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Questions and Answers of Accounting

From the work sheet in Exercise 15-5B, identify the adjusting entry(ies) that should be reversed and prepare the reversingentry(ies).
Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use
Backlund Farm Supply completed the work sheet on page 607 for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $50,000. The current portion of Mortgage Payable is
Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was $38,200.REQUIREDPrepare the following financial
The trial balance for Darby Kite Store as of December 31, 20-1, is shown on page 608. At the end of the year, the following adjustments need to be made:(a and b) Merchandise inventory as of December
A friend of yours has the opportunity to invest in a small business. She has come to you for advice on how she might determine whether this would be a good investment. In particular, she is concerned
Brian Marlow recently was hired to prepare Louise Michener Consulting’s year-end financial statements. Brian just earned his CPA certificate, and Louise Michener was one of his first clients.
Dominique Fouque owns and operates Dominique's Doll House. She has a small shop in which she sells new and antique dolls. She is particularly well known for her collection of antique Ken and Barbie
John Byers owns and operates Byers Building Supplies. The following information was taken from his financial statements:Balance Sheet 12/31/-2 12/31/-1Accounts Receivable $700 $500Inventory 300
During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions:Dec. 16 Received payment from Lucy Greene on account, $1,960.16 Sold merchandise on account to Kim
During the month of January 20-2, TJ’s Specialty Shop engaged in the following transactions:Jan. 1 Sold merchandise on account to Anne Clark, $3,000, plus tax of $150. Sale No. 643.2 Issued Check
How does a note receivable differ from an account receivable?
What is the formula for calculating interest on notes?
In the formula for calculating interest, how is time computed?
What number of days is considered as a year by most banks and businesses in computing interest?
What seven types of transactions involving notes receivable do businesses generally encounter?
If a note receivable is discounted at a bank, on what amount and for what time period does the bank compute the discount?
If a note receivable that was discounted at a bank is dishonored by its maker, what is the responsibility of the person or business discounting the note?
On which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?
What five types of transactions involving notes payable do businesses generally encounter?
When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
What kind of account is Discount on Notes Payable, and how is it reported on the balance sheet?
What is the appropriate entry for accrued interest on notes payable for an interest-bearing note? For a non-interest-bearing note from a bank?
How are accrued interest receivable and accrued interest payable reported on the balance sheet?
Calculate total time in days for the following notes. (Assume there are 28 days inFebruary.)
Using 360 days as the denominator, calculate interest for the following notes using the formula I = P Ã— R Ã—T.
Determine the due date for the following notes. (Assume there are 28 days inFebruary.)
Prepare general journal entries for the following transactions:Jan. 16 Received a 30-day, 9% note in payment for merchandise sale of $20,000.Feb. 15 Received $150 (interest) on the old (January 16)
Prepare general journal entries for the following transactions:Apr. 6 Received a 120-day, 11% note in payment for accounts receivable balance of $3,000.26 Discounted the note at a rate of 12%.May 3
At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.Interest on $4,000, 90-day, 12% note (for 15 days) ... $20.00Interest
Prepare general journal entries for the following transactions:May 1 Purchased $5,000 worth of equipment from a supplier on account.June 1 Issued a $5,000, 30-day, 10% note in payment of the account
Prepare general journal entries for the following transactions:July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 12% by the bank.Sept. 13
At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal.Interest on $5,000, 60-day, 9% note (for 12 days) ..... $15.00Interest
J. K. Pratt Co. had the following transactions:20-1July 20 Received a $750, 30-day, 10% note from J. Akita in payment for sale of merchandise.Aug. 19 J. Akita paid note issued July 20 plus
Movado Suppliers had the following transactions:Mar. 1 Sold merchandise on account to R. Sticca, $5,000.20 R. Sticca gave a $5,000, 90-day, 12% note to extend time for payment.30 R. Sticca’s note
The following is a list of outstanding notes receivable as of December 31, 20--:REQUIRED1. Compute the accrued interest at the end of the year.2. Prepare the adjusting entry in the generaljournal.
Milo Radio Shop had the following notes payable transactions:Apr. 1 Borrowed $5,000 from Builder’s Bank, signing a 90-day, 8% note.5 Gave a $2,000, 60-day, 10% note to Breaker Parts Co. for
The following is a list of outstanding notes payable as of December 31, 20--:REQUIRED1. Compute the accrued interest at the end of the year.2. Prepare the adjusting entry in the generaljournal.
Calculate total time in days for the following notes. (Assume there are 28 days inFebruary.)
Using 360 days as the denominator, calculate interest for the following notes using the formula I = P Ã— R Ã—T.
Determine the due date for the following notes. (Assume there are 28 days inFebruary.)
Prepare general journal entries for the following transactions:May 22 Received a 30-day, 9% note in payment for merchandise sale of $22,000.June 21 Received $165.00 cash (interest) on the old (May
Prepare general journal entries for the following transactions:Aug. 4 Received a 120-day, 12% note in payment for accounts receivable balance of $4,000.14 Discounted the note at a rate of 14%.Sept.
At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.Interest on $6,000, 60-day, 11% note (for 24 days) . $44.00Interest on
Prepare general journal entries for the following transactions:June 15 Purchased $6,000 worth of equipment from a supplier on account.July 15 Issued a $6,000, 30-day, 12% note in payment of the
Prepare general journal entries for the following transactions:Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 12% by the bank.Nov. 14
At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal.Interest on $8,000, 90-day, 8% note (for 18 days) …. $32.00Interest on
M. L. DiMaurizio had the following notes receivable transactions:20-3June 20 Received a $2,400, 30-day, 10% note from K. Lorenzo in payment for sale of merchandise.July 20 K. Lorenzo paid the note
Madison Graphics had the following notes receivable transactions:May 1 Sold merchandise on account to L. Carney, $5,600.20 L. Carney gave a $5,600, 90-day, 12% note to extend time for payment.30 L.
The following is a list of outstanding notes receivable as of December 31, 20--:REQUIRED1. Compute the accrued interest at the end of the year.2. Prepare the adjusting entry in the generaljournal.
Mary’s Travel Agency had the following notes payable transactions:Apr. 1 Borrowed $4,000 from Finance Bank, signing a 90-day, 8% note.5 Gave a $3,000, 60-day, 10% note to Krenshaw Airline for
The following is a list of outstanding notes payable as of December 31,20--:
You are purchasing a new car and plan to finance it through your employee credit union.The credit union has offered you two different promissory note plans, as follows:Option 1: Three years at 9%,
Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting for her scholarship to arrive. After Rochelle filled out the loan application, the loan officer at
Eddie Edwards and Phil Bell own and operate The Second Hand Equipment Shop.The following transactions involving notes and interest were completed during the last three months of 20--:Oct. 1 Issued a
Prepare general journal entries on the books of both Mirror Co. and the other party (either Rosman Co., Kaw County Bank, or Lawrence Bank) for each of the following transactions:June 1 Rosman Co.
Identify 11 essential provisions of a partnership agreement.
Identify three advantages of a partnership as compared with a sole proprietorship.
Identify four disadvantages of a partnership form of business organization.
When two sole proprietors decide to combine their businesses, at what values should the noncash assets be taken over by the partnership?
In the absence of any agreement between the partners, how must profits and losses be shared? If the partnership agreement specifies how profits are to be shared, but there is no agreement as to how
What factors generally are considered in determining the allocation of profits and losses?
Identify three ways in which a partnership may be dissolved.
When a new partner who has been the sole owner of a business is admitted to a partnership by having the partnership take over the old business, what usually serves as the basis for preparing the
Describe the four accounting entries for the liquidation of a partnership.
Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According to the agreement, Morris is to contribute $45,000 cash and Laski is to contribute $65,000 cash. Provide a
Karen Rhea and Wayne Sellevaeg decided to form a partnership on July 1, 20-1. Rhea invested $100,000 and Sellevaeg invested $50,000. For the fiscal year ended June 30, 20-2, a net income of $90,000
Karen Cooper and Alex Orme formed a partnership on May 1, 20-1. Cooper contributed $80,000 and Orme contributed $50,000. During the year, Cooper contributed an additional $20,000. The partnership
Jeff Bowman and Kristi Emery, who have ending capital balances of $100,000 and $60,000, respectively, agree to admit two new partners to their business on August 18, 20--. Dan Bridges will buy
On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of $180,000 is sold for $230,000. Given that Hui and Cline share profits and losses
On July 1, 20--, Susan Woodworth and Barbara Holly combined their two businesses to form a partnership under the firm name of Woodworth and Holly. The balance sheets of the two sole proprietorships
The partnership of Hiller and Roundtree, CPAs, showed revenues of $195,000 and expenses of $52,000 on their year-end work sheet. Their capital balances as of January 1, 20--, were $52,000 for B.
The Kelly and Kelly Wrecking Company, a partnership, operates a general demolition business. Ownership of the company is divided among the partners, Mike Kelly, Kim Kelly, Larry Dennis, and Jim
After several years of operations, the partnership of Baldwin, Cowan, and Stewart is to be liquidated. After making closing entries on June 30, 20--, the following accounts remain open:The noncash
After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open:The noncash
Sharon Usher and Leann Gomez agreed on September 1 to go into business as partners. According to the agreement, Usher is to contribute $30,000 cash and Gomez is to contribute $50,000 cash. Provide a
John Clark and David Haase decided to form a partnership on July 1, 20-6. Clark invested $60,000 and Haase invested $40,000. For the fiscal year ended June 30, 20-7, a net income of $80,000 was
Randy Nolan and Jill Brenton formed a partnership on May 1, 20-1. Nolan contributed $50,000 and Brenton contributed $25,000. During the year, Nolan contributed an additional $10,000. The partnership
Maria Rhodes and Craig Blair, who have ending capital balances of $90,000 and $40,000, respectively, agree to admit two new partners to their business on September 1, 20--. Lori Kinder will buy
On liquidation of the partnership of L. Straw and M. Maury, as of February 9, 20--, assets with a book value of $156,000 are sold for $140,000. Given that the profit-and-loss ratio is 60% for Straw
On July 1, 20--, Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodge. The balance sheets of the two sole proprietorships are shown
The partnership of Rummel and Kang, Stonecutters, showed revenues of $133,000 and expenses of $41,000 on the year-end work sheet. The capital balances as of January 1, 20--, were $41,000 for C.
Cummings and Stickel Construction Company, a partnership, is operating a general contracting business. Ownership of the company is divided among the partners, Katie Cummings, Julie Stickel, Roy
After several years of operations, the partnership of Leonard, Mitchell, and Swanson is to be liquidated. After making closing entries on June 30, 20--, the following accounts remain open:The noncash
After several years of operations, the partnership of Delco, Smith, and Walker is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open.The noncash
A friend, Joan Mellencamp, has mentioned that she is thinking about forming a partnership with a small group of colleagues. She is interested in learning about the advantages and disadvantages of the
Kathy Lentz, Rob Snyder, and Tom Rohm were all general partners in a consulting business. Each partner owned one-third of the business. The partnership agreement stated that all three partners must
Jim Bond, a plumber, has been working for Fleming's Plumbing Supplies for several years. Based on his hard work and the fact that he recently married Ivan Fleming's daughter, Jim has been invited to
The partnership agreement for the law firm of Dewi, Cheetem, and Howe states that net income should be allocated in the following manner:1. Salaries are to be paid as follows:• Dewi, $50,000 per
Siblings Jordan and Morgan Hartley are partners in a trendy toy store called ToyMania! Jordan, as senior partner, receives an annual salary allowance of $20,000 and 60 percent of all income/losses
What method of accounting for uncollectible accounts is generally required for financial reporting purposes?
Describe the steps to follow when using the allowance method to account for uncollectible accounts.
Explain how to compute net realizable value.
Describe the process followed when estimating uncollectible accounts under the percentage of sales method.
Describe the process followed when estimating uncollectible accounts under the percentage (aging) of receivables method.
How does the balance in Allowance for Bad Debts before adjustment affect the amount of the year-end adjustment under the percentage of sales method? Under the percentage of receivables method?
Under the allowance method, what impact does the write-off of a customer’s account have on the financial statements?
Under the allowance method, what journal entries are made if an account is collected that was previously written off?
Describe the accounting procedures when using the direct write-off method to account for uncollectible accounts.
What are three disadvantages of using the direct write-off method?

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