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Questions and Answers of College Accounting

The general ledger of Hensley Company contained the following Accounts Payable control account for the month of February. Also shown are the related subsidiary ledger balances at the end of
Presented below is the subsidiary accounts receivable account of Jill Longley. InstructionsWrite a memo to Sara Fogelman, chief financial officer, that explains each transaction. Accounts
Indicate whether the following statements are true or false. If false, indicate how to correct the statement.1. A computerized accounting system must be customized to meet a company’s needs.2.
Presented below is information related to Harrison Co. InstructionsPrepare the necessary closing entries. Insurance Expense Rent Expense Ending inventory actually on hand Cost of Goods Sold
Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $40,000, Inventory $20,000, Operating Expenses $22,000, Sales Revenue $110,000, Sales Discounts $1,500, and Sales
What merchandising account(s) will have a balance after closing entries have been posted?
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and
Financial information is presented below for three different companies. InstructionsDetermine the missing amounts. Hardy Yee Wang Cosmetics Wholesalers Grocery $ (e) 5,000 95,000 (f) 38,000 (g)
Presented below is financial information for two different companies. Instructionsa. Determine the missing amounts.b. Determine the gross profit rates. (Round to one decimal place.) Winter Company
Identify the distinguishing features of a multiple-step income statement for a merchandising company.
In 2022, Laquen Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Laquen prepares a multiple-step income
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and
The trial balance columns of the worksheet for Dixon Company at June 30, 2022, are as follows. Other data:1. A physical count reveals $500 of inventory on hand.2. $100 of the unearned sales revenue
Andres Hermano owns College Depot. Students from the nearby college like to shop there for items they can use on campus such as backpacks and school supplies. College Depot has a December 31
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, 2022, the end of the company?s fiscal year. Adjustment data:1. Customers used gift cards to purchase
Presented below is information related to Hoerl Co. for the month of January 2022.Ending inventory per perpetual records .................................. $ 21,600Ending inventory actually on hand
Presented below is information for Device Depot for 2022. Prepare a single-step income statement, a multiple-step income statement, and compute the gross profit rate. (Round to two decimal places.)
Ball Mart sells gift cards to customers. At the beginning of the year, the balance in the Unearned Sales Revenue account was $9,000. During the year, customers purchased $5,000 in gift cards and used
Three years ago, Amy Hessler and her brother-in-law Jacob Seeling opened Family Department Store. For the first two years, business was good, but the following condensed income statement results for
Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000 and Inventory $15,000. A physical count of inventory determines that merchandise inventory on hand is
Colorful Clothing is a retailer in Atlanta, Georgia. The company sells gift cards and records the cash received in the Unearned Sales Revenue account. Presented below is the unadjusted trial balance
Presented below are transactions related to Lofl in Company.1. On December 3, Lofl in Company sold $600,000 of merchandise to Honor Co., terms 2/10, n/30, FOB destination. Lofl in paid $500 for
On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB shipping point, terms 2/10, n/30. The merchandise purchased by Diaz on June 10 cost Taylor $4,800. Diaz pays the freight
Nixa Office Supply uses a perpetual inventory system. On September 12, Nixa sold 26 calculators costing $23 for $31 each to Sura Bookstore, terms n/30. During the remainder of September, the
Why do retailers permit returns from their customers?
On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $350,000. Humphrey paid $900 for freight
Describe the advantages to the retailer for permitting customers to pay using credit cards.
Renner Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Renner showed Cash of $5,000, Inventory of $6,900, and Owner’s
Skyler’s friend Justice works at a Sam’s Sporting Goods. Justice is a manager and has the authority to approve returns and allowances. Justice tells Skyler to purchase a pair of his favorite
On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB destination, terms 2/10, n/30. The merchandise purchased by Diaz on June 10 cost Taylor $4,800. Taylor pays the freight
On October 5, Wang Company sells merchandise to Davis Company for $4,800, terms 2/10, n/30. The cost of the merchandise sold is $3,100. On October 7, Davis Company returns defective goods with a
On July 4, Spangler’s Restaurant accepts a Visa card for a $150 dinner bill. Visa charges a 4% service fee. Prepare the entry on Spangler’s books related to this transaction. Omit explanations.
Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased
Nixa Office Supply uses a perpetual inventory system. On September 12, Nixa Office Supply sold 26 calculators costing $23 for $31 each to Sura Book Store, terms n/30. InstructionsJournalize the
On October 5, Wang Company sells merchandise to Davis Company for $4,800, terms 1/10, n/30. The cost of the merchandise sold is $3,100. Wang paid the freight charges of $200. Record the transactions
On May 3, Dinh Company sold $500,000 of merchandise to Thao Company, terms 2/10, n/30. The cost of the merchandise sold was $325,000. Prepare the journal entry to record this transaction on Dinh
On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Damaged goods totaling $300 are
Information related to Kerberos Co. is presented below 1. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 2. On April
Record journal entries for the following transactions for Captain Harry Outfitters. 1. Captain Harry Outfitters returned 3 damaged tents for $300 to Camp Supplies, Inc. The purchase was on
Information related to Kerberos Co. is presented below 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid
Record journal entries for the following transactions for Captain Harry Outfitters. 1. Captain Harry Outfitters purchased 100 tents for $10,000 on account. 2. Captain Harry Outfitters
Mr. Etihad has prepared the following list of statements about service companies and merchandisers. 1. Measuring net income for a merchandiser is conceptually the same as for a service
Match the following words to their definitions: a. Perpetual inventory system. b. Periodic inventory system. c. Gross profit. d. Sales revenue.1. The primary source of revenue in
Jackie wants to start a business selling skateboards. She doesn’t have a lot of money to purchase much other than the skateboards themselves. She doesn’t plan to rent a building or even an offi
Renner Hardware Store completed the following merchandising transactions in the month of May. May 1 Purchased merchandise on account from Braun’s Wholesale Supply $4,200, terms 2/10,
Identify, in the sequence in which they are prepared, the three trial balances that are often used to prove the equality of the account balances.
What is shown on an adjusted trial balance?
One part of the adjusting entry is given below. Indicate the account title for the other part of the entry.a. Salaries and Wages Expense is debited.b. Depreciation Expense is debited.c. Supplies is
On December 31, employees have earned $5,000 but payday is not until January 9. Record the adjusting entry at December 31.
The adjusted trial balance for Turnquist Company is provided. InstructionsPrepare the income and owner?s equity statements for the year and the balance sheet at August 31. Turnquist Company
A partial adjusted trial balance of Frangesch Company at January 31, 2022, shows the following. InstructionsAnswer the following questions, assuming the year begins January 1.a. If the amount in
The income statement of Montee Co. for the month of July shows net income of$1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense
The adjusted trial balance of Wilder Company at December 31, 2022, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $39,000, Salaries and Wages
The adjusted trial balance of Wilder Company at December 31, 2022, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $39,000, Salaries and Wages
Meghan Lindh, D.D.S., opened a dental practice on January 1. During the first month of operations, the following transactions occurred.1. Purchased dental equipment on January 1 for $80,000. The
The ledger of Passehl Rental Agency on March 31 of the current year includes thefollowing selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the
Have you ever babysat children? When did you get paid? You probably went to the family’s house, watched the children, and were paid when the parents returned home. Businesses, however, do not pay
On November 1, 2022, the account balances of Hamm Equipment Repair were asfollows. During November, the following summary transactions were completed.Nov. 2 Paid $700 for salaries due employees.10
On July 1, Major Co. pays $15,120 to Cruz Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Major Co., journalize and post the entry on July 1
Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Russell’s chemical pesticides. In the coming
Macy?s Motel opened for business on May 1, 2022. 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 for
In reviewing the accounts of Kelli Taylor Co. at the end of the year, you discover that adjusting entries have not been made.InstructionsWrite a memo to Kelli Taylor, the owner of Kelli Taylor Co.,
Yang Co. was organized on April 1. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. a. Determine the net income for the quarter
The ledger of Jahnke Inc. on March 31 includes the following selected accounts before adjusting entries. An analysis of the accounts shows the following.1. Insurance expires at the rate of $300 per
?Happy Camper Park was organized on April 1, 2021, by Erica Hatt. Erica is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Erica prepared the
A review of the ledger of Remina Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $10,340. The company has
Several timing concepts are discussed in this chapter. A list of concepts is provided below in the left column, with a description of the concept in the right column. Match each concept to the
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2022.The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of
The ledger of Althukair Company includes the following accounts. Explain why each account may require adjustment.a. Supplies.b. Prepaid Insurance. c. Depreciation Expense.d. Salaries and Wages
Nelson Company provides the following information for the month ended October 31, 2022: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and allowances $11,000.
Describe strong internal control policies related to cash receipts and cash payments.
Jessica Mahan is the new owner of Penny Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Jessica the purposes of internal control over
Listed below are three procedures followed by Gary’s Sporting Goods, owned by Gary Stanten. Indicate whether each procedure is an example of a strong internal control or a weak internal
On May 31, 2022, Reber Company had a cash balance per books of $6,781.50. The bank statement from New York State Bank on that date showed a balance of $6,404.60. A comparison of the statement with
On December 1, 2022, Fullerton Company had the following account balances. During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in
Indicate whether each of the following statements is true or false. If false, indicate how to correct the statement. a. Only deposits can be made at an ATM. b. The routing number is a
The bank portion of the bank reconciliation for Langer Company at November 30, 2022, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The
Describe the various transactions that may be completed using an ATM.
Match the following banking terms with the correct definition 1. Automated teller machine (ATM). 2. Bank statement. 3. Canceled check. 4. Check. 5. Credit memorandum. 6.
On April 30, the bank reconciliation of Westbrook Company shows three outstanding checks: No. 254, $650; No. 255, $620; and No. 257, $410. The May bank statement and the May cash payments journal
Rodriguez Company maintains a checking account at Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Analysis of the bank data reveals that the
As a new staff accountant for the CPA firm of Eaton, Quayle, and Hale, you have been assigned to review the internal controls over mail cash receipts of Pritchard Company. Your review reveals the
FUTA stands for Federal Unemployment Tax Act; and SUTA stands for State Unemployment Tax Act.
Which payroll tax is required to be paid by both employers and employees?
You are the bookkeeper in charge of general ledger accounting at Linbarger Bottling Company. Your company has a large loan from an insurance company. The loan agreement requires that the company’s
Describe the three types of endorsements made on checks.
Chase Company, an auto repair shop, established a $200 change fund on March 1. On March 2, the cash on hand at the end of the day was $856.75. Prepare the necessary journal entries for March 1 and
Is using a debit card the same as using a check? Explain.
How can businesses incorporate strong internal controls related to banking?
On March 20, Dody’s petty cash fund of $100 is replenished when the fund contains $12 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to
What are the five steps involved in finding differences between the balance per books and balance per bank?
Heather Kemp asks your help concerning an NSF check. Explain to Heather (a) What an NSF check is, (b) How it is treated in a bank reconciliation, (c) Whether it will require a journal
Describe a change fund. What are the three activities for a change fund?
What is the difference between gross pay and net pay? Which amount should a company record as wages and salaries expense?
Mann Hardware has four employees who are paid on an hourly basis plus timeand-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 are presented
What does FICA stand for?
Given the following data from the payroll register of Johnson Construction, prepare the journal entry to record payroll for the week ending May 20. Then, prepare the journal entry to pay payroll on
Mayberry Company has a fringe benefit plan for its employees. It grants employees 2 days’ vacation for each month worked. Ten employees worked the entire month of March at an average daily wage of
Podsednik Corporation has 20 employees who each earn $140 a day. The following information is available. 1. At December 31, Podsednik recorded vacation benefits. Each employee earned 5 vacation

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