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business
accounting principles

Questions and Answers of Accounting Principles

At December 31, 2007, Braddock Company had a balance of \($15,000\) in the Allowance for Doubtful Accounts. During 2008, Braddock wrote off accounts totaling \($13,000.\) One of those accounts
On December 31, 2008, Jarnigan Co. estimated that 2% of its net sales of \($400,000\) will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On
Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2008.Instructions(a) Journalize the transactions for Orosco Supply Co.(b) Record the
Record the following transactions for Sandwich Co. in the general journal.2008 May 1 Received a $7,500, 1-year, 10% note in exchange for Julia Gonzalez’s outstanding accounts receivable.Dec. 31
Singletary Company had the following select transactions.Apr. 1, 2008 Accepted Wilson Company’s 1-year, 12% note in settlement of a $20,000account receivable.July 1, 2008 Loaned $25,000 cash to
The following information pertains to Napa Merchandising Company.Instructions(a) Calculate the amount of credit sales made during the year. (b) Calculate the balance of accounts receivable at the
Bledel Company had accounts receivable of \($100,000\) on January 1, 2008. The only transactions that affected accounts receivable during 2008 were net credit sales of \($1,000,000,\) cash
At December 31,2007, Leis Co. reported the following information on its balance sheet.During 2008, the company had the following transactions related to receivables.Instructions(a) Prepare the
Information related to Hermesch Company for 2008 is summarized below.Instructions(a) What amount of bad debts expense will Hermesch Company report if it uses the direct writeoff method of accounting
Presented below is an aging schedule for Zillmann Company.At December 31, 2008, the unadjusted balance in Allowance for Doubtful Accounts is a credit of \($12,000.\)Instructions (a) Journalize and
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment.Instructions(a) Based on the information given, which method of accounting for bad debts
On January 1, 2008, Kloppenberg Company had Accounts Receivable \($139,000,\) Notes Receivable \($25,000,\) and Allowance for Doubtful Accounts \($13,200.\) The note receivable is from Sara Rogers
Gretel Bakken forgot to journalize and post the adjusting entry for prepaid insurance at the end of the June fiscal period. What effect will this omission have on the records of Ms. Bakken’s
Vincente Burgos states that his business is so small that he just records supplies and insurance as expenses when he pays for them. Thus, at the end of a fiscal period, Mr. Burgos does not record
For what are special amount columns in a journal used?
What is the advantage of having special amount columns in a journal?
Cain Company dishonors a note at maturity. What actions by Cain may occur with the dishonoring of the note?
At the end of 2008, Delong Co. has accounts receivable of \($700,000\) and an allowance for doubtful accounts of \($54,000.\) On January 24, 2009, the company learns that its receivable from Ristau
Assume the same information as BE9-4. On March 4, 2009, Delong Co. receives payment of \($5,400\) in full from Ristau Inc. Prepare the journal entries to record this transaction.Data from BE9-4.At
Nieto Co. elects to use the percentage-of-sales basis in 2008 to record bad debts expense. It estimates that 2% of net credit sales will become uncollectible. Sales are \($800,000\) for 2008, sales
On January 10, 2008, Edmunds Co. sold merchandise on account to Jeff Gallup for \($13,600,\) n/30. On February 9, Jeff Gallup gave Edmunds Co. a 10% promissory note in settlement of this account.
Peter Dowther owns a small business. At the end ofa fiscal period, he does not make an adjustment for supplies. Are Mr. Dowther’s accounting procedures correct? What effect will Mr. Dowther's
When posting amounts from a journal to general ledger accounts, a $10.00 debit to Supplies is mistakenly posted as a credit to Utilities Expense. Will this error be discovered when the work sheet is
What do the ending balances of permanent accounts for one fiscal period represent at the beginning of the next fiscal period?
What do the balances of temporary accounts show?
Why are lines drawn in both the Balance Debit and Balance Credit columns when an account has a zero balance?
Which accounts go on the post-closing trial balance?
Why are temporary accounts omitted from a post-closing trial balance?
PepsiCo’s financial statements are presented in Appendix A. Coca-Cola’s financial statements are presented in Appendix B.Instructions(a) Based on the information contained in these financial
In 2008, Roso Carlson Company had net credit sales of \($750,000.\) On January 1, 2008, Allowance for Doubtful Accounts had a credit balance of \($18,000.\) During 2008, \($30,000\) of uncollectible
Foti Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows. a. Notes Receivable 1,030 Accounts
Janna Sturm does not use a journal in her business records. She records the debits and credits for each transaction directly in the general ledger accounts. Is Ms. Sturm using the correct procedure?
Trent Marvets does the accounting work for his business. When posting, he first transfers all of the information to the general ledger accounts. Then he returns to the journal and, all at one time,
List four reasons why a depositor’s records and a bank's records may differ.
If a check mark is placed on the check stub of each canceled check, what does a check stub with no check mark indicate?
Why do businesses use petty cash funds?
Why is Cash and not Petty Cash credited when a petty cash fund is replenished?
Iris Velez and Suanne Merker have personal checking accounts for which they receive a bank statement every month. Ms. Merker does not prepare a reconciliation; instead she records the balance on the
Dorset Company decides to establish a petty cash fund. The owner, Edna Dorset, wants to establish a \($100.00\) petty cash fund and limit payments to \($20.00\) or less. The manager, Roy Evans,
What is the first step in checking for arithmetic errors when two column totals are not in balance?
What is one way to check for an error caused by transposed numbers?
What term is used to describe an error that occurs when numbers are moved to the right or left in an amount column?
On May 31, 2008, James Logan Company had a cash balance per books of \($6,781.50.\)The bank statement from Farmers State Bank on that date showed a balance of \($6,404.60.\) A comparison of the
The bank portion of the bank reconciliation for Backhaus Company at November 30, 2008, was as follows.The adjusted cash balance per bank agreed with the cash balance per books at November 30.The
Starr Theater is located in the Zurbrugg Mall. A cashier’s booth is located near the entrance to the theater. Two cashiers are employed. One works from 1-5 pM., the other from 5-9 pM.Each cashier
Cushenberry Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.Instructions(a) Journalize the petty cash transactions.(b) Post to
Flint Hills Genetics Company of Lawrence, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2008, the company’s cash account per its general ledger showed the
The bank portion of the bank reconciliation for Conlin Company at October 31, 2008 was as follows.The adjusted cash balance per bank agreed with the cash balance per books at October 31.The November
Baumgardner Company’s bank statement from Last National Bank at August 31, 2008, shows the following information.A summary of the Cash account in the ledger for August shows: Balance, August 1,
Richardson Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a
When is a correcting entry necessary?
When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account?
When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry credited to the incorrect expense account?
What internal control objectives are met by physical, mechanical, and electronic controls?
A company writes a check to replenish a \($100\) petty cash fund when the fund contains receipts of \($94\) and \($3\) in cash. In recording the check, the company should:a. debit Cash Over and Short
State the four questions used to analyze a transaction.
During the summer, Willard Kelly does a variety of small jobs for many different people in the community to earn money. Mr. Kelly keeps all his money in a single checking account. He writes checks to
In her business, Monica Zapata uses a journal with the following columns: Date, Account Title, Check No., Cash Debit, and Cash Credit. Ms. Zapata's husband, Rodrigo, suggests that she needs three
Which journal columns are used to record paying cash for insurance?
Which journal columns are used to record buying supplies on account?
Which journal columns are used to record paying cash on account?
What two accounts are affected when a business pays cash for supplies?
What two accounts are affected when a business receives cash from sales?
What two accounts are affected when services are sold on account?
What two accounts are affected when a business pays cash to the owner for personal use?
Are revenue accounts increased on the debit side or credit side? Explain why.
Are expense accounts increased on the debit side or credit side? Explain why
Write the answers for the following problem in the Working Papers.Instructions: Do the following for each account. The cash account is given as an example. 1. Write the account title in Column
Hal Rosen owns Hal's Marketing Services, which uses the following accounts. Cash Supplies Prepaid Insurance Accounts Receivable-Dominik Field Accounts Payable All Star Company Hal Rosen, Capital Hal
Use the chart of accounts for Hal’s Marketing Services given in Application Problem 2-2.Instructions: 1. Prepare two T accounts for each transaction. On each T account, write the account title of
Use the chart of accounts for Hal’s Marketing Services given in Application Problem 2-2.Instructions: 1. Prepare two T accounts for each transaction. On each T account, write the account title of
Adriana Janek owns a business for which the following T accounts show the current financial situation. Write the answers for the following problem in the Working Papers.Instructions:1. Analyze each
Thomas Bueler records all investments, revenue, expenses, and withdrawals in his capital account. At the end of each month, Mr. Bueler sorts the information to prepare a summary of what has caused
For each line, fill in the missing amount to complete the accounting equation. Use the form in your Working Papers to complete this problem. Assets Liabilities Owner's Equity 95,000 51,000 ? ? 44,000
Peter Smith operates a service business called Peter’s Service Company. Peter’s Service Company uses the accounts shown in the following accounting equation. Use the form in your Working Papers
Marion Cassidy operates a service business called Cassidy Company. Cassidy Company uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this
Zachary Martin owns Zachary’s Repair Shop. On February 1, Zachary’s Repair Shop’s accounting equation indicated the following account balances. Use the form in your Working Papers to complete
Akira Shinoda starts a new business. Mr. Shinoda uses his personal car in the business with the expectation that latetrh eb usiness can buy a car. All expenses for operating the car, including
At the end of the first day of business, Quick Clean Laundry has the-assets and liabilities shown below.The owner, Anh Vu, wants to know the amount of her equity in Quick Clean Laundry. Determine
Presented below are the purchases and cash oe journals for Reyes Co. for its first month of operations.In addition, the following transactions have not been journalized for July. The cost of all
The post-closing trial balance for Cortez Co. is as follows.The subsidiary ledgers contain the following information: (1) accounts receivable— J. Anders \($2,500,\) E Cone \($7,500,\) T. Dudley
Presented below are the sales and cash receipts journals for Wyrick Co. for its first month of operations.In addition, the following transactions have not been journalized for February
Bluma Co. uses a perpetual inventory system and both an accounts receivable and an accounts lon payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger Rn,
Packard Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit
The management of Morales Co. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. They request your help in determining the results of
You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory.Instructions(a) Calculate (i) ending inventory, (ii)
The management of Utley Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008 the accounting records show these data.Units purchased
Vasquez Ltd. is a retailer operating in Edmonton, Alberta. Vasquez uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inven- tory; the
Saffordville Company lost 70% of its inventory in a fire on March 25, 2008. The accounting records showed the following gross profit data for February and March.Saffordville Company is fully insured
Neer Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2008.At December 31,
Slaymakker Country Limited is trying to determine the value of its ending inventory as of February 28, 2008, the company’s year-end. The following transactions occurred, and the accountant asked
Carrington Distribution markets CDs of the performing artist Christina Spears. At the beginning of October, Carrington had in beginning inventory 1,000 Spears CDs with a unit cost of $5. During
Shellankamp Company had a beginning inventory on January 1 of 100 units of Product WD-44 at a cost of $21 per unit. During the year, the following purchases were made.800 units were sold. Shellankamp
The management of Groneman Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results
You are provided with the following information for Charlote Inc. for the month ended June 30, 2008. Charlote uses the periodic method for inventory.Instructions(a) Calculate (i) ending inventory,
You are provided with the following information for Rondelli Inc. Rondelli Inc. uses the periodic method of accounting for its inventory transactions.Instructions(a) Prepare partial income statements
The management of Dains Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008, the accounting records show the following data.Units
Fechter Inc. is a retailer operating in Dartmouth, Nova Scotia. Fechter uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the
Falco Co. began operations on July 1. It uses a perpetual inventory system. During July the company had the following purchases and sales.Instructions(a) Determine the ending inventory under a
Hannigan Company lost all of its inventory in a fire on December 26, 2008. The accounting records showed the following gross profit data for November and December.Hannigan is fully insured for fire

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