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accounting

Questions and Answers of Accounting

Grogan Company pays salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Thursday, so Grogan's employees have worked 4 days without
On December 31, the adjusted trial balance of Select Employment Agency shows the following selected data.Accounts Receivable ......... $24,500Interest Expense .......... 8,300Service Revenue
Sherlock Holmes began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I., Inc. at March 31 are as follows.Other data:1.
The adjusted trial balance columns of the worksheet for Watson Company are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare
The completed financial statement columns of the worksheet for Hubbs Company are shown below.Instructions(a) Prepare an income statement, a retained earnings statement, and a classified balance
Excelsior Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Instructions(a) Prepare a complete worksheet.(b) Prepare a
Lynda Hines opened Fresh Step Carpet Cleaners on March 1. During March, the following transactions were completed.Mar. 1 Stockholders invested $14,000 cash in the business in exchange for common
Sara Yu, CPA, was retained by Info Cable to prepare financial statements for April 2014. Yu accumulated all the ledger balances per Info's records and found the following.Sara Yu reviewed the
The trial balance columns of the worksheet for Firmament Roofing at March 31, 2014, are as follows.Other data:1. A physical count reveals only $550 of roofing supplies on hand.2. Depreciation for
The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial
The completed financial statement columns of the worksheet for Lathrop Company are shown below.Instructions(a) Prepare an income statement, a retained earnings statement, and a classified balance
Kumar Management Services Inc. began business on January 1, 2014, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own
Tom Brennan opened Brennan's Cleaning Service on July 1, 2014. During July the following transactions were completed.July 1 Stockholders invested $20,000 cash in the business in exchange for common
Mary Coleman opened Mary's Maids Cleaning Service on July 1, 2014. During July, the company completed the following transactions.July 1 Stockholders invested $15,000 cash in the business in exchange
Everclean Janitorial Service was started 2 years ago by Lauren Baird. Because business has been exceptionally good, Lauren decided on July 1, 2014, to expand operations by acquiring an additional
As the controller of Take No Prisoners Perfume Company, you discover a misstatement that overstated net income in the prior year's financial statements. The misleading financial statements appear
Jason Hilbert, a fellow student, contends that the double-entry system means each transaction must be recorded twice. Is Jason correct? Explain.
Sandra Browne, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Sandra correct? Discuss.
Journalize the following business transactions.(a) Alberto Rivera invests $9,000 cash in the business in exchange for shares of common stock.(b) Insurance of $800 is paid for the year.(c) Supplies of
Joe Kirby is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows.(a) Debits and credits posted to the ledger.(b) Business
Transactions for the Kaustav Sen Company, which provides welding services, for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.June 1
Tim Weber, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.
J.A. Motzek Inc. has the following transactions during August of the current year.Indicate(a) The effect on the accounting equation(b) The debit-credit analysis illustrated.Aug. 1 Opens an office as
Selected transactions for the Gilles Company are presented in journal form below. Post the transactions to T-accounts. Make one T-account for each item and determine each account€™s
Selected journal entries for the Gilles Company are presented in BE. Post the transactions using the standard form ofaccount.
From the ledger balances given below, prepare a trial balance for the Starr Company at June 30, 2014. List the accounts in the order shown below of the text.All account balances are normal.Accounts
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances arenormal.
Graham Kahl has just rented space in a strip mall. In this space, he will open a photography studio, to be called "Picture This!" A friend has advised Graham to set up a double-entry set of
Graham Kahl engaged in the following activities in establishing his photography studio, Picture This!:1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into
Graham Kahl recorded the following transactions during the month of April.Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning balance
The following accounts are taken from the ledger of Chillinâ€™ Company at December 31, 2014.Prepare a trial balance in goodform.
Larry Burns has prepared the following list of statements about accounts.1. An account is an accounting record of either a specific asset or a specific liability.2. An account shows only increases,
Selected transactions for B. Madar, an interior decorating firm, in its first month of business, are shown below.Jan. 2 Invested $15,000 cash in the business in exchange for common stock.3 Purchased
Data for B. Madar, interior decorating, are presented in E.Jan. 2 Invested $15,000 cash in the business in exchange for common stock.3 Purchased used car for $7,000 cash for use in the business.9
Presented below is information related to Robbins Real Estate Agency.Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock.2 Hires
Transaction data for Robbins Real Estate Agency are presented in E.Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock.2 Hires an
Elvira Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $2,500 cash for a computer.3. Purchased $450 of supplies on account.Instructions(a)
Rockford Enterprises had the following selected transactions.1. Kris Rockford invested $5,000 cash in the business in exchange for common stock.2. Paid office rent of $1,100.3. Performed consulting
Rachel Manny has prepared the following list of statements about the general ledger.1. The general ledger contains all the asset and liability accounts, but no stockholders' equity accounts.2. The
Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.Instructions(a) Post the transactions to T-accounts.(b) Prepare a trial balance at August 31,2014.
The T-accounts below summarize the ledger of Padre Landscaping Company at the end of the first month of operations.Instructions(a) Prepare the complete general journal (including explanations) from
Presented below is the ledger for Sparks Co.Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.(b) Determine
Selected transactions for Neve Campbell Company during its first month in business are presented below.Sept. 1 Invested $10,000 cash in the business in exchange for common stock.5 Purchased equipment
The bookkeeper for Stan Tucci Equipment Repair made a number of errors in journalizing and posting, as described below.1. A credit posting of $400 to Accounts Receivable was omitted.2. A debit
The accounts in the ledger of Tempus Fugit Delivery Service contain the following balances on July 31, 2014.InstructionsPrepare a trial balance with the accounts arranged as illustrated in the
Amy Torbert operates Hollins Riding Academy. The academy's primary sources of revenue are riding fees and lesson fees, which are paid on a cash basis. Amy also boards horses for owners, who are
Shandler's Maid Company offers home cleaning service. Two recurring transactions for the company are billing customers for services rendered and paying employee salaries. For example, on March 15,
If you haven't already done so, in the not-too-distant future you will prepare a résumé. In some ways, your résumé is like a company's annual report. Its purpose is to enable others to evaluate
Prairie Park was started on April 1 by C. J. Amaro and associates. The following selected events and transactions occurred during April.Apr. 1 Stockholders invested $50,000 cash in the business in
Kara Shin is a licensed CPA. During the first month of operations of her business, Kara Shin, Inc., the following events and transactions occurred.May 1 Stockholders invested $20,000 cash in exchange
Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).Summarized transactions for January 2014 were as
The trial balance of the Garland Company shown below does not balance.Your review of the ledger reveals that each account has a normal balance. You also discover the following errors.1. The totals of
The Classic Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $6,000, No. 140 Land $10,000, No. 145 Buildings (concession stand,
Surepar Disc Golf Course was opened on March 1 by Bill Arnsdorf. The following selected events and transactions occurred during March:Mar. 1 Invested $60,000 cash in the business in exchange for
Judi Dench is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Stockholders invested $40,000 cash in exchange for
Chamberlain Services was formed on May 1, 2014. The following transactions took place during the first month.Transactions on May 1:1. Stockholders invested $50,000 cash in exchange for common
The trial balance of Ron Salem Co. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following
The Russo Theater, owned by Alan Russo, will begin operations in March. The Russo will be unique in that it will show only triple features of sequential theme movies.As of March 1, the ledger of
Gabe Corts, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Corts’ law firm prepares monthly financial statements, when should it recognize revenue
In completing the engagement in Question, Corts pays no costs in March, $2,200 in April, and $2,500 in May (incurred in April). How much expense should the firm deduct from revenues in the month when
M. Gibbs Company purchased equipment for $18,000. By the current balance sheet date, $7,000 had been depreciated. Indicate the balance sheet presentation of the data.
On January 9, a company pays $6,000 for salaries and wages, of which $2,000 was reported as Salaries and Wages Payable on December 31. Give the entry to record the payment.
L. Thomas Company debits Supplies Expense for all purchases of supplies and credits Rent Revenue for all advanced rentals. For each type of adjustment, give the adjusting entry.
The ledger of Basler Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance (b) Depreciation Expense (c) Unearned Service Revenue (d) Interest
Lucci Company accumulates the following adjustment data at December 31.Indicate (a) The type of adjustment (prepaid expense, accrued revenues and so on), (b) The status of accounts before adjustment
Wow Advertising Company's trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $1,900 of supplies on hand. Prepare the adjusting entry at December 31,
At the end of its first year, the trial balance of Wooster Company shows Equipment $32,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year
On July 1, 2014, Pizner Co. pays $13,200 to Orlow Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Pizner Co., journalize and post the entry on
Using the data in BE, journalize and post the entry on July 1 and the adjusting entry on December 31 for Orlow Insurance Co. Orlow uses the accounts Unearned Service Revenue and Service Revenue.On
The bookkeeper for Easton Company asks you to prepare the following accrued adjusting entries at December 31.1. Interest on notes payable of $360 is accrued.2. Services provided but not recorded
The trial balance of Gleason Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) The type of adjusting entry
The adjusted trial balance of Lopez Company at December 31, 2014, includes the following accounts: Common Stock $15,600; Dividends $6,000; Service Revenue $38,400; Salaries and Wages Expense $16,000;
Partial adjusted trial balance data for Lopez Company is presented in BE.The adjusted trial balance of Lopez Company at December 31, 2014, includes the following accounts: Common Stock $15,600;
Lim Company records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense $2,800, Service Revenue $9,200, and zero balances in related balance sheet
The ledger of Lafayette, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.An analysis of the accounts shows the following.1. Insurance expires at the rate of
Pegasus Computer Services began operations in July 2014. At the end of the month, the company is trying to prepare monthly financial statements. Pegasus has the following information for the month.1.
Phelps Co. was organized on April 1, 2014. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.(a) Determine the net income for the
Fred Mosure has prepared the following list of statements about the time period assumption.1. Adjusting entries would not be necessary if a company’s life were not divided into artificial time
Concordia Industries collected $105,000 from customers in 2014. Of the amount collected, $28,000 was from revenue accrued from services performed in 2013. In addition, Concordia recognized $44,000 of
Waverly Corporation encounters the following situations:1. Waverly collects $1,750 from a customer in 2014 for services to be performed in 2015.2. Waverly incurs utility expense which is not yet paid
Dan Luther Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable .................. $ –0–Accumulated Depreciation—Equipment ..........
Orwell Company accumulates the following adjustment data at December 31.1. Services provided but not recorded total $1,420.2. Supplies of $300 have been used.3. Utility expenses of $225 are unpaid.4.
The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.An analysis of the accounts shows the
Kari Engle, D.D.S., opened a dental practice on January 1, 2014. During the fi rst month of operations, the following transactions occurred.1. Performed services for patients who had dental plan
The trial balance for Pioneer Advertising Agency Inc. is shown in Illustration 3-3, page.In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.1.
The income statement of Midland Co. for the month of July shows net income of $1,500 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense
A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in Supplies
Selected accounts of Welch Company are shown on the shown below.InstructionsAfter analyzing the accounts, journalize (a) The July transactions (b) The adjusting entries that were made on July 31.
The trial balances before and after adjustment for Matusiak Company at the end of its fiscal year are presented below.InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Matusiak Company is given in E.InstructionsPrepare the income and retained earnings statements for the year and the balance sheet at August31.
The following data are taken from the comparative balance sheets of Newman Billiards Club, which prepares its financial statements using the accrual basis of accounting.Members are billed based upon
In its first year of operations, Anya Company recognized $30,000 in service revenue, $4,800 of which was on account and still outstanding at year-end. The remaining $25,200 was received in cash from
Rogert Company has the following balances in selected accounts on December 31, 2014.Service Revenue ......... $40,000Insurance Expense ........ 2,880Supplies Expense ........ 2,450All the
At Beloit Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when cash is received. During January of the current year, the following transactions
Happy Trails Park, Inc. was organized on April 1, 2013, by Alicia Henry. Alicia is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Alicia prepared the
In reviewing the accounts of Maribeth Co. at the end of the year, you discover that adjusting entries have not been made.InstructionsWrite a memo to Maribeth Danon, the owner of Maribeth Co., that
Watkin Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Watkin's chemical pesticides. In the coming year,
Many companies have potential pollution or environmental-disposal problems-not only for electronic gadgets, but also for the lead paint or asbestos they sold. How do we fit these issues into the
Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2014. The trial balance at June 30 is shown below.In addition to those accounts listed on the trial balance, the chart of
Lazy River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.In addition to those accounts listed on the trial

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