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business
accounting

Questions and Answers of Accounting

The accounting equation includes three basic types of accounts: assets, liabilities, and stockholders’ equity. In turn, stockholders’ equity holds the following types: common stock, retained
Data Integrity Company performed $1,000 of services on account for a customer on January 5. The same customer paid $600 of the January 5 bill on January 28.Requirement1. Identify the three steps to
Ned Brown opened a medical practice in San Diego, California.Jan 1 The business received $29,000 cash and issued common stock.2 Purchased medical supplies on account, $14,000.2 Paid monthly office
Texas Sales Consultants completed the following transactions during the latter part of January:Jan 22 Performed service for customers on account, $8,000.30 Received cash on account from customers,
Kenneth Dolkart Optical Dispensary purchased supplies on account for $3,400. Two weeks later, the business paid half on account.Requirements1. Journalize the two transactions for Kenneth Dolkart
Washington Law Firm performed legal services for a client who could not pay immediately. The business expected to collect the $16,000 the following month. Later, the business received $9,600 cash
Use the January transaction data for Ned Brown, M.D., P.C., given in Short Exercise 2-5.Requirements1. Open the following T-accounts: Cash, Accounts receivable, Medical supplies, Accounts payable,
Oakland Floor Coverings, Inc., reported the following summarized data at December 31, 2012. Accounts appear in no particular order.Requirement1. Prepare the trial balance of Oakland Floor Coverings
Review Francis Nangle Travel Design€™s trial balance. Assume that Nangle accidentally listed dividends as $300 instead of the correct amount of $3,000.Requirement1. Compute the incorrect
Review basic accounting definitions by completing the following crossword puzzle.Down:1. Right side of an account4. The basic summary device of accounting6. Book of accounts7. An economic resource8.
Sharpen your use of accounting terms by working this crossword puzzle.Down:1. Records a decrease in a liability4. Bottom line of an income statement7. Revenue €“ net income =
John’s Cream Soda, Inc., makes specialty soft drinks. At the end of 2012, John’s had total assets of $390,000 and liabilities totaling $260,000.Requirements1. Write the company’s accounting
The following transactions occurred for London Engineering: The following transactions occurred for London Engineering:Jul 2 Paid utilities expense of $400.5 Purchased equipment on account, $2,100.10
The journal of Ward Technology Solutions, Inc., includes the following entries for May, 2012:May 1 The business received cash of $75,000 and issued common stock.2 Purchased supplies of $500 on
Danielle Neylon has trouble keeping her debits and credits equal. During a recent month, Danielle made the following accounting errors:a. In preparing the trial balance, Danielle omitted a $7,000
Refer to the transactions of London Engineering in Exercise 2-16.Requirements1. Open the following T-accounts with their July 1 balances: Cash, debit balance $4,000; Accounts receivable $0;
In December, 2012, the first five transactions of Adams€™ Lawn Care Corporation have been posted to the accounts as follows:Requirements1. Prepare the journal entries that served as the
Suppose your name is Thomas Sell, and Best Automotive repaired your car. You settled the bill as noted on the following invoice. To you this is a purchase invoice. To Best Automotive, it is a sales
The following transactions occurred during the month for Teresa Parker, CPA, P.C.:a. Parker opened an accounting firm by investing $14,100 cash and office furniture valued at $5,200. The business
Principe Technology Solutions, Inc., completed the following transactions during August 2012, its first month of operations:Aug 1 Received cash of $48,000 and issued common stock.2 Purchased supplies
Refer to Exercise 2-23 for the transactions of Principe Technology Solutions.Requirements1. After journalizing the transactions of Exercise 2-23, post to the ledger using the T-account format. Date
The accounts of Atkins Moving Company follow with their normal balances at August 31, 2012. The accounts are listed in no particular order.Requirement1. Prepare Atkins€™ trial balance at
The following trial balance of Joy McDowell Tutoring Service, Inc., at May 31, 2012, does not balance:Investigation of the accounting records reveals that the bookkeeper:a. Recorded a $500 cash
Showtime Amusements Company owns movie theaters. Showtime engaged in the following business transactions in 2012:Sep 1 Don Cougliato invested $370,000 personal cash in the business by depositing that
Review the facts given in P2-27A.Requirements1. Journalize each transaction of Showtime as shown for September 1. Explanations are not required.Sep 1 Cash 370,000 Common
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions:Jul 1 Yung deposited $68,000 cash in the
Doris Stewart started her practice as a design consultant on September 1, 2012. During the first month of operations, the business completed the following transactions:Sep 1 Received $42,000 cash and
Trevor Moore opened a law office on September 2, 2012. During the first month of operations, the business completed the follo1wing transactions:Sep 2 Moore deposited $39,000 cash in the business bank
The trial balance of Sam Mitchell, CPA, P.C., is dated January 31, 2012:During February, Mitchell or his business completed the following transactions:Feb 4 Collected $4,000 cash from a client on
The trial balance of Sharon Silver, Registered Dietician, P.C., at June 30, 2012, follows. The trial balance of Sharon Silver, Registered Dietician, P.C., at June 30, 2012, follows.During July,
Maurey Wills started an environmental consulting company and during the first month of operations (February 2012), the business completed the following transactions:a. Wills began the business with
The trial balance of Smart Tots Child Care, Inc., does not balance.The following errors are detected:a. Cash is understated by $1,000.b. A $4,000 debit to Accounts receivable was posted as a
The trial balance for Treasure Hunt Exploration Company, Inc. does not balance. The following errors were detected:a. The cash balance is overstated by $5,000.b. Rent expense of $340 was erroneously
Refer to Problem 2-28A. After completing the ledger in Problem 2-28A, prepare the following financial statements for Showtime Amusements Company:Requirements1. Income statement for the month ended
Refer to Problem 2-29A. After completing the trial balance in Problem 2-29A, prepare the following financial statements for Vernon Yung, M.D., P.C.:Requirements1. Income statement for the month
Refer to Problem 2-30A. After completing the trial balance in Problem 2-30A, prepare the following financial statements for Doris Stewart, Designer, P.C.:Requirements1. Income statement for the
Refer to Problem 2-31A. After completing the trial balance in Problem 2-31A, prepare the following financial statements for Trevor Moore, Attorney, P.C.:Requirements1. Income statement for the month
Refer to Problem 2-32A. After completing the trial balance inProblem 2-32A, prepare the following financial statements for Sam Mitchell, CPA, P.C.:Requirements1. Income statement for the month ended
Refer to Problem 2-33A. After completing the trial balance in Problem 2-33A, prepare the following financial statements for Sharon Silver, Registered Dietician, P.C.:Requirements1. Income statement
Refer to Problem 2-34A. After completing the trial balance in Problem 2-34A, prepare the following financial statements for Wills Environmental Consulting Company:Requirements1. Income statement for
Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions in 2012:Aug 1 Daniel Smith invested $400,000 personal cash in the business by depositing
Review the facts given in P2-44B.Requirements1. Journalize each transaction of Party Time as shown for August 1. Explanations are not required.Aug 1 Cash 400,000Common stock 400,0002. Post
Vince Rockford practices medicine under the business title Vince Rockford, M.D., P.C. During March, the medical practice completed the following transactions:Mar 1 Rockford deposited $4,000 cash in
Beth Yung started her practice as a design consultant on November 1, 2012. During the first month of operations, the business completed the following transactions:Nov 1 Received $34,000 cash and
Vince Smith opened a law office on April 2, 2012. During the first month of operations, the business completed the following transactions:Apr 2 Smith deposited $32,000 cash in the business bank
The trial balance of John Hilton, CPA, P.C., is dated March 31, 2012:During April, Hilton or his business completed the following transactions:Apr 4 Collected $7,000 cash from a client on account.8
The trial balance of Shermana Peters, Registered Dietician, P.C., at June 30, 2012, follows: During July, Peters or her business completed the following transactions:During July, Peters or her
Van Stubbs started an environmental consulting company and during the first month of operations (October 2012), the business completed the following transactions:a. Stubbs began the business with an
The trial balance of Building Blocks Child Care, Inc., does not balance.The following errors are detected:a. Cash is understated by $4,000.b. A $2,000 debit to Accounts receivable was posted as a
The trial balance for Treasure Hunt Exploration Company does not balance.The following errors were detected:a. The cash balance is overstated by $1,000.b. Rent expense of $300 was erroneously posted
Refer to Problem 2-45B. After completing the ledger in Problem 2-45B, prepare the following financial statements for Party Time Amusements Company:Requirements1. Income statement for the month ended
Refer to Problem 2-46B. After completing the trial balance in Problem 2-46B, prepare the following financial statements for Vince Rockford, M.D., P.C.:Requirements1. Income statement for the month
Refer to Problem 2-47B. After completing the trial balance in Problem 2-47B, prepare the following financial statements for Beth Yung, Designer, P.C.:Requirements1. Income statement for the month
Refer to Problem 2-48B. After completing the trial balance in Problem 2-48B, prepare the following financial statements for Vince Smith, Attorney, P.C.:Requirements1. Income statement for the month
Refer to Problem 2-49B. After completing the trial balance in Problem 2-49B, prepare the following financial statements for John Hilton, CPA, P.C.:Requirements1. Income statement for the month ended
Refer to Problem 2-50B. After completing the trial balance in Problem 2-50B, prepare the following financial statements for Shermana Peters, Registered Dietician, P.C.:Requirements1. Income
Refer to Problem 2-51B. After completing the trial balance in Problem 2-51B, prepare the following financial statements for Stubbs Environmental Consulting Company:Requirements1. Income statement
Lawlor Lawn Service completed the following transactions during May:May 1 Received $1,700 and issued 100 shares of common stock. Opened bank account titledLawlor Lawn Service, Inc.3 Purchased on
Draper Consulting, Inc., completed the following transactions during the first half of December, 2012:Dec 2 Received $18,000 cash and issued 100 shares of common stock.2 Paid monthly office rent,
Use the chart of accounts you created in Chapter 1 (and add accounts where necessary) All of the first month’s activity for Shine King Cleaning is as follows.Nov 1 Evan Hudson deposited $35,000 in
You have been requested by a friend named Dean McChesney to advise him on the effects that certain transactions will have on his business. Time is short, so you cannot journalize the transactions.
Answer the following questions. Consider each question separately.Requirements1. Explain the advantages of double-entry bookkeeping instead of recording transactions in terms of the accounting
Better Days Ahead, a charitable organization, has a standing agreement with First National Bank.The agreement allows Better Days Ahead to overdraw its cash balance at the bank when donations are
This problem helps you develop skill in recording transactions by using a company’s actual account titles. Refer to the Amazon.com financial statements in Appendix A. Note that large companies
Roy Akins was the accounting manager at Zelco, Inc., a tire manufacturer, and he played golf with Hugh Stallings, the CEO, who was something of a celebrity in the community. The CEO stood to earn a
Suppose you work summers house-sitting for people while they are away on vacation. Some of your customers pay you immediately after you finish a job. Some customers ask you to send them a bill. It is
The Johnny Flowers Law Firm uses a client database. Suppose Johnny Flowers paid $2,900 for a computer.Requirements1. Describe how the business should account for the $2,900 expenditure undera. the
Northwest Magazine sells subscriptions for $36 for 12 issues. The company collects cash in advance and then mails out the magazines to subscribers each month.Requirement1. Apply the revenue
Suppose on January 1 you prepaid apartment rent of $5,700 for the full year.Requirement1. At July 31, what are your two account balances for this situation?
A select list of transactions for Anuradha’s Goals follows:Apr 1 Paid six months of rent, $4,800.10 Received $1,200 from customer for six-month service contract that began April 1.15 Purchased
On April 1 your company prepaid six months of rent, $4,800.Requirements1. Prepare the journal entry for the April 1 payment.2. Prepare the adjusting entry required at April 30.3. Post to the two
On May 1 your company paid cash of $54,000 for computers that are expected to remain useful for three years. At the end of three years, the value of the computers is expected to be zero, so
Thompson Travel borrowed $68,000 on October 1, 2012, by signing a one-year note payable to Metro One Bank. Thompson’s interest expense for the remainder of the fiscal year (October through
Metro Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period.Requirements1. Journalize the entry to record the original receipt of
Famous Cut Hair Stylists has begun the preparation of its adjusted trial balance as follows:Year-end data include the following:a. Supplies on hand, $300.b. Depreciation, $1,000.c. Accrued interest
Refer to the data in Short Exercise 3-10.Requirement1. Compute Famous Cut’s net income for the year ended December 31, 2012.
Refer to the data in Short Exercise 3-10.Requirement1. Compute Famous Cut’s total assets at December 31, 2012.
Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $100 in advance on March 3 just to guarantee your services for its party to be held April
Sweet Catering, Inc., completed the following selected transactions during May, 2012:May 1 Prepaid rent for three months, $1,500.5 Paid electricity expenses, $400.9 Received cash for meals served to
Consider the following situations:a .Business receives $2,000 on January 1 for 10-month service contract for the period January 1 through October 31.b. Total salary for all employees is $3,000 per
Consider the facts presented in the following table for Tropical View, Inc.:Requirements1. Complete the table by filling in the missing values.2. Prepare one journal entry for each situation for the
Consider the following independent situations at December 31, 2014.a. On August 1, a business collected $3,300 rent in advance, debiting Cash and crediting Unearned rent revenue. The tenant was
The accounting records of Maura Grayson Architect, P.C., include the following selected, unadjusted balances at March 31: Accounts receivable, $1,400; Supplies, $1,100; Salary payable, $0; Unearned
First Class Maids Company, the cleaning service, started the preparation of its adjusted trial balance as follows:During the 12 months ended December 31, 2012, First Class Maidsa. used supplies of
Refer to the data in Exercise 3-19.Requirement1. Journalize the five adjustments, all dated December 31, 2012. Explanations are not required.
The adjusted trial balance of Jobs€“4€“U Employment Service, Inc., follows but is incomplete.Requirements1. Calculate and enter the adjustment amounts directly in the missing
The following data at January 31, 2013 is given for EBM, Inc.a. Depreciation, $500.b. Prepaid rent expired, $600.c. Interest expense accrued, $300.d. Employee salaries owed for Monday through
The adjusted trial balances of Superior International, Inc., at August 31, 2012, and August 31, 2011, include the following amounts:Analysis of the accounts at August 31, 2012, reveals the following
Refer to the data in Exercise 3-19.Requirements1. Compute First Class Maids Company’s net income for the period ended December 31, 2012.2. Compute First Class Maids Company’s total assets at
Refer to the adjusted trial balance in Exercise 3-21 for the month ended April 30, 2012.Requirements1. Prepare the income statement.2. Prepare the statement of retained earnings.3. Prepare the
The accountant for Reva Stewart, CPA, P.C., has posted adjusting entries (a) through (e) to the accounts at December 31, 2012. Selected balance sheet accounts and all the revenues and expenses of
Rolling Hill Interiors, Inc., began the year with Retained earnings of $20,000. On July 12, Rolling Hill issued common stock and received $14,000 cash. The income statement for the year ended
Schaad€™s Stews, Inc., completed the following transactions during June, 2012:Jun 1 Prepaid rent for June through September, $3,600.2 Purchased computer for cash, $900.3 Performed catering
Crum’s Cookies uses the accrual method of accounting and properly records transactions on the date they occur. Descriptions of customer transactions follow:a. Received $3,000 cash from customer for
Descriptions of transactions and how they were recorded follow for October, 2012 for Ausley Acoustics, Inc.a. Received $1,500 cash from customer for three months of service beginning October 1, 2012,
Charlotte€™s Golf School, Inc., completed the following transactions during March, 2012:Mar 1 Prepaid insurance for March through May, $600.4 Performed services (gave golf lessons) on
Laughter Landscaping has the following independent cases at the end of the year on December 31, 2014.a. Each Friday, Laughter pays employees for the current week€™s work. The amount of the
Galant Theater Production Company unadjusted and adjusted trial balances at December 31, 2012, follow.Requirement1. Journalize the adjusting entries that account for the differences between the two
The trial balance of Arlington Air Purification System, Inc., at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Unearned service
The trial balance of Lexington Inn Corporation at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Prepaid insurance still in

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