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Questions and Answers of Accounting

Allendorf Company used $45,000 in cash to purchase land on the west side of Hatu Lake.a. List the accounts impacted by the transaction.b. For each account, indicate whether the transaction increased
Allendorf Company used $30,000 in cash to repay a portion of its bank loan (see PE 3-1). For simplicity, assume that there is no interest on the loan.a. List the accounts impacted by the
Allendorf Company received $120,000 in cash as an additional investment by the stockholders (owners) of the company.a. List the accounts impacted by the transaction.b. For each account, indicate
Allendorf Company purchased a building for $210,000. The company paid $80,000 of the purchase price in cash and signed a mortgage contract obligating it to pay the remaining $130,000 over the next 10
Refer to PE 3-1 through 3-5. Construct a spreadsheet similar to the one shown on page 85. Enter each transaction into the spreadsheet and compute the ending balance in each account.Data from PE
Below is a list of accounts. For each account, indicate whether a debit increases or decreases the accountbalance.
Below is a list of accounts. For each account, indicate whether a credit increases or decreases the accountbalance.
Below is a list of accounts and whether the account is being debited or credited. For each item, indicate whether the account balance will be increased ordecreased.
Below is a list of accounts with corresponding balances. Using these accounts, along with the fact that the beginning balance in Retained Earnings is $16,000, compute the ending balance in Retained
Refer to PE 3-1. Make the journal entry necessary to record the transaction.Data from PE 3-1Allendorf Company borrowed $85,000 in cash from Eastern Bank.
Refer to PE 3-2. Make the journal entry necessary to record the transaction.Data from PE 3-2Allendorf Company used $45,000 in cash to purchase land on the west side of Hatu Lake.
Refer to PE 3-3. Make the journal entry necessary to record the transaction.Data from PE 3-3Allendorf Company used $30,000 in cash to repay a portion of its bank loan (see PE 3-1). For simplicity,
Refer to PE 3-4. Make the journal entry necessary to record the transaction.
Refer to PE 3-5. Make the journal entry necessary to record the transaction.Data from PE 3-5Allendorf Company purchased a building for $210,000. Th e company paid $80,000 of the purchase price in
Make the journal entries necessary to record the following eight transactions.a. Purchased inventory on account for $130,000.b. Sold goods for $100,000 cash. The goods originally cost $65,000.c. Paid
Refer to the journal entries made in PE 3-11 through 3-15. Construct a T-account representing each account impacted by those five transactions. Post all of the journal entries to these T-accounts.
Refer to the journal entries made in PE 3-16. Construct a T-account representing each account impacted by those eight transactions. Post all of the journal entries to these T-accounts. Compute the
Refer to the T-accounts constructed in PE 3-17 and 3-18. Using the ending balances in those T-accounts, construct a trial balance. Note: The only account that is common to these two sets of
Using the trial balance given below, prepare an incomestatement.
Using the trial balance given in PE 3-20, prepare a balance sheet. Note: The ending retained earnings balance is equal to the beginning balance (assume $0) plus the amount of net income less the
Refer to the transactions described in PE 3-1 through 3-5 as well as to the eight transactions in PE 3-16. Using all of these transactions, prepare a statement of cash flows. Note: For the building
The fundamental accounting equation can be applied to your personal finances. For each of the following transactions, show how the accounting equation would be kept in balance. Example: Paid for
The text describes the following accounting elements: assets, liabilities, owners’ equity, capital stock, retained earnings, revenues, expenses, and dividends. Which of these elements are increased
Payless Department Store had the following transactions during the year:1. Purchased inventory on account.2. Sold merchandise for cash, assuming a profit on the sale.3. Borrowed money from a bank.4.
For each of the accounts listed, indicate whether it is an asset (A), a liability (L), or an owners’ equity (OE) account. If it is an account that affects owners’ equity, indicate whether it is a
For each account listed in E 3-26, indicate whether it would normally have a debit (DR) balance or a credit (CR) balance.Data from E 3-15
Eastcott Corporation had the following information reported. From these data, determine the amount of:1. Capital stock at December 31, 2011.2. Retained earnings at December 31, 2012.3. Revenues for
Record each of the following transactions in Raintree’s general journal. (Omit explanations.)1. Issued capital stock for $90,000 cash.2. Borrowed $45,000 from a bank. Signed a note to secure the
Honeytone Corporation had the following transactions:1. Purchased a new building, paying $15,000 cash and issuing a note for $80,000.2. Purchased $12,000 of inventory on account.3. Sold inventory
During July 2012, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction.July 2 Received $320,000 for 80,000 shares of capital stock.4 Purchased $90,000 of
The accountant for Han Company is considering how to journalize the following transactions:a. The employees of Han Company earned $105,000. The employees received $90,000 in cash and were promised
The following transactions are for Pickard Construction Company:a. The firm bought equipment for $64,000 on credit.b. The firm purchased land for $450,000, $160,000 of which was paid in cash and a
The following journal entries are from the books of Kara Elizabeth Company:For each of the journal entries, prepare an explanation of the business event that is beingrepresented.
Turin Company paid $12,500 cash for executive salaries. When the journal entry to record this $12,500 payment was made, it was mistakenly added to the cost of land purchased by Turin instead of as
Given the following T-accounts, describe the transaction that took place on each specified date duringJuly:
Post the journal entries prepared in E 3-31 to T-accounts, and determine the final balance for each account. (Assume all beginning account balances are zero.)Data from E3-13July 2 Received $320,000
The account balances from the ledger of Sienna, Inc., as of July 31, 2012, are listed here in alphabetical order. The balance for Retained Earnings has been omitted. Prepare a trial balance, and
Assume you work in the accounting department at Marshall, Inc. Your boss has asked you to prepare a trial balance as of November 30, 2012, using the following account balances from the company's
Argonath Automotive, Inc., entered into the following transactions during the month of June: a. Purchased a total of eight new cars and trucks from Freddy’s Motors, Inc., for a total of $122,400,
As of January 1, 2012, Gammon Corporation had the following balances in its general ledger:a. Collected $42,000 of receivables.b. Accounts Payable as of January 1, 2012, were paid off .c. Purchased
Assume you are interviewing for a part-time accounting job at Spilker & Associates, Inc., and the interviewer gives you the following list of company transactions in September 2012.Sept. 1 Received
T-accounts for JCB Industries, Inc., are shown below and on the following page.Required:1. Analyze these accounts and detail the appropriate journal entries that must have been made by JCB
Nora Lighthouse, owner of Nora’s Cosmetics, completed the following business transactions during March 2012.Mar. 1 Purchased $16,200 of inventory on credit.4 Sold inventory that cost $9,000 to
Shaw Mercantile Company had the following transactions during 2012.a. Jon Shaw began business by investing the following assets, receiving capital stock in exchange:Cash . . . . . . . . . . . . . . .
Jethro Company, a retailer, had the following account balances as of April 30, 2012:During May, the company completed the following transactions.May 3 Paid one-half of 4/30/12 accounts payable.4
The following balances were taken from the general ledger of Holland Company on January 1, 2012:During 2012, the company completed the following transactions:a. Purchased inventory for $95,000 on
The following list is a selection of transactions from Trafalga, Inc.’s business activities during 2012, the first year of operations.a. Received $50,000 cash for capital stock.b. Paid $5,000 cash
The following trial balance was prepared by a new employee.Required:Prepare the corrected company trial balance. (Assume all accounts have €œnormal€ balances and the recorded
Wal-Mart’s revenues exceeded $401 billion in 2009. These revenues were generated by millions of transactions all over the world: in the United States, Canada, Europe, South America, and Asia. What
As the CFO (chief financial officer) of Rollins Engineering Company, you are looking for an office manager. Part of the job description is to maintain the company€™s accounting records.
John, a family friend who didn’t go to college, was talking to you about his job as bookkeeper at a local bookstore. “It is no longer necessary to learn the accounting cycle to be a good
I thought an accounting degree would give me the solid, fundamental understanding of business I was looking for, but some of my friends seem to think that accountants won’t have jobs a few years
Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions:1. Find Wal-Mart’s 2009 income statement. Assume that operating, selling, general, and administrative
The following questions are adapted from information appearing in McDonald’s 2008 annual report.1. In 2008, total sales at all McDonald’s stores worldwide were $70.7 billion. There were 31,967
In July 1993, Shanghai Petrochemical Company Limited became the first company organized under the laws of the People’s Republic of China to publicly issue its shares on the worldwide market.
You work in a small convenience store. The store is very low-tech; you ring up the sales on an old-style cash register that merely records the amount of the sale. The store owner uses this cash
Why are financial reports prepared on a periodic basis?
Distinguish between reporting on a calendar-year and on a fiscal-year basis.
When are revenues generally recognized (recorded)?
What is the matching principle?
Explain why accrual-basis accounting is more appropriate than cash-basis accounting for most businesses.
Why are accrual-based financial statements considered somewhat tentative?
Why are adjusting entries necessary?
Since there are usually no source documents for adjusting entries, how does the accountant know when to make adjusting entries and for what amounts?
Identify the two steps involved in the analysis process for preparing adjusting entries and explain why both are necessary.
Why are supplies not considered inventory? What type of account is Supplies on Hand?
Cash is not one of the accounts increased or decreased in an adjusting entry. Why?
Which are prepared first: the year-end financial statements or the general journal adjusting entries? Explain.
Of what value are the notes to the financial statements and the audit report, which are included in the annual report to shareholders?
Distinguish between real and nominal accounts.
What is the purpose of closing entries?
What is the purpose of the post-closing trial balance? Explain where the information for the post-closing trial balance comes from.
Which one of the following statements is true with respect to periodic reporting?a. All companies in the United States are required to have a fiscal year that ends on December 31.b. The issuance of
In which one of the following situations should revenue be recognized?a. The earnings process has begun and cash collectibility is reasonably assured.b. The earnings process has begun and cash has
Select the phrase below that best completes the following statement: According to the matching principle,a. The amount of cash collected should be matched and recognized in the same period as the
A lawn care company started business on January 1, 2012. The company billed clients $105,000 for lawn care services completed in 2012. By December 31, the company had received $84,000 cash from
Refer to PE 4-4. Compute income (or loss) for 2012 assuming that the company uses accrual-basis accounting.Data from PE 4-4A lawn care company started business on January 1, 2012. Th e company billed
Greg operates a sizeable newspaper delivery service. On the last day of each month, Greg receives a statement from the newspaper publisher detailing how much money Greg earned that month from
Refer to PE 4–6. On December 31, Greg received a statement from the newspaper publisher notifying him that he had earned $13,700 for his December deliveries. Because December 31 is the end of
On May 1, the company borrowed $50,000 from Bank of Weber. The loan is for five years and bears an annual interest rate of 9%. Interest on the loan is to be paid in cash each year on April 30; the
Refer to PE 4-8.1. Make the adjusting entry necessary on the company’s books with respect to the loan onDecember 31.2. Make the journal entry necessary on the company’s books on the following
On August 1, the company paid $72,000 cash for a four-year insurance policy. The policy went into effect on August 1. Make the journal entry necessary on the company’s books to record the payment
Refer to PE 4–10.1. Make the adjusting entry necessary on the company’s books on December 31 with respect to this insurance policy2. Compute the ending balance in the prepaid insurance account.
The company provides security services to its clients. On April 1, the company received $270,000 cash for a three-year security contract. The contract went into effect on April 1. Make the journal
Refer to PE 4-12.1. Make the adjusting entry necessary on the company’s books on December 31 with respect to this security contract.2. Compute the ending balance in the unearned security revenue
The company pays its employees at the end of the day Friday for work done during that five-day workweek. Total wages for a week are $16,000. In the current year, December 31 occurred on a Tuesday.01.
On January 1, the company had office supplies costing $4,600. On March 23, the company bought additional office supplies costing $8,200. The company paid cash. On December 31, a physical count of
Before any adjusting entries were made, the company prepared the following trial balance as of December 31:In order to make the adjusting entries, the following information has been assembled:a. The
Refer to PE 4-16. Using the adjusted trial balance prepared in part (2), prepare an income statement for the year.Data from PE 4-16
Refer to PE 4-16. Using the adjusted trial balance prepared in part (2), prepare a balance sheet as of the end of the year. Note: The ending retained earnings balance is equal to the beginning
Consider the auditor’s review of a company’s adjusting entries. For which one of the following would a concerned auditor be required to make a search of items not included in the accounting
Below is a list of accounts with corresponding ending balances.Prepare one summary entry to close those accounts that should be closed at the end of theyear.
Below is a list of accounts with corresponding ending balances.Prepare one summary entry to close those accounts that should be closed at the end of theyear.
Below is a list of accounts with corresponding ending balances.(1) Prepare all entries necessary to close those accounts that should be closed at the end of the year.(2) Compute the ending balance in
Refer to PE 4-16. Prepare a post-closing trial balance. For this exercise, ignore the adjustments described in PE 4-16; just use the reported trial balance.Data from PE 4-16
On December 31, 2012, Ryan Stewart completed the first year of operations for his new computer retail store. The following data were obtained from the company€™s accounting records:1. How
On December 31, Daniel McGrath completed the first year of operations for his new business. The following data are available from the company€™s accounting records:1. How much net income
For each type of adjustment listed, indicate whether it is an unrecorded receivable, an unrecorded liability, an unearned revenue, or a prepaid expense at December 31, 2012.1. Property taxes that are
Kearl Associates is a professional corporation providing management consulting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording
Yaqui Company provides computer network consulting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the

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