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Questions and Answers of College Accounting

From the following transactions for Leslie Company for the month of July, (a) Prepare journal entries (assume that it is page 1 of the journal), (b) post journal entries to the ledger (use a
Post the journal entries in Figure 3.34 to the ledger of Kilian Company. The partial ledger of Kilian Company is Cash, 111; Equipment, 121; Accounts Payable, 211; and A. Kilian, Capital, 311. Please
On June 1, 201X, a telephone expense for $175 was debited to Repair Expense. On June 10, 201X, this error was found. Prepare the corrected journal entry. When would a correcting entry not be needed?
Mandy Peters, the lead accountant of Ross Co., would like to buy a new general ledger software program. She couldn’t do it because all funds were frozen for the rest of the fiscal period. Mandy
Discuss the concept of cross-referencing.
With computers today, ledgers are not needed in today’s accounting system. Agree or disagree and defend your position.
Not all businesses have or need an accounting cycle. Agree or disagree and defend your position.
The chart of accounts of Avery?s Delivery Service is as follows: Avery?s Delivery Service completed the following transactions during the month of October: 1. Audrey Avery invested $33,000 in the
From the following T accounts of Brent?s Cleaning Service, (a) Foot and determine the ending balances, and (b) Prepare a trial balance in proper form for July 31, 201X. Cash 111 Accounts Receivable
Brad Piascik opened a consulting company, and the following transactions resulted. 1. Brad invested $33,000 in the consulting agency. 2. Bought office equipment on account, $2,500. 3. Agency received
The following transactions occurred in the opening and operation of Blaine Delivery Service.A. Blaine Orwell opened the delivery service by investing $50,000 from his personal savings account.B.
From the following T accounts of Brian?s Cleaning Service, (a) Foot and determine ending balances, (b) Prepare a trial balance in proper form for October 201X. Cash 111 Accounts Payable 211 Cleaning
Bud Peters opened a consulting company, and the following transactions resulted: 1. Bud invested $34,000 in the consulting agency. 2. Bought office equipment on account, $1,000. 3. Agency received
Record the following transaction in the transaction analysis chart:Selma Pallermo bought a new piece of computer equipment for $28,000, paying $8,000 down and charging the rest.
Record the following transaction in the transaction analysis chart: Provided design fees for $3,500, receiving $600 cash with the remainder to be paid next month. Accounts Rules of Affected Category
Complete the following: Account Category Normal Balance A. Salaries Payable B. Taxable Fees Earned C. Accounts Receivable D. Sam Slater, Capital E. Sam Slater, Withdrawals F. Prepaid Advertising G.
From the following, foot and balance each account. Cash 110 C. Rice, Capital 311 6/24 8,000 500 6/26 11,000 6/1 6/28 12,000 6,000 6/8 1,000 6/22
Joshua Rangel, the bookkeeper of Logan Co., was scheduled to leave on a 3-week vacation at 5:00 on Friday. He couldn’t get the company’s trial balance to balance. At 4:30, he decided to put in
Jim Trickett, a retired army officer, opened Trickett’s Catering Service. As his accountant, analyze the transactions listed and present them in proper form.1. The analysis of the transactions by
At the end of April, Rich Fannier decided to open his own computer service. Analyze the following transactions he completed by recording their effects into the expanded accounting equation. Keep a
Madeline Abdul decided to open Madeline’s Nail Spa. Madeline completed the following transactions:1. Invested $17,000 cash from her personal bank account into the business.2. Bought store equipment
Joe Truman, a retired army officer, opened Truman?s Catering Service. As his accountant, analyze the transactions listed next and present them in proper form. 1. The analysis of the transactions by
Jackie Wengler, owner of Wengler Home Decorating Service, has requested that you prepare from the following balances (a) An income statement for June 201X, (b) A statement of owner?s equity for
At the end of June, Rob Falco decided to open his own computer service. Analyze the following transactions he completed by recording their effects in the expanded accounting equation.a. Invested
Bob Simon is the accountant for Simon?s Internet Service. From the following information, his task is to construct a balance sheet as of November 30, 201X, in proper form. Could you help him?
Melody Abington decided to open Melody’s Nail Spa. Melody completed the following transactions:1. Invested $19,000 cash from her personal bank account into the business.2. Bought store equipment
From the following account balances, prepare in proper form for November (a) An income statement, (b) A statement of owner?s equity, (c) A balance sheet for Fairmont Realty. Cash $4,500 S.
From the following, prepare a balance sheet for Rauscher Co. Cleaners at the end of November 201X: Cash, $65,000; Equipment, $10,000; Accounts Payable, $29,000; B. Rauscher, Capital.
Record the following transactions in the basic accounting equation. Treat each one separately.Assets = Liabilities + Owner’s Equitya. Melody invests $128,000 in company.b. Bought equipment for
Complete the following table: Assets Liabilities Owner's Equity %3D а. $19,000 ? + $13,000 b. $ 4,000 $96,000 C. $45,000 $10,000
From the following account balances, prepare in proper form for June (a) An income statement, (b) A statement of owner?s equity, (c) A balance sheet for Freeman Realty. Cash $5,200 S. Freeman,
From the following, prepare a balance sheet for Rabbitt Co. Cleaners at the end of September 201X: Cash, $67,000; Equipment, $7,000; Accounts Payable, $13,000; B. Rabbitt, Capital.
Record the following transactions in the basic accounting equation. Treat each one separately.Assets = Liabilities + Owner’s Equity1. Morgan invests $124,000 in company.2. Bought equipment for
Complete the following table: Assets Liabilities + Owner's Equity а. $17,500 ? + $11,500 b. ? $5,000 + $60,000 C. $15,000 $12,000 +
Ratios are an important part of financial analysis. Divide into groups of two or three. Each person should choose one year from the Home Depot 2015 Annual Report in Appendix A. Calculate the current
The trial balance worksheet is an organizational tool to view the accruals and deferrals on one piece of paper. Use your search engine to search for Trial Balance Worksheet Templates. Download
Choose the website of a corporation. You can find most corporate websites by typing the corporation’s name after www.,then.com. Find the 10K or annual report. Locate the income statement, balance
A corporation must disclose in the annual report how inventory is valued and costed. Go to the Balance Sheet of five retail stores, such as The Home Depot (www.homedepot.com), American Eagle
Go to the websites of three corporations. At the corporations’ home pages, find the investor’s relations (see Customer Service and corporate link). What is the par value of the shares of stock?
From the websites of several corporations that pay dividends, find the ratio between the earnings per share and the dividends paid per share. How much of the earnings does each corporation return to
Go to the IRS website and search for examples of actual employment tax fraud investigations. Instructions Select one of the examples and answer the following questions. a. Who are the
For this exercise, please assume a province that has three rates for worker’s compensation: General Office Workers, $1.85 per $100; Sales Staff, $2.45 per $100; Management Personnel, $1.25 per
The Candy Co. of Lethbridge pays its workers twice each month. Data for the two pay periods on June, are shown below:Union dues must be remitted to the union treasurer by the 15th of the following
Selected account balances for Hulse Company at January 1, 2022, are presented below.Accounts Payable ................... $14,000Accounts Receivable .............. 22,000Cash
Tresh Products uses both special journals and a general journal as described in this chapter. Tresh also posts customers? accounts in the accounts receivable subsidiary ledger. The postings for the
R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2022.May 1 R. Santiago invested $40,000 cash in the business.2 Sold merchandise to Lawrie
Identify the special journal(s) in which the following column headings appear.a. Accounts Payable Dr.b. Cash Cr. c. Inventory Cr.d. Inventory Dr., Accounts Payable Cr.
Gomes Company uses special journals and a general journal. The following transactions occurred during September 2022.Sept. 2 Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30.
Selected accounts from the ledgers of Youngblood Company at July 31 showed the following. InstructionsFrom the data prepare:a. The single-column purchases journal for July.b. The general journal
Chen Company uses a two-column sales journal and a six-column cash receipts journal. For each of the following transactions, indicate (a) the journal, and (b) the columns in the journal that should
Kieschnick Company has a balance in its Accounts Receivable control account of $10,000 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,000; Cuddyer
Selected transactions for Tom’s Tutoring Company are listed below. Describe the effect of each transaction on assets, liabilities, and owner’s equity. For example, the first answer is (a)
Transactions made by Ingler and Co., a consulting fi rm, for the month of March are shown below.1. The company performed $35,000 of services for customers, on credit.2. The company received $15,000
The Starr Theater, owned by Meg Vargo, began operations March 1. The Starr will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Starr
The following trial balance of Avtar Sandhu Co. 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
Companies that provide payroll services for employers are called reporting agents. The National Payroll Reporting Consortium (NPRC) is a national association of which reporting agents are members. Go
At Dantzler Manufacturing, the estimated gross payroll total for all employees this year is $870,000. The job classifi cations and their estimated payroll are as follows: administrative staff
Assume the following data for Surf & Sno Adventures for the quarter ended December 31. Number of employees at the beginning of the year: 8 Number of employees for fourth quarter:
For the year ended December 31, 2022, Denkinger Electrical Repair Company reports the following summary payroll data.? Denkinger Company?s payroll taxes are Social Security tax 6.2% (on salaries and
Reza’s Rentals provides workers’ compensation insurance for its employees. The estimated premium for this year is $7,200. The actual premium determined at the end of the year is
Assume the following data for Nest Home Appliance Repair for the payroll quarter ended March 31. Gross earnings..............................$300,500.00 Employee FICA
Assume the following data for Quality Care Dry Cleaning for the year ended December 31. Gross earnings $355,600.00 All employees’ salaries are greater than $7,000 in the fi rst quarter of
At Terry’s Totally Tapas restaurant, the estimated gross payroll total for all employees this year is $675,000. The job classifications and their estimated payroll are as follows: office staff
Assume the following data for Heart Tattoo Parlor for the quarter ended September 30. Number of employees for third quarter: 7 Gross earnings $64,542.00 Employee FICA taxes
In January, the payroll supervisor determines that gross earnings for Halo Company are $70,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal
Riley’s Potomac River Tours provides workers’ compensation insurance for its employees. The estimated gross payroll total for all employees this year is $426,000. The premium rate is 0.23%.
Wages paid for the second quarter for Wang Law Firm were $56,792.00. All wages were subject to FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and
The following journal entry for payroll taxes has been recorded by Shania for her hair salon business. Assume federal income tax is $3,190 and state income tax is $278. Prepare the journal entry to
Jose started a consulting firm last year and needs to hire one employee due to growth in the business. He is confused about all the tax forms he must complete once he starts paying payroll. For each
In January, the payroll supervisor determines that gross earnings for Carlyle Company are $120,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social
Siska Law firm has paid $56,835.00 in salaries for the first quarter. Ms. Siska has computed the payroll taxes that must be paid as follows: FICA $4,347.88, FUTA $341.01, and SUTA $3,069.09. Prepare
Joan’s Pet Sitting Service hired three part-time employees to keep up with business. Joan estimated the wages would be $8,000 per employee. Joan was concerned about how much payroll taxes would
In January, gross earnings in Lugo Company totaled $80,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and
Who pays for workers’ compensation insurance? At what point in the year are the premiums usually paid?
Prepare the journal entry companies make to record the payment of payroll taxes. (Use X for dollar amounts.)
How frequently do companies pay federal unemployment tax?
Which tax forms are remitted by employers to the IRS annually? Quarterly?
a. Identify the three types of employer payroll taxes. b. How are payroll tax expense accounts reported in the financial statements?
The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost using a periodic inventory system. The company requests your
Hendrix Entertainment Center has 5 TVs on hand at the balance sheet date that cost $400 each. The net realizable value is $380 per unit. Under the lower-of-cost-or-net realizable value basis of
Kyle Adams is studying for the next accounting mid-term examination. What should Kyle know about(a) Departing from the cost basis of accounting for inventories and(b) The meaning of “net realizable
Shereen Company reported the following information for November and December 2022. Shereen?s ending inventory at December 31 was destroyed in a fire. Instructions a. Compute the gross profit rate
Smart Technologies reported the following income statement data for a 2-year period. Smart uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct.
The following is a record of Skolnick Company?s transactions for the month of May 2022. Compute the cost of ending inventory under the moving-average method. (Round unit cost to three decimal
Dempsey Inc. is a retailer operating in Florida. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not
Elliott?s Hardware reported cost of goods sold as follows. Elliott?s made two errors: (1) 2022 ending inventory was overstated $3,000, and (2) 2023 ending inventory was understated
The following is a record of Skolnick Company?s transactions for the month of May 2022. Compute the ending inventory under the perpetual system using (a) FIFO (b) LIFO. May 1Ю 20 Sale 300 units @
Rayre Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2022. At December 31, Rayre
Bao Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following gross profit data for November and December. Bao is fully insured for fire losses
Larkin Company reports net income of $90,000 in 2022. However, ending inventory was understated $7,000. What is the correct net income for 2022? What effect, if any, will this error have on total
The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost fl ow methods. For 2022, the accounting records provide the following
Sports Locker, a sporting goods store, accumulates the following cost and net realizable value data at December 31. Compute the lower-of-cost-or-net realizable value for the company?s total
What are the inventory classification for merchandising companies? What are the inventory categories typically used by manufacturing companies?
You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2022. Koetteritz uses the periodic method for inventory. Instructions a. Calculate (i) ending
The following information was developed for Richt Department Store: (a) If Richt Department Store estimates inventory by using the retail inventory method, what is the estimated cost of ending
You are the accountant of Small Toys Company. Pamela Bames, the president, recently mentioned to you that she found an error in the 2022 financial statements which she believes has corrected itself.
On April 10, 2022, fire damaged the office and warehouse of Corvet Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2022:
What is the basic difference between a manufacturer and a merchandiser with regards to inventory?
On December 1, 2022, Annalise Company had the following account balances. The following transactions occurred during December. Dec. 3 Purchased 4,000 units of inventory on account at a cost of
Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2022, the company’s year-end. The following transactions occurred, and the accountant asked your help in

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