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Questions and Answers of
Accounting
What is the difference between an account receivable and a note receivable?
What are some common types of receivables other than accounts receivable and notes receivable?
The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $400,000.What is the amount of net credit sales for the period?
What percentage does PepsiCo’s allowance for doubtful accounts represent as a percent of its gross receivables?
How does an enterprise resource planning (ERP) system differ from an entry-level computerized accounting system?
One column total of a special journal is posted at month end to only two general ledger accounts. One of these two accounts is Accounts Receivable. What is the name of this special journal? What is
What transactions might be included in a multiple-column purchases journal that would not be included in a single column purchases journal?
The terms debit and credit mean increase and decrease, respectively. Do you agree? Explain.
Jeff Hiller, a fellow student, contends that the double entry system means each transaction must be recorded twice. Is Jeff correct? Explain.
The account number is entered as the last step in posting the amounts from the journal to the ledger. What is the advantage of this step?
What are the normal balances for PepsiCo’s Cash, Accounts Payable, and Interest Expense accounts?
What is the purpose of accounting?
Identify four user groups normally interested in financial information about a business.
Identify the six major steps of the accounting process and explain each step.
What are generally accepted accounting principles (GAAP)?
Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.
What is the name of the organization that issues accounting standards followed by many firms in countries outside the United States?
Identify the three types of ownership structures and discuss the advantages and disadvantages of each.
Identify three types of businesses according to activities.
What are the main functions of an accounting clerk?
Name and describe three areas of specialization for a public accountant.
What is the purpose of the Sarbanes-Oxley Act?
Name and describe six areas of specialization for a managerial accountant.
Match the following users with the information needed.1. Owners 2. Managers 3. Creditors 4. Government agencies a. Whether the firm can pay its bills on timeb. Detailed, up-to-date information to
List the six major steps of the accounting process in order (1–6) and define each.________ Recording________ Summarizing________ Reporting________ Analyzing________ Interpreting________ Classifying
Describe the kind of information needed by the users listed.Owners (present and future)ManagersCreditors (present and future)Government agencies
Match the following steps of the accounting process with their definitions.Analyzing a. Telling the results Recording b. Looking at events that have taken place and thinking about
Take a moment to think about what it would be like to run your own business. If you started a business, what would it be? Prepare a one-page memo that describes the type of business you would enjoy
Identify the sales documents commonly used in retail and wholesale businesses.
What is the purpose of a credit memo?
Describe how each of the following accounts is used: (1) Sales, (2) Sales Tax Payable, (3) Sales Returns and Allowances, and (4) Sales Discounts.
What steps are followed in posting sales from the general journal to the general ledger?
What steps are followed in posting sales from the general journal to the accounts receivable ledger?
What steps are followed in posting sales returns and allowances from the general journal to the general ledger and accounts receivable ledger?
What steps are followed in posting cash receipts from the general journal to the general ledger?
What steps are followed in posting cash receipts from the general journal to the accounts receivable ledger?
If the total of the schedule of accounts receivable does not agree with the Accounts Receivable balance, what procedures should be used to search for the error?
For each document or procedure listed below, indicate whether it would be used for a retail business or a wholesale business, as described in the chapter.1. Sales ticket 2. Sales invoice 3. Credit
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each
Based on the following information, compute net sales.Gross sales $3,580Sales returns and allowances 428Sales discounts 73
Prepare journal entries for the following transactions.Aug. 4 Sold merchandise on account to F. Graves for $340 plus sales tax of 4%, with 2/10, n/30 cash discount terms.6 Sold merchandise on account
Enter the following transactions in a general journal. Use a 6% sales tax rate.May 1 Sold merchandise on account to J. Adams, $2,000 plus sales tax. Sale No. 488.4 Sold merchandise on account to B.
Enter the following transactions in a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning
Enter the following transactions in a general journal:July 6 James Adler made payment on account, $643.10 Cash sales for the week were $2,320.14 Betty Havel made payment on account, $430.15 J. L.
From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Pheng Co. as of August 31,20--.
J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales.Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,200
Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.Dec. 1 Received payment on account from Michael Anderson, $1,360.2 Received payment on
Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash,
Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Owens Distributors as of March 31, 20--. Verify that the accounts receivable account balance in
Indicate whether each of the following documents or procedures is for a retail business or for a wholesale business, as described in the chapter.1. A cash register receipt is given to the customer.2.
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each
Based on the following information, compute net sales:Gross sales
Prepare journal entries for the following transactions.Oct. 5 Sold merchandise on account to B. Farnsby for $280 plus sales tax of 4%.8 Sold merchandise on account to F. Preetee for $240 plus sales
Enter the following transactions in a general journal. Use a 5% sales tax rate.Sept. 1 Sold merchandise on account to K. Smith, $1,800 plus sales tax. Sale No. 228.3 Sold merchandise on account to J.
Enter the following transactions in a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning
Enter the following transactions in a general journal:Nov. 1 Jean Haghighat made payment on account, $750.12 Marc Antonoff made payment on account, $464.15 Cash sales were $3,763.18 Will Mossein made
From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30,20--.
T. M. Maxwell owns a retail business and made the following sales on account during the month of July 20--. There is a 5% sales tax on all sales.July 1 Sale No. 101 to Saga, Inc., $1,200 plus sales
Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%.Jan. 1 Received payment on account from Ray Boyd, $880.3 Received payment on account from
Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax.Apr. 1 Sale on account No. 111 to O. L. Meyers, $2,100 plus sales
Based on the information provided in Problem 10-11B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the
You and your spouse have separate charge accounts at a local department store. When you tried to use your card last week, you were told that you were over your credit limit. This puzzled you because
Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, "If your pet is not becoming to you, he should be coming to us." The Harlands maintain a sales tax payable
Wholesale Health Supply sells a variety of medical equipment and supplies to retailers. When a new retailer is approved for credit, one of the criteria is that the retailer must have been in business
Enter the following transactions in a general journal:June 4 Sold merchandise on account to T. Allen, $1,500.00 plus 6% sales tax, with 1/10, n/30 cash discount terms.7 Sold merchandise on account to
Why must a signature card be filled out and signed to open a checking account?
Explain the difference between a blank endorsement and a restrictive endorsement.
Who are the three parties to every check?
What are the three steps to follow in preparing a check?
What are the most common reasons for differences between the book and bank cash balances?
What are the three steps to follow in preparing a bank reconciliation?
What two kinds of items on a bank reconciliation require journal entries?
Name five applications of electronic funds transfer in current use.
What is the purpose of a petty cash fund?
What should be prepared every time a petty cash payment is made?
At what two times should the petty cash fund be replenished?
From what source is the information obtained for issuing a check to replenish the petty cash fund?
At what two times would an entry be made affecting the change fund?
What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?
Match the following words with their definitions:1. An endorsement where the depositor simply signs on the back of the check2. An endorsement that contains words like “For Deposit Only” together
Based on the following information, prepare a depositticket:
Based on the following information, prepare a check and stub:Date: January 15, 20--Balance brought forward: $2,841.50Deposit: (from Exercise 7-2A)Check to: J. M. SuppliersAmount: $150.00For: Office
In a format similar to the following, indicate whether the action at the left will result in an addition to (+) or subtraction from (–) the ending bank balance or the ending checkbookbalance.
Based on the following bank reconciliation, prepare the journalentries:
Based on the following petty cash information, prepare(a) The journal entry to establish a petty cash fund, and(b) The journal entry to replenish the petty cash fund. On January 1, 20--, a check was
Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of $100.00 ismaintained.
The book balance in the checking account of Volman Enterprises as of October 31 is $4,765.00. The bank statement shows an ending balance of $4,348.00. The following information is discovered by(1)
The book balance in the checking account of Lyle’s Salon as of November 30 is $3,282.95. The bank statement shows an ending balance of $2,127.00. By examining last month’s bank reconciliation,
On May 1, a petty cash fund was established for $150.00. The following vouchers were issued during May:REQUIRED1. Prepare the journal entry to establish the petty cash fund.2. Record the vouchers in
Listed below are the weekly cash register tape amounts for service fees and the related cash counts during the month of July. A change fund of $100.00 is maintained.REQUIRED1. Prepare the journal
Match the following words with their definitions:1. Banking number used to identify checks for deposit tickets2. A card filled out to open a checking account3. A machine from which withdrawals can be
Based on the following information, prepare a depositticket:
Based on the following information, prepare a check and stub:Date: November 15, 20--Balance brought forward: $3,181.00Deposit: (from Exercise 7-2B)Check to: R. J. Smith Co.Amount: $120.00For: Payment
In a format similar to the following, indicate whether the action at the left will result in an addition to (+) or subtraction from (–) the ending bank balance or the ending checkbookbalance.
Based on the following bank reconciliation, prepare the journalentries:
Based on the following petty cash information, prepare(a) The journal entry to establish a petty cash fund,(b) The journal entry to replenish the petty cash fund. On October 1, 20--, a check was
Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of $100.00 ismaintained.
The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964.00. The bank statement shows an ending balance of $2,525.00. The following information is discovered by (1)
The book balance in the checking account of Tori’s Health Center as of April 30 is $4,690.30. The bank statement shows an ending balance of $3,275.60. By examining last month’s bank
On July 1, a petty cash fund was established for $100.00. The following vouchers were issued during July:REQUIRED1. Prepare the journal entry to establish the petty cash fund.2. Record the vouchers
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