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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

Journalize the following transactions. Assume the perpetual inventory system. 202X Apr. 5 Sold merchandise for $1,350 cash. The cost of the merchandise was $725. 16 Made refunds to cash customers for
Journalize the following transactions. Assume the perpetual inventory system. 202X Apr. 16 5 Sold merchandise for $1,250 cash. The cost of the merchandise was $850. Made refunds to cash customers for
There is one account that is not adjusted at the end of the period. Which is it, and why do you think it is not adjusted?
Charise Canton opened Charise’s Cosmetic Market on May 1. A 16% sales tax is calculated and added to all cosmetic sales. Charise offers no sales discounts. The following transactions occurred in
Depreciation expense goes on the balance sheet. True or false? Explain your answer.
What is meant by the term accrued salaries?
Looking back at the Covid-19 pandemic, how might it have affected a company’s accruals and deferrals?
Give two examples of contra-revenue accounts.
Explain the terms:a. 2/10, n/30b. n/10, EOM
What category is Sales Discount in?
What is the normal balance of Cost of Goods Sold?
List two drawbacks of the periodic inventory system.
Why is the accounts receivable subsidiary ledger organized in alphabetical order?
When is a (?) used?
What is an invoice? What purpose does it serve?
Rasheed Chase recently opened Rasheed’s Surf Shop. As the bookkeeper of the company, use the perpetual method to journalize, record, and post when appropriate the following transactions (account
Journalize the following transactions for a perpetual company:a. Issued credit memo no. 2, $66, to Jones Co. An allowance was granted and the customer kept the merchandise. The sale was on account.b.
What does F.O.B. shipping point represent?
On the basis of the accounts listed below, calculatea. Net salesb. Cost of goods sold (after adjustment)c. Gross profitd. Net income Accounts Payable Operating Expenses T. Abebe, Capital Cost of
What is the normal balance of Merchandise Inventory?
What kind of account is cost of goods sold?
Bader Co. paid $200 to Pedro Co. for merchandise purchased on account and received a $20 purchase discount. Journalize the entry.
What is the normal balance of each creditor in the accounts payable subsidiary ledger?
Explain the difference between merchandise and equipment.
What is the normal balance of cost of goods sold?
What is the normal balance of Merchandise Inventory?
Explain how the Cost of Goods Sold account is used in the adjustment process for a perpetual inventory system.
From the following, calculate (a) Net sales, (b) Gross profit, and (c) Net income. Data Sales, $25,000; Sales Discount, $600; Sales Returns and Allowances,
In a perpetual inventory system, what account would purchases be recorded in?
Ming Co. had the following balances on December 31, 202X:The accountant for Ming has asked you to make an adjustment because $430 of janitorial services has just been performed for customers who had
The Jefferson Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, (c) Weighted-average methods.
From the following, prepare depreciation schedules for the first 2 years for(a) Straight-line, (b) Units-of-production, (c) Double declining-balance at twice the straight-line rate.•
On January 1, 2021, a machine was installed at Shanice Factory at a cost of $58,000. Its estimated residual value at the end of its estimated life of 4 years is $22,000. The machine is expected to
On January 1, 2021, a machine was installed at Dunbar Factory at a cost of $53,000. Its estimated residual value at the end of its estimated life of 4 years is $20,000. The machine is expected to
On May 13, 2021, Cazares Company bought equipment for $4,080. Its estimated life is 4 years with a residual value of $240. Prepare depreciation schedules for 2021, 2022, and 2023 for (a)
On September 13, 2021, Cohan Company bought equipment for $6,000. Its estimated life is 4 years with a residual value of $288. Prepare depreciation schedules for 2021, 2022, and 2023 for (a)
Given a redemption value of $108 per share for the preferred stock, calculate the book value per share of preferred and common stock, assuming the following:a. No preferred dividends in arrearsb. Two
The cost of rent of $8,200 for Leung Company is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department:
From the following partial data, prepare an income statement showing departmental income before tax along with net income for Jasmine’s Corporation for the year ended December 31, 202X. Net Sales,
Sosa Co., whose accounting period ends on December 31, purchased a machine for $6,900 on January 1 with an estimated residual value of $760 and an estimated useful life of 5 years. Prepare
On November 10, 202X, a voucher for $1,020 for merchandise purchased on account from Gardner Company was prepared by Nogales Corporation. On November 14, Nogales decided to return the merchandise due
From the following partial data, prepare an income statement showing departmental income before tax along with net income for Jose’s Corporation for the year ended December 31, 202X. Net Sales,
Explain how gross profit is calculated.
Given the following, calculate net income: Net Sales Cost of Goods Sold Operating Expenses Income Tax Expense, 30% rate Dept. 1 Dept. 2 $39,000 $43,000 24,000 30,000 $16,400
Given the following, calculate net income: Net Sales Cost of Goods Sold Operating Expenses Income Tax Expense, 40% rate Dept. 1 $38,000 18,000 Dept. 2 $46,000 36,000 $21,150
Given the following, calculate net income: Net Sales Cost of Goods Sold Operating Expenses Income Tax Expense, 30% rate Dept. 1 $36,000 21,000 Dept. 2 $42,000 33,000 $16,500
Classify each of the following as raw material, direct labor, or overhead:a. Finishing material for an automobile manufacturerb. Labor of a person who paints automobiles for an automobile
What are the three major inventories of a manufacturing firm?
Journalize the following transactions:a. Storeroom issued raw materials costing $5,000.b. Direct labor of $4,300 was charged to production.c. Supplies costing $3,000 were issued by the storeroom.d.
From the following transactions, prepare the appropriate general journal entries for the month of May:a. Raw materials costing $77,000 were issued from the storeroom.b. Direct labor of $50,000 was
From the following transactions, prepare the appropriate general journal entries for the month of May:a. Raw materials costing $72,000 were issued from the storeroom.b. Direct labor of $60,000 was
What is the purpose of a bill of lading?
Royce’s Communication Sales Co. began operating in August. Royce’s does not offer discounts (all terms are net 30 days), and 8% PST and 5% GST are charged on all sales. Cost of inventory is
From the completed worksheet in Exercise 4-4B prepare the following:a. An income statement for December.b. A statement of owner’s equity for December.c. A balance sheet as of December 31, 2023.Data
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions:Required1. Refer to the income statement on page 42 of the report. Prepare the
Please refer to problem P6-3A. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022:Requireda. Enter the above transactions
Using the data from P6-4B, calculate the following:Data from P6-4B,Freja Nilsson opened Freja’s Cosmetic Market on December 1. Freja offers no sales discounts. The following transactions occurred
Using the data from P6-3A and P6-4A, calculate the following:Data from in P6.3AWilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina,
A month has elapsed since Precision Computer Centre’s year-end. Tony Freedman will use four specialized journals for recording business transactions in the month of September—you will find two in
Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art’s Clothing Company. Use the same headings as found in the text (page 319). All
From the following, calculate (a) Net sales. (b) Gross profit.(c) Net income.Data Sales, $22,000; Sales Discounts, $500; Sales Returns and Allowances, $250; Cost of Goods Sold, $13,200;
Using the information in CDE4, calculate:Data From in CDE4a. Gross profitb. Net income or net loss Cost of Goods Sold Gross Sales Sales Returns and Allowances Sales Discounts Operating
Please prepare ASAP from the following information (a) A worksheet along with.(b) Journalized adjusting entries.To: Matt KamimskFrom: Abbey EllenRe:
Please prepare from the following information for Eco Document Disposal Company, (1) A worksheet.(2) Journalized adjusting entries for the year ending May 31, 2022.To:
Using the following trial balance and adjustment data for Vivian’s Repair Co. of Windsor, prepare:1. A worksheet for October.2. An income statement for October, a statement of owner’s equity for
As the bookkeeper of Maritime Internet Access Service of Amherst, use the information that follows to prepare:1. A worksheet for August, the end of the first quarter in the current fiscal year.2. An
Tony has decided to end the Precision Computer Centre’s first year as of July 31, 2022. Below is an updated chart of accounts.Assignment1. Journalize the closing entries.2. Post the closing entries
From the following transactions as well as additional data, please complete the entire accounting cycle for Mike’s Plumbing of Prince Albert. 2022May1 To open the business, Mike Quinlan invested
As the bookkeeper for Potter Cleaning Service,a. From the trial balance columns of the worksheet on page 228, enter the beginning balance of each account before adjustments in your working papers.b.
As the bookkeeper of Pete’s Plowing of Fredericton, you have been asked to complete the entire accounting cycle for Pete from the following information:2021Jan.3 Pete invested $7,000 cash and
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions.Required1. Refer to page 34 of the 2017 Annual Report. Describe the company’s
Here is an opportunity to use the real-life tools available from the CRA to generate payroll data for a fictitious employee. This would be something you might use if you worked in the payroll
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions:Required1. Refer to page 78 of the 2017 Annual Report and review the data on wages
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions.Required1. Refer to the Annual report (page 78) and review the data on wages and
Calculate Pete’s net pay from question CDE2 below. Income tax is $247.25, and supplemental health insurance is $40.Data from in exercise CDE2.Pete Martin has cumulative earnings before this weekly
As the accountant of Reanne’s Natural Food Store of Cold Lake, (a) Journalize the following transactions in the purchases (page 10) or general journal (page 2).(b) Record and post as
From exercise E13-2A, journalize the receipt of a cheque from Ronald Co. for payment of invoice No. 147 on May 25, 2022, in the cash receipts journal.Data from in exercise E13-2A.Journalize, record,
Melanie’s Natural Food Store of Cold Lake uses a purchases journal (page 10) and a general journal (page 2) to record the following transactions:The food store has decided to use a separate column
Alanda Murray owns Alanda’s SCUBA Shop of Bathurst. (In the Excel templates in MyLab Accounting, balances as of April 1 are provided for the accounts receivable and general ledger accounts.) In
Journalize, record, and post when appropriate the following transactions into the sales journal (same headings as exercise E13-1B) and general journal (page 1). All sales terms are 2/10, n/30.Use the
Journalize, record, and post when appropriate the following transactions into the sales journal (same headings as exercise E13-1A) and general journal (page 1). All sales carry terms of 2/10,
John VanWyk owns VanWyk’s Tractor Shop in Bathurst. (In the Excel templates in MyLab Accounting, balances as of April 1 are provided for the accounts receivable and general ledger accounts.) In
Brittney Good opened Brittney’s Cosmetic Market in London, Ontario, on April 1. Brittney offers no sales discount, and 8% PST and 5% GST is charged on all cosmetic sales. The following transactions
Joan Myers, the newly hired bookkeeper of Lyon Company, has until 5 p.m. today to prepare an analysis on December 31, 2021, of accounts receivable by age as well as record the entry for bad debts
In September, the following transactions occurred for Malorie Equipment Supply of Regina. (The Excel templates in MyLab Accounting have balances as of September 1 for certain general ledger and
Laura’s Cosmetic Market of Brandon began operating in April. There is 8% PST and 5% GST on all cosmetic sales. Laura offers no discounts. The following transactions occurred in April:Requireda.
From exercise E13-2B, journalize the receipt of a cheque from Ronald Co. for payment of invoice No. 246 on May 24, 2022, in the cash receipts journal.Data from in exercise E13-2B.Journalize, record,
Kylie Henderson owns and operates Rarity Collectibles Shop in St. John’s. (In the Excel templates in MyLab Accounting, balances as of January 1 are provided for the accounts receivable and general
Kim Brown operates a wholesale computer centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances for Brown’s
What is a value-added tax?
On July 8, 2023, Aster Co. issued debit memorandum No. 1 for $400 to Reel Co. for merchandise returned from invoice No. 312, which originally included GST at 5%. Your task is to journalize, record,
As the new accountant for Monique’s Toy House in Halifax, your task is to:a. Journalize the transactions for the month of March.b. Record in subsidiary ledgers and post to the general ledger as
Abbey Joy owns Abbey’s Toy House in Halifax. As her newly hired accountant, your task is to:a. Journalize the transactions for the month of March.b. Record in subsidiary ledgers and post to the
From the following, prepare a schedule of accounts receivable for Blue Co. for May 31, 2021: Accounts Receivable Subsidiary Ledger Bon Co. 5/6 SJ1 105 Peke Co. 5/20 SJ1 63 21 5/27 CRJ1 Green Co. 5/8
Alex Yeoman Painting Co. of Yellowknife uses a purchases journal (page 21) and a general journal (page 32) to record the following transactions. The GST rate is 5%.The paint store has decided to keep
Kim Brown of Whitehorse has hired you as her bookkeeper to record the following transactions in the cash payments journal. She would like you to record and post as appropriate and supply her with a
From exercise E13-7A, prepare a schedule of accounts payable, and verify that the total of the schedule equals the amount in the controlling account.Data from in exercise E13-7A.Journalize, record,
On July 7, 2023, Aster Co. issued debit memorandum No. 3 for $250 to Reel Co. for merchandise returned from invoice No. 632, which originally included GST at 5%. Your task is to journalize, record,
From exercise E13-7B, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account.Data from in E13-7B.Journalize, record, and post
Sudbury Outdoor Wear sells a line of specialized clothing to customers in its local area. For the calendar year 2022, the company sold $325,000 worth of clothing including HST. HST in Ontario is 13%.

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