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Questions and Answers of Accounting

DNA 4 U Company offers legal consulting advice to prison inmates. DNA 4 U Company prepared the end-of-period spreadsheet at the top of the following page at April 30, 2012, the end of the current
Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of July 31, 2012, the end of the current fiscal year, the accountant for Mather Services Company
The unadjusted trial balance of Laundry Basket at January 31, 2012, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Wages
The unadjusted trial balance of Oak and Brass Interiors at December 31, 2012, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a. Supplies
For the past several years, Abby Brown has operated a part-time consulting business from her home. As of June 1, 2012, Abby decided to move to rented quarters and to operate the business, which was
The unadjusted trial balance of PS Music as of July 31, 2012, along with the adjustment data for the two months ended July 31, 2012, are shown in Chapter 3.Based upon the adjustment data, the
On November 1 of the current year, a business paid the November rent on the building that it occupies.(a) Do the rights acquired at November 1 represent an asset or an expense?(b) What is the
The supplies account had a beginning balance of $2,400 and was debited for $3,975 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year assuming the
The prepaid insurance account had a beginning balance of $7,200 and was debited for $4,800 of premiums paid during the year. Journalize the adjusting entry required at the end of the year assuming
The balance in the unearned fees account, before adjustment at the end of the year, is $178,900. Journalize the adjusting entry required assuming the amount of unearned fees at the end of the year is
On August 1, 2012, Treadwell Co. received $10,500 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2012.
At the end of the current year, $11,600 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
Two income statements for Fortson Company are shown below.a. Prepare a vertical analysis of Fortson Company€™s income statements.b. Does the vertical analysis indicate a favorable or
The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts:Determine the
The wages payable and wages expense accounts at January 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts:Determine the
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of $1,720 million. For the same period, Costco reported income before income taxes of $1,714
If the net income for the current year had been $240,000 in Exercise 3-23, what would have been the correct net income if the proper adjusting entries had been made?
The balance in the unearned fees account, before adjustment at the end of the year, is $45,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $9,000.
On December 31, a business estimates depreciation on equipment used during the first year of operations to be $14,500.a. Journalize the adjusting entry required as of December 31.b. If the adjusting
The unadjusted and adjusted trial balances for McWay Services Co. on August 31, 2012, are shown below.Journalize the five entries that adjusted the accounts at August 31, 2012. None of the accounts
The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.
The following data (in millions) are taken from the financial statements of Nike Inc. for the years ending May 31, 2009 and 2008:a. Determine the amount of change (in millions) and percent of change
The following income statement data (in millions) for Dell Inc. and Hewlett-Packard Company (HP) were taken from their recent annual reports:a. Prepare a vertical analysis of the income statement for
On October 31, 2012, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty:a. The supplies account balance on October 31 is $3,975. The
Selected account balances before adjustment for Newhouse Realty at March 31, 2012, the end of the current year, are as follows:Data needed for year-end adjustments are as follows:a. Unbilled fees at
Econo Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations.For preparing the adjusting entries, the following data were
Timken Company specializes in the repair of music equipment and is owned and operated by Secilia Timken. On April 30, 2012, the end of the current year, the accountant for Timken Company prepared the
Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Company€™s accounting clerk prepared the
Brown Trout Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations:For preparing the adjusting entries, the
Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial
Pacific Financial Services Co., which specializes in appliance repair services, is owned and operated by Eileen Hastings. Pacific Financial Services Co.€™s accounting clerk prepared the
At the end of March, the first month of operations, the following selected data were taken from the financial statements of Kurt Reibel, an attorney:Net income for March ......... $ 150,000Total
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as shown on below.The data needed to determine adjustments for the two-month period ending July 31,
The following revenue transactions occurred during October:Oct. 7. Issued Invoice No. 121 to Darcy Co. for services provided on account, $320.17. Issued Invoice No. 122 to Triple A Inc. for services
The following revenue transactions occurred during May:May 6. Issued Invoice No. 78 to Lemon Co. for services provided on account, $1,240.9. Issued Invoice No. 79 to Hitchcock Inc. for services
The debits and credits from two transactions are presented in the following customer account:Describe each transaction and the source of eachposting.
The debits and credits from two transactions are presented in the following customer account:Describe each transaction and the source of eachposting.
The following purchase transactions occurred during August for Elegance Catering Service:Aug. 11. Purchased party supplies for $390, on account from Party Zone Supplies Inc.14. Purchased party
The following purchase transactions occurred during December for Rehoboth Inc.:Dec. 6. Purchased office supplies for $415, on account from Supply Hut Inc.14. Purchased office equipment for $1,950, on
The debits and credits from two transactions are presented in the following supplier€™s (creditor€™s) account:Describe each transaction and the source of eachposting.
The debits and credits from two transactions are presented in the following supplier€™s (creditor€™s) account:Describe each transaction and the source of eachposting.
Harrow Company does business in two customer segments, Retail and Wholesale. The following annual revenue information was determined from the accounting system€™s invoice
Outdoor Country, Inc. does business in two product segments, Camping and Fishing. The following annual revenue information was determined from the accounting system€™s invoice
Using the following revenue journal for Gamma Services Inc., identify each of the posting references, indicated by a letter, as representing(1) Posting to general ledger accounts or(2) Posting to
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Nero Enterprises, which had a $530 beginning balance. In addition,
The debits and credits from three related transactions are presented in the following customer€™s account taken from the accounts receivable subsidiary ledger.Describe each transaction,
Madison Services Company had the following transactions during the month of April:Apr. 2. Issued Invoice No. 201 to Triple Play Corp. for services rendered on account, $345.3. Issued Invoice No. 202
The revenue journal for Tech-Aid Consulting Inc. is shown below. The accounts receivable control account has a July 1, 2012, balance of $805 consisting of an amount due from Astro Star Co. There
The revenue and cash receipts journals for Amazon Productions Inc. are shown below. The accounts receivable control account has a May 1, 2012, balance of $3,910, consisting of an amount due from
Transactions related to revenue and cash receipts completed by Main Line Inc. during the month of August 2012 are as follows:Aug. 2. Issued Invoice No. 512 to Boston Co., $780.4. Received cash from
Essential Paris, Inc. has $2,290 in the December 1 balance of the accounts receivable account consisting of $940 from Chrystal Co. and $1,350 from Venus Co. Transactions related to revenue and cash
Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing(1) A posting to a general ledger account,(2) A posting to a subsidiary ledger
The debits and credits from three related transactions are presented in the following creditor€™s account taken from the accounts payable ledger.Describe each transaction, and identify the
Sentry Security Company had the following transactions during the month of January:Jan. 4. Purchased office supplies from Office Universe Inc. on account, $550.9. Purchased office equipment on
The purchases journal for Crystal View Window Cleaners Inc. is shown below. The accounts payable account has a January 1, 2012, balance of $365 of an amount due from Little Co. There were no
The cash payments and purchases journals for Out of Eden Landscaping Co. are shown below. The accounts payable control account has a June 1, 2012, balance of $2,450, consisting of an amount owed to
Transactions related to purchases and cash payments completed by Marion Cleaning Services Inc. during the month of August 2012 are as follows:Aug. 1. Issued Check No. 57 to Liquid Klean Supplies Inc.
Happy Tails Inc. has a September 1 accounts payable balance of $525, which consists of $340 due Labradore Inc. and $185 due Meow Mart Inc. Transactions related to purchases and cash payments
After Gold Rush Assay Services Inc. had completed all postings for March in the current year (2012), the sum of the balances in the following accounts payable ledger did not agree with the $37,900
ViewPoint Consulting Company makes most of its sales and purchases on credit. It uses the five journals described in this chapter (revenue, cash receipts, purchases, cash payments, and general
Apple Corporation’s iTunes® provides digital products, such as music, video, and software, which can be downloaded to portable devices such as iPhone® and iPod®. Purchases made on iTunes are
Starbucks Corporation reported the following geographical segment revenues for fiscal years 2009 and 2008:a. Prepare a horizontal analysis of the segment data using 2008 as the base year.b. Prepare a
News Corporation is one of the world’s largest entertainment companies that includes Twentieth Century Fox films, Fox Broadcasting, Fox News, the FX, and various satellite, cable, and publishing
The comparative regional segment revenues for McDonald€™s Corporation is as follows:a. Provide a horizontal analysis of the regional segment revenues using 2008 as the base year. Round
Newton Learning Centers was established on October 20, 2012, to provide educational services. The services provided during the remainder of the month are as follows:Oct. 21. Issued Invoice No. 1 to
Transactions related to revenue and cash receipts completed by Aspen Architects Co. during the period June 2–30, 2012, are as follows:June 2. Issued Invoice No. 793 to Nickle Co., $4,900.5.
English Garden Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping.
Green Mountain Water Testing Service was established on November 16, 2012. Green Mountain uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe
The transactions completed by Sure N' Safe Courier Company during July 2012, the first month of the fiscal year, were as follows:July 1. Issued Check No. 610 for July rent, $7,500.2. Issued Invoice
Sentinel Security Services was established on March 15, 2012, to provide security services. The services provided during the remainder of the month are listed below.Mar. 18. Issued Invoice No. 1 to
Transactions related to revenue and cash receipts completed by Pinnacle EngineeringServices during the period April 2–30, 2012, are as follows:Apr. 2. Issued Invoice No. 717 to Yee Co., $950.3.
True Plumb Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by True Plumb
Texas Tea Exploration Co. was established on July 15, 2012, to provide oil-drilling services. Texas Tea uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its
The transactions completed by By Tomorrow Express Company during May 2012, the first month of the fiscal year, were as follows:May 1. Issued Check No. 205 for May rent, $1,500.2. Purchased a vehicle
E-Biz Financial, Inc., provides accounting applications for business customers on the Internet for a monthly subscription. E-Biz Financial customers run their accounting system on the Internet; thus,
The following conversation took place between Merit Construction Co.’s bookkeeper, Dan Essex, and the accounting supervisor, Sarah Nelson:Sarah: Dan, I’m thinking about bringing in a new
A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that are made “on account” are posted to the individual customer or vendor accounts. a. Why do
For the past few years, your client, Professional Health Services (PHS), has operated a small medical practice. PHS’s current annual revenues are $945,000. Because the accountant has been spending
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) Selling, (b) Administrative, or (c)
Identify the errors in the following incomestatement:
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter.
On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows:a. Prepare a multiple-step income statement for
Do-Right Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order below.Accounts PayableAccounts ReceivableAccumulated Depreciation—Office
Journalize the entries for the following transactions:a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000.b. Sold merchandise on account, $120,000. The cost of the
During the year, sales returns and allowances totaled $80,000. The cost of the merchandise returned was $48,000. The accountant recorded all the returns and allowances by debiting the sales account
After the amount due on a sale of $40,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the
The debits and credits for three related transactions are presented in the following T accounts.Describe eachtransaction.
Merchandise is sold on account to a customer for $18,000, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $600. Determine the following: (a) Amount of the sale, (b) Amount
Bergquist Company purchased merchandise on account from a supplier for $12,000, terms 1/10, n/30. Bergquist Company returned $3,000 of the merchandise and received full credit. a. If Bergquist
A retailer is considering the purchase of 100 units of a specific item from either of two suppliers. Their offers are as follows:E: $300 a unit, total of $30,000, 1/10, n/30, no charge for freight.F:
The debits and credits from four related transactions are presented in the following T accounts. Describe eachtransaction.
Mayn Co., a women’s clothing store, purchased $36,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Mayn Co. returned $4,000 of the merchandise, receiving a credit
On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:Prepare the August 31, 2012, closing entries for Wood
The Home Depot reported the following data (in millions) in its financial statements:a. Determine the ratio of net sales to assets for The Home Depot for 2009 and 2008. Round to two decimal places.b.
The following data were extracted from the accounting records of Danhof Company for the year ended June 30, 2012:Merchandise inventory, July 1, 2011 ......$ 250,000Merchandise inventory, June 30,
Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2012:
Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the
The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012:Instructions1. Prepare a multiple-step income
The following selected transactions were completed by Artic Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:Jan. 2. Sold merchandise on account
The following selected transactions were completed by Gourmet Company during January of the current year:Jan. 1. Purchased merchandise from Bearcat Co., $19,000, terms FOB destination, n/30.3.

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