journal entries to close the accounts
Identify the proper point to recognize revenue for each of the following transactions.a. Honey Industries sells a machine in January with terms of no payment due until six months later.b. Platt
Identify the proper point to recognize expense for each of the following transactions.a. Kat Inc. purchases on credit six custom sofas for \(\$ 800\) each in June. Two of the sofas are sold for \(\$
In the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books. You find that all the revenue and expense
Selected T-account balances for Coyle Company are shown below as of January 31; adjusting entries have already been posted. The firm uses a calendar-year accounting period and makes monthly
At the end of the first month of operations, the Stephan Company's accountant prepared financial statements that showed the following amounts:In preparing the statements, the accountant overlooked
The adjusted trial balance of the Petal Corporation, prepared as of December 31, LO6 contains the following accounts:Prepare journal entries to close the accounts directly to Retained Earnings. After
Closing Entries Use the information provided in E3-5A to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the
In the midst of closing procedures, Park Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense
Identify each of the 10 amount columns of the worksheet and indicate to which column the adjusted balance of the following accounts would be extended:a. Accounts Receivableb. Accumulated
Closing Entries Use the information provided in E3-11A to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the
Worksheet The adjusted trial balance columns of a worksheet for Bond Corporation are shown below. The worksheet is prepared for the year ended December 31.Complete the worksheet by (a) entering the
Financial Reporting Problem: Columbia Sportswear Company The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book. The following selected
Comparative Analysis Problem: Columbia Sportswear Company vs. Under Armour, Inc. The financial statements for the Columbia Sportswear Company can be found in Appendix A and Under Armour, Inc.'s
Financial Analysis Problem Tim Johnson runs a local photography studio, Action Images, Inc. Action Images is organized as a corporation. Tim's primary sources of revenue are from the events he is
Accounting Research Problem Go to this book's Website and locate the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017).Required 1. For each of the income
Accounting Communication Activity Jason Timmons is struggling with some accounting concepts and has come to you for help. In particular he does not understand what is meant by a debit and a credit.
Corporate Social Responsibility Problem The Global Reporting Initiative (GRI) is a networkbased organization that has pioneered the development of the world's most widely used sustainability
Forensic Accounting Problem Accrual accounting is based on the idea that revenue should be recognized when earned and that any resources consumed in the revenue-generating process (expenses) should
IFRS Financial Statements Thomson Reuters is a global information company created by the 2008 merger of the Thomson Corporation, a Canadian company, with the Reuters Company, a United Kingdom-based
Working with the Takeaways Part A Each of the following accounts from the Canam Company has a normal balance as of December 31, 2019 , the end of Canam's first year of operations.Required Prepare a
Which of the following is an example of an adjusting entry?a. Recording the purchase of supplies on accountb. Recording depreciation expense on a truckc. Recording the billing of customers for
An adjusting entry to record utilities used during a month for which no bill has yet been received is an example ofa. Allocating assets to expense to reflect the actual operating expenses incurred
Which of the following is not an example of a closing entry?a. Close each revenue account to the Retained Earnings accountb. Close each expense account to the Retained Earnings accountc. Close the
Which of the following transactions does not affect total assets, total liabilities, or total stockholders' equity on the balance sheet?a. Purchasing \(\$ 500\) supplies on accountb. Paying a \(\$
The ending balance of the Accounts Receivable account was \(\$ 7,800\). Services billed to customers for the period were \(\$ 21,500\), and collections on account from customers were \(\$ 23,600\).
Kelly Corporation received an advanced payment of \(\$ 30,000\) in 2018 from Rufus Company for consulting services. Kelly performed half of the consulting in 2018 and the remainder in 2019. Kelly
On January 1, Prepaid Insurance was debited with the cost of a two-year premium in the amount of \(\$ 3,744\). What adjusting entry should be made on January 31 before the January financial
The publisher of International View, a monthly magazine, received two-year subscriptions totaling \(\$ 12,240\) on January 1.(a) What entry should be made to record the receipt of the \(\$ 12,240\) ?
Globe Travel Agency pays an employee \(\$ 600\) in wages each Friday for a five-day work week ending on that day. The last Friday of January falls on January 27.What adjusting entry should be made on
The Bayou Company earns interest amounting to \(\$ 425\) per month on its investments. The company receives the interest every six months, on December 31 and June 30.Monthly financial statements are
Define permanent account. Provide an example.
Define temporary account. Provide an example.
The accounting equation of Matthew Thomas, attorney, at the beginning of an accounting period is given below, followed by seven transactions whose effects on the accounting equation are shown.
An analysis of the transactions of Pickett Shipping Services for the month of May appears below. Line 1 summarizes Pickett's accounting equation data as of May 1; lines 2-10 represent the
Service provides commercial and industrial appraisals and feasibility studies. On January 1 , the assets and liabilities of the business were the following: Cash, \(\$ 8,700\); Accounts Receivable,
On June 1, a group of bush pilots in British Columbia, Canada, formed the Adventure Airlines, Inc., by selling \(\$ 51,000\) of common stock for cash. The group then leased several aircraft and
Determine the following:a. The stockholders' equity of a company that has assets of \(\$ 480,000\) and liabilities of \(\$ 360,000\).b. The retained earnings of a company that has assets of \(\$
Following the example shown in (a) below, indicate the effects of the listed transactions on the assets, liabilities, and stockholders' equity of McKay \& Company:a. Rendered services to clients
On October 1, Deloitte \& Coopers Price started a consulting firm. The asset, liability, and stockholders' equity account balances after each of the firm's first six transactions are shown below.
For the four unrelated situations, A-D, below, calculate the unknown amounts indicated by the letters appearing in each column: B D Beginning Assets... Liabilities.. $40,000 $12,000 $28,000 $ (d)
Appearing below is an analysis of the June transactions for Fisk Communications Company. Line 1 summarizes the company's accounting equation data as of June 1 ; lines 2-10 are the transactions for
Torrey Peoples began the Peoples Word Processing Service in December. The firm provides word-processing services for businesses and is currently operating with leased equipment. On January 1, the
On December 1, Molly Frick started Advancement Career Services, which provided career and vocational counseling services to individuals. The following transactions took place during the month of
The following T-accounts contain numbered entries for the May transactions of Valerie Vance who opened a consulting services business on May 1:Requireda. Give a description of each of the nine
Ashley Conners owns La Jolla Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the business's general ledger showed the following normal account
Great Outdoors Airlines, Inc., operates leased amphibious aircraft and docking facilities, equipping the firm to transport campers and hunters from British Columbia, Canada, to outpost camps owned by
Bill Williams opened a tax practice, (Bill Williams, Tax Accounting, Inc.), on June 1. The following accounts will be needed to record the business's transactions for June: Cash; Accounts
The following T-accounts contain numbered entries for the May transactions of the Upland Corporation, an architectural firm, which opened its offices on May 1:Requireda. Give a description of each of
Huff \& Company, Electrical Contractors began operations on May 1. The following transactions occurred during the month of May:1 Stockholders invested \(\$ 65,000\) in the business in exchange for
The accounting equation of L. Lee \& Company as of the beginning of the accounting period is given below, followed by seven transactions whose effects on the accounting equation are shown.

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