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Questions and Answers of College Accounting

The account balances taken from the general ledger and state- P.O. 7 ment of retained earnings for Raymor Sales, Inc., are as follows:a. Preferred 9 percent stock: 3,000 shares authorized, 2,400
Journalize transactions involving the issuance of bonds at a premium or discount.
Journalize adjusting entries for amortization of bond premiums and discounts and accrued interest payable.
Journalize entries pertaining to the establishment of a bond sinking fund, the receipt of income from sinking fund investments, and the eventual payment of the principal of the bonds.
Journalize transactions involving the redemption of bonds.
How is a bond premium reported on the balance sheet?
What is the difference between a debenture and an indenture?
What are two definite obligations a corporation incurs when it issues bonds?
What is a bond sinking fund, and what is its purpose?
If the market rate of interest is higher than the rate of interest stated in the bond agreement, will the bonds be sold at a premium or a discount? Why?
How is a bond sinking fund classified on a balance sheet?
Journalize the following transactions for Fog Corporation: P.0.1 July 10 Issued $800,000 of 8 percent, 20-year bonds at 102. Journalize issuance of bonds.Oct. 5 Issued $600,000 of 9 percent, 10-year
Journalize the year-end adjusting entry to amortize the premium resulting from the issuance on January 5 of $200,000 of 10-year bonds at 104.
Seng, Inc., issued $900,000 of 30-year, 9 percent bonds dated March 1. Interest is payable on March 1 and September 1. The fiscal year extends from January 1 through December 31. Journalize entries
On January 1, Moi, Inc., issued 7 percent, 20-year bonds with P.O. 1,2 a face value of $800,000 at 96. Journalize journalize bond issue and adjustinga. The issuance of the bonds entry.b. The
Link, Inc., has outstanding $650,000 of 10-year sinking fund bonds. At the end of the ninth year after it had issued the bonds, the balance of Link’s Sinking Fund Investments account is $598,600.
The Mirez Corporation has the following account balances:Bonds Payable, $1,300,000, Premium on Bonds Payable, $40,000. As a step in redeeming the bond issue, Mirez buys $130,000 worth of its bonds on
An abbreviated income statement for Marged Company for this fiscal year is as follows:An accountant discovers that the ending inventory is overstated by $5,800. What effect does this have on cost of
Condensed income statements for Saunders Company for two P.0.1 years are presented here.After the end of 19x7, it was discovered that an error had been made in 19x6.Ending inventory in 19x6 should
The records of Belknap Company show the following data as of January 31, the end of the fiscal year. Determine the value of the ending mer¬chandise inventory.a. Cost of goods on hand, based on
Environco Systems keeps perpetual inventories on energy-effi¬cient stoves, using the first-in, first-out method. Determine the cost of goods sold in each sale and the inventory balance after each
Mclean’s Mower Shop maintains an inventory of mower blades.Purchases of the blades during the year were as shown. (Round all computations to two decimal places.)The ending inventory, by physical
Delannoy Office Supplies has a July beginning inventory of model 77 desk lamps, consisting of 187 units at $87.50 each. Purchases and sales during July are as follows:Calculate the cost of the ending
Referring to Exercise 17-5, if the mower blades were sold during the year for $327 each, determine the gross profit using the weighted-averagecost; first-in, first-out; and last-in, first-out methods.
The Richter Company’s fiscal year is from January 1 through December 31. The following figures are available:a. Record the adjusting entries, assuming that the company uses the periodic inventory
Powell Chemical’s inventory of NC221 on January 1 of one year, had an inventory of 7,000 gallons, costing $.52 per gallon. In addition to this beginning inventory, Powell Chemical made the
Hoffman Stereo uses the periodic inventory system. Data for their inventories on January 1, the beginning of their fiscal year, as well as pur¬chases during the year and the inventory count at
The McNeil Company carried out the following transactions during the year:Instructions 1. Assuming that McNeil Company uses the perpetual inventory system, record the transactions in general journal
The Brown Company’s beginning inventory of C430 is 160 P.0.4 units at a cost of $88 each. Dates of purchases and sales for a three-month period are as follows:Brown Company maintains a perpetual
Baisch and Company, on January 1 of one year, had an inven¬tory of XN244 of 12,000 gallons, costing $.41 per gallon. In addition to this beginning inventory, purchases during the next six months
Crown Jewelers uses the periodic inventory system. Data per- P.O. 2b,c,d taining to the inventory on January 1, the beginning of the fiscal year, as well as purchases during the year and the
The Golden Company made the following transactions during the year:Instructions 1. Record the above transactions in general journal form, assuming that Golden Company uses the perpetual inventory
The Brady Company’s beginning inventory of C215 is 160 units at a cost of $44 each. Dates of purchases and sales for a three-month period are shown here.Brady Company maintain^ a perpetual
Define a promissory note and identify the two parties involved.
How do you determine the maturity date of a note?
What is the basic formula for the calculation of interest on a note? Explain each element.
What is the difference between a regular note and a discounted note?
Explain the difference between the principal value of a note and the maturity value of a note.
Explain the difference in the entry for a note discounted at a bank in which the note matures before the end of the fiscal period and one in which the note matures after the end of the fiscal period.
Explain the Discount on Notes Payable account. What is its classification?
Explain why it is necessary to make an adjusting entry for accrued interest on an interest-bearing note payable. Should the entry be reversed?
Part A: Determine the interest on the following notes:Part B: Determine the maturity dates on the following notes: Principal Interest Rate (percent) Number of Days 1. $12,200 11 36 days 2. 1,200 10
On April 3, B. M. Sibon gives a 60-day, 10 percent note, dated April 3, to Crosier Company, a creditor, in the amount of $6,430.a. What is the due date of the note?b. How much interest is to be paid
As a result of a loan from Plains State Bank, Akers Company signed a 120-day note, dated March 12, for $15,000 that the bank discounted at 8 percent. Write the entries for the maker in general
In arranging for a 90-day loan from a bank, Markey Company has the option of either (1) giving a $62,000, 10 percent interest-bearing note, dated November 3, that will be accepted at face value; or
Make entries in a notes payable register to document the follow¬ing events. Show the computation of the interest and due dates.Mar. 15 Gave a 30-day, 11 percent note, dated March 15, for $2,500, to
Gruner Supply Company completes the following transactions in November. Record them in general journal form.a. Purchased merchandise for $18,300 on November 3, giving a 30-day, 8 per¬cent note dated
On September 20, H. H. Hanson issued a 120-day, 10 percent note, dated September 20, to Swazey Construction, a creditor, for $9,600. Write the entries in general journal form to record the following
On December 5, B. M. Moore borrowed $6,400 from Cosley State Bank for 45 days, with a discount rate of 9 percent. Accordingly, B. M.Moore signed a note for $6,400, dated December 5. The end of Moores
The following were among the transactions of Tangas Appli¬ances during the year:Instructions Record these transactions in a general journal (page 36). Jan. 13 Bought merchandise on account from
The following were among the transactions of National Yarn Shop this year (January 1 through December 31):Instructions Record these transactions in a general journal (page 27).Instructions for
The following were among the transactions of Cliff Shop dur¬ing this year. The firm’s fiscal year ends on December 31.Instructions 1. Record these transactions in one of the following journals;
The following were among the transactions of Kingley Comthe year ended December 31:Instructions 1. Record these transactions in a general journal (page 26).2. Immediately after each journal entry,
The following were among the transactions of the Burdy Company:Instructions Record these transactions in the general journal (page 47).Check Figure April 28 Interest Expense, $47.50 Jan. 8 Bought
The following were among the transactions of Jesolyn Com¬pany this year (January 1 through December 31):Instructions Record these transactions in the general journal (page 36).Instructions for
The following were among the transactions of Kim’s Crafts during this year. Kim’s fiscal year ends on December 31.Instructions 1. Record these transactions in one of the following journals: cash
The following were among the transactions of Grace Company during the year ended December 31:Instructions 1. Record these transactions in a general journal (page 18).2. Immediately following each
Write the journal entries to record (a) receipt of a note from a charge cus¬tomer; (b) receipt of payment of an interest-bearing note at maturity; (c)receipt of a note as a result of granting a
Complete a notes receivable register.
Write journal entries to record the adjustment for accrued interest on notes receivable.
Explain why a business would sell its notes receivable to a bank or finance company.
When is it necessary to make an adjusting entry for accrued interest on an interest-bearing note receivable, and why? What is the adjusting entry? Should the adjusting entry be reversed?
On March 9, the T. L. Reid Company received a 90-day, 8 per¬cent note for $1,500, dated March 9, from D. Burris, a charge customer, to sat¬isfy his open account receivable.a. What is the due date
Given the data in Exercise 15-1, write entries in general journal form on the books of the T. L. Reid Company to record the following:a. Receipt of the note from Burris in settlement of his
Prepare entries in general journal form to record the following:May 5 Received a 2-month, 8 percent note from Pam Davis for a $250 per¬sonal loan.July 5 Received the total amount due from Davis.P.O.
On May 8, the Baginski Company received a 90-day, 10 percent P.O. 1d,f note for $7,500, dated May 8, for merchandise sold to the Burr Company. Bag¬inski endorsed the note in favor of its bank on May
Prepare entries in general journal form to record the following:June 12 Sold merchandise on account to K. M. Free; terms 2/10, n/30;$1,640.July 12 Received $380 in cash from K. M. Free and a 60-day,
The T accounts below show a series cerning a sale of merchandise on account and subsequent payment owed. Describe what happened in each transaction. Cash + (d) 1,090.02 (b) Sales Returns and
Write entries in general journal form to record the following transactions for the Van Company:Mar. 5 The Van Company received from Cabryna Stores a $14,000, 90-day, 9 percent note, dated March 5, as
Write entries in general journal form to record the following transactions for the Green Company, whose fiscal year ends on December 31: Dec. 31 3 The Green Company received from BRB Enterprises an
The Heeb Company carried out the following transactions this year;Instructions Record these transactions in the general journal (page 23).Check Figure Interest on Ryan Company note, $25.25 Jan. 16 26
Hayashikawa, Inc. carried out the following transactions this year:Instructions 1. Record these transactions in the general journal (page 11).2. Immediately after each journal entry, record each note
Here are some selected transactions carried out by Atwater Nursery this year.Instructions Record these transactions in one of the following journals: sales journal (page 37), cash receipts journal
Epler’s Printing Company completed the following transactions during the year ended December 31:Instructions 1. Record these transactions in the general journal (page 47).2. Show the calculation of
Following are selected transactions carried out by Bloomfield Company Instructions Record these transactions in the general journal (page 23). 22 Feb. 17 Jan. 12 Sold merchandise on account to J.
Here are some of the transactions carried out by Ailing Trading CompanyInstructions 1. Record these transactions in the general journal (page 11).2. Immediately after each journal entry, record each
Selected transactions of Lois’s Center carried out this year are P.0.1a,b,d,e,f as follows:Instructions Record these transactions in one of the following journals: a sales journal (page 37), a cash
Here are some selected transactions of Michael’s Grocery Sup¬ply carried out during the year ended December 31;Instructions 1. Record these transactions in the general journal (page 47).2. Show
Make the adjusting entry to record estimated bad debt losses by using the allowance method of handling bad debts, (a) Determine the amount of the adjusting entry by aging Accounts Receivable, (b)
Journalize the entries to write off accounts receivable as being uncollectible, using the allowance method of accounting for bad debt losses.
Journalize entries to reinstate accounts receivable previously written off, using the allowance method.
Journalize the entries to write off accounts receivable as being uncollectible, using the specific charge-off method.
Journalize entries to reinstate accounts receivable previously written off, using the specific charge-off method.
Explain what is meant by aging of Accounts Receivable.
Explain the nature of Allowance for Doubtful Accounts, how it comes into existence, and what happens to it.
When the allowance method of accounting for bad debts is used to determine the amount of the adjusting entry, explain the difference between using a per¬centage of Accounts Receivable and a
Suppose that the estimate of bad debts is based on the aging method and that Allowance for Doubtful Accounts has a debit balance. Explain how this sit¬uation is handled.
Why is the allowance method of handling bad debts considered more effective than the specific charge-off method? Is the specific charge-off method ever acceptable?
Assume that a customer’s account was previously written off as uncollectible and is paid at a later date. Under the allowance method, what journal entries are made on the seller’s books? What
Describe the specific accounts used by a merchandising firm.
Record transactions in sales journals.
Post from sales journals to an accounts receivable ledger and a general ledger.
Prepare a schedule of accounts receivable.
Record, and post to the ledger accounts, sales returns and allowances, includ¬ing credit memorandums and returns involving sales tax.
Locate errors.
Post directly from sales invoices to an accounts receivable ledger and jour¬nalize and post a summarizing entry in the general journal.
What information typically appears on a sales invoice?
Describe the posting procedure for totaling and ruling the sales journal
What is the purpose of a schedule of accounts receivable?
Describe the procedure for posting from the sales journal to the accounts receivable ledger.

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