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Questions and Answers of Accounting

The ledger of Dey Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance (c) Unearned Revenue(b) Depreciation Expense (d) Interest Payable
Nunez Company accumulates the following adjustment data at December 31. Indicate(a) The type of adjustment (prepaid expense, accrued revenues and so on), and (b) The status of accounts before
Windsor Advertising Company’s trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $2,700 of supplies on hand. Prepare the
At the end of its first year, the trial balance of Denton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year
On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Spahn Co., journalize and post the entry on
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Randle Insurance Co. Randle uses the accounts Unearned Insurance Revenue and Insurance
The bookkeeper for Oglesby Company asks you to prepare the following accrued adjusting entries at December 31.1. Interest on notes payable of $400 is accrued.2. Services provided but not recorded
The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that may require adjustment. For each account that requires adjustment, indicate (a) The type
The adjusted trial balance of Harmony Company at December 31, 2010, includes the following accounts: S. Harmony, Capital $15,600; S. Harmony, Drawing $6,000; Service Revenue $35,400; Salaries Expense
Partial adjusted trial balance data for Harmony Company is presented in BE3-9.The balance in S. Harmony, Capital is the balance as of January 1. Prepare an owner’s equity statement for the year
Duncan 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
Numerous timing concepts are discussed on pages 96 and 97. A list of concepts is provided below, on the left, with a description of the concept on the right. There are more descriptions provided than
The ledger of Buerhle, Inc. on March 31, 2010, includes the following selected accounts before adjusting entries.An analysis of the accounts shows the following:1. Insurance expires at the rate of
Jose Contreras is the new owner of Curveball Computer Services. At the end of July 2010, his first month of ownership, Jose is trying to prepare monthly financial statements. He has the following
Danks Co. was organized on April 1, 2010.The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.(a) Determine the net income for the
Jo Seacat 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
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in
Conan Industries collected $100,000 from customers in 2010. Of the amount collected, $25,000 was from revenue earned on account in 2009. In addition, Conan earned $40,000 of revenue in 2010, which
Emeril Corporation encounters the following situations:1. Emeril collects $1,000 from a customer in 2010 for services to be performed in 2011.2. Emeril incurs utility expense which is not yet paid in
Drew Carey Company has the following balances in selected accounts on December 31, 2010.Accounts Receivable......... $ -0-Accumulated Depreciation—Equipment.. -0-Equipment.............
Affleck Company accumulates the following adjustment data at December 31.1. Services provided but not recorded total $750.2. Store supplies of $300 have been used.3. Utility expenses of $225 are
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the
Andy Wright, D.D.S., opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred.1. Performed services for patients who had dental plan
The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 100. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.1.
The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In
A partial adjusted trial balance of Sila Company at January 31, 2010, shows the following. InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in
Selected accounts of Tabor Company are shown below. InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31.
The trial balances before and after adjustment for Garcia Company at the end of its fiscal year are presented below. InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Garcia Company is given in E3-13. Instructions. Prepare the income and owner’s equity statements for the year and the balance sheet at August 31.
The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members
Colin Mochrie Company has the following balances in selected accounts on December 31, 2010.Consulting Revenue....... $40,000Insurance Expense......... 2,100Supplies Expense........ 2,450All
At Natasha Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when received. During January of the current year, the following transactions
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is shown below.In addition to those accounts listed on the trial balance, the chart of
Neosho 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
Fernetti Advertising Agency was founded by John Fernetti in January of 2009. Presented on page 134 are both the adjusted and unadjusted trial balances as of December 31, 2010. Instructions(a)
A review of the ledger of Remington Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries Payable $0.There are eight
On September 1, 2010, the account balances of Rand Equipment Repair were as follows.During September the following summary transactions were completed.Sept. 8 Paid $1,400 for salaries due employees,
Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the end of the first 6 months of operations, the trial balance contained the accounts on the next page.Analysis reveals the
Ken Ham started his own consulting firm, Hambone Consulting, on May 1, 2010. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of
The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows In addition to those accounts listed on the trial balance, the chart of accounts
Poblano Co. was organized on July 1, 2010. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. Instructions(a) Journalize
A review of the ledger of Obi Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $9,900. The company has separate
On November 1, 2010, the account balances of Morelli Equipment Repair were as follows. During November the following summary transactions were completed.Nov. 8 Paid $1,700 for salaries due
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions(a) Using the consolidated financial statements and related information, identify items
PepsiCo’s financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B.InstructionsBased on information contained in these
A wealth of accounting-related information is available via the Internet. For example the Rutgers Accounting Web offers access to a great variety of sources. Address: www.accounting.rutgers.edu/ or
Happy Camper Park was organized on April 1, 2009, by Amaya Berge. Amaya is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Amaya prepared the
In reviewing the accounts of Keri Ann Co. at the end of the year, you discover that adjusting entries have not been made. InstructionsWrite a memo to Keri Ann Nickels, the owner of Keri Ann Co. that
Bluestem Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Bluestem’s chemical pesticides. In the coming
Companies must report or disclose in their financial statements information about all liabilities, including potential liabilities related to environmental clean-up. There are many situations in
(a) What is an accounting information system?(b) An accounting information system applies only to a manual system. Do you agree? Explain.
Certain principles should be followed in the development of an accounting information system. Identify and explain each of the principles.
What are common features of computerized accounting packages beyond recording transactions and preparing financial statements?
What are the advantages of using subsidiary ledgers?
(a) When do companies normally post to? (1) The subsidiary accounts and (2) The general ledger control accounts? (b) Describe the relationship between a control account and a subsidiary ledger.
Identify and explain the four special journals discussed in the chapter. List an advantage of using each of these journals rather than using only a general journal.
Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit. Where
A $500 purchase of merchandise on account from Lore Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this
Why would special journals used in different businesses not be identical in format? What type of business would maintain a cash receipts journal but not include a column for accounts receivable?
The cash and the accounts receivable columns in the cash receipts journal were mistakenly over added by $4,000 at the end of the month. (a) Will the customers’ ledger agree with the Accounts
In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.)(a) Recording of depreciation expense for the
In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.)(a) Cash received from signing a note payable.(b)
Give an example of a transaction in the general journal that causes an entry to be posted twice (i.e., to two accounts), one in the general ledger, the other in the subsidiary ledger. Does this
Give some examples of appropriate general journal transactions for an organization using special journals.
Indicate whether each of the following statements is true or false.1. When designing an accounting system, we need to think about the needs and knowledge of both the top managers and various other
Here is a list of words or phrases related to computerized accounting systems.1. Entry-level software.2. Enterprise resource planning systems.3. Network-compatible.4. Audit trail.5. Internal
Beka Borke has prepared the following list of statements about accounting information systems.1. The accounting information system includes each of the steps of the accounting cycle, the documents
Presented below is information related to Kienholz Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts
Identify in what ledger (general or subsidiary) each of the following accounts is shown.1. Rent Expense 2. Accounts Receivable—Char3. Notes Payable4. Accounts Payable—Thebeau
Identify the journal in which each of the following transactions is recorded.1. Cash sales 2. Owner withdrawal of cash 3. Cash purchase of land 4. Credit sales5. Purchase of merchandise on account6.
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use “Yes” or “No” to answer this question.)1. Debit to Sales2. Credit to Merchandise
Galindo Co. uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded.(a) Purchased equipment on account.(b) Purchased merchandise on
Identify the special journal(s) in which the following column headings appear.1. Sales Discounts Dr. 2. Accounts Receivable Cr. 3. Cash Dr.4. Sales Cr.5. Merchandise Inventory Dr.
Kidwell Computer Components Inc. uses a multi-column cash receipts journal. Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.1. Accounts Receivable 2.
Presented below is information related to City Company for its first month of operations. Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance
Nick Company had the following transactions during April.1. Sold merchandise on account.2. Purchased merchandise on account.3. Collected cash from a sale to Athletic Company.4. Recorded accrued
Donahue Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in
Presented below is the subsidiary accounts receivable account of Jeremy Dody. Write a memo to Andrea Barden, chief financial officer, that explains eachtransaction.
On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was $10,960.The customers’ subsidiary ledger contained account balances as follows:
Yu Suzuki Company has a balance in its Accounts Receivable control account of $11,000 on January 1, 2010. The subsidiary ledger contains three accounts: Smith Company, balance $4,000; Green Company,
Nobo Uematsu Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2010. The subsidiary ledger contains three accounts: Jones Company, balance $3,000; Brown Company,
Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2010.Sept. 2 Sold merchandise on account to T. Hossfeld, invoice no. 101, $720,
Pherigo Co. uses special journals and a general journal. The following transactions occurred during May 2010.May 1 I. Pherigo invested $50,000 cash in the business.2 Sold merchandise to B. Sherrick
Wick Company uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred.1. Made a refund to a customer as an allowance for damaged
Velasquez Company has the following selected transactions during March.Mar. 2 Purchased equipment costing $9,400 from Chang Company on account.5 Received credit of $410 from Lyden Company for
Below are some typical transactions incurred by Kwun Company?1. Payment of creditors on account.2. Return of merchandise sold for credit.3. Collection on account from customers.4. Sale of land for
The general ledger of Sanchez Company contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger. Instructions(a) Indicate the missing
Selected accounts from the ledgers of Lockhart Company at July 31 showed the following. InstructionsFrom the data prepare:(a) The single-column purchases journal for July.(b) The general journal
Kansas Products uses both special journals and a general journal as described in this chapter. Kansas also posts customers?? accounts in the accounts receivable subsidiary ledger. The postings for
Selected account balances for Matisyahu Company at January 1, 2010, are presented below.Accounts Payable.... $14,000Accounts Receivable.... 22,000Cash......... 17,000Inventory........
Grider Company’s chart of accounts includes the following selected accounts.101 Cash..........401 Sales112 Accounts Receivable....414 Sales Discounts120 Merchandise Inventory....505 Cost of Goods
Ming Company’s chart of accounts includes the following selected accounts.101 Cash 201........Accounts Payable120 Merchandise Inventory...306 T. Ming, Drawing130 Prepaid Insurance.....505 Cost of
The chart of accounts of Lopez Company includes the following selected accounts.112 Accounts Receivable………… 401 Sales120 Merchandise Inventory……… 412 Sales
Selected accounts from the chart of accounts of Boyden Company are shown below.101 Cash.......... 120 Merchandise Inventory112 Accounts Receivable.... 126 Supplies157 Equipment........ 414 Sales
Presented below are the purchases and cash payments journals for Reyes Co. for its first month of operations. In addition, the following transactions have not been journalized for July. The cost of
The post-closing trial balance for Cortez Co. is as follows. The subsidiary ledgers contain the following information: (1) accounts receivable'J. Anders $2,500, F. Cone $7,500, T. Dudley $5,000;
Kentucky Company’s chart of accounts includes the following selected accounts.101 Cash.........401 Sales112 Accounts Receivable....414 Sales Discounts120 Merchandise Inventory..505 Cost of Goods
Starr Company’s chart of accounts includes the following selected accounts.101 Cash..........157 Equipment120 Merchandise Inventory.. 201 Accounts Payable130 Prepaid Insurance....306 R. Starr,
The chart of accounts of Dickinson Company includes the following selected accounts.112 Accounts Receivable.......401 Sales120 Merchandise Inventory...... 412 Sales Returns and Allowances126
Selected accounts from the chart of accounts of Valente Company are shown below.101 Cash...........201 Accounts Payable112 Accounts Receivable...401 Sales120 Merchandise Inventory...414 Sales

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