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Questions and Answers of College Accounting

Prepare a classified balance sheet for any type of business.
Compute working capital and current ratio.
Journalize the closing entries for a merchandising firm.
Determine which adjusting entries should be reversed, and journalize the reversing entries.
What is the order for listing accounts balance sheet?in the Current Assets section of the
What are the basic classifications found on an income statement for a mer¬chandising business?
In the closing procedure, what happens to (a) Purchases Discount, (b) Sales Returns and Allowances, (c) Ereight In, (d) Gain on Disposal of Plant and Equipment?
What is the rule for recognizing whether or not an adjusting entry should be reversed?
Calculate the missing items in the following: P-0.1 Sales a. $248,000 b. 304,000 c. - Sales Returns Beginning and Allowances Net Merchandise Sales Inventory Net Purchases Goods Available for Sale
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discount Merchandise Inventory, December 31 Purchases Merchandise Inventory, January 1
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI),
The Income Statement columns of the June 30 (year-end) work P.O. 1 sheet for the Baki Company are shown here. Erom the information given, prepare an income statement for the company. To save time and
Identify each of the following items relating to sections of a bal¬ P.O. 2 ance sheet dated 19x5 as Current Assets (CA), Plant and Equipment (PE), Cur¬rent Liabilities (CL), Long-Term Liabilities
On December 31, 19x5, the following selected accounts and amounts appeared in the balance sheet. Determine the amount of the working capital and the current ratio. Building Prepaid Insurance
From the following T accounts, journalize the closing entries dated December 31: Salary Expense H. Beal, Drawing 68,000 - Purchases + 236,800 Sales Returns and Allowances + 8,000 - Income Summary
From the following information, journalize the last two closing P.0.4 entries, and present a statement of owner’s equity for Reece Company: T. H. Reece, Capital Income Summary + Dec. 31 Adj.
A partial work sheet for Pope Music Store is presented here.The merchandise inventory at the beginning of the fiscal period was $49,584.R L. Pope, the owner, withdrew $32,000 during the
Here is the partial work sheet for Olsen Mountain ShopInstructions 1. Prepare a statement of owner’s equity (no additional investment).2. Prepare a balance sheet.3. Determine the amount of the
The following partial work sheet covers the affairs of Komo and Company for the year ending June 30:Instructions Check Figure . . Reversing entry amount, $852 1. Journalize the seven adjusting
The following accounts appear in the ledger of The Shirer P.0.1,2,4,5 Company on January 31, the end of this fiscal year:The data needed for adjustments on January 31 are as follows;a-b. Merchandise
A partial work sheet for The Town Shop is presented here. The merchandise inventory at the beginning of the year was $53,200. C. A. Flagel, the owner, withdrew $26,500 during the year.Instructions 1.
Here is the partial work sheet for Westhaven Stereo.Instructions 1. Prepare a statement of owner’s equity (no additional investment).2. Prepare a balance sheet. '3. Determine the amount of the
The following partial work sheet covers the affairs of Breski P.0.4,5 and Company for the year ended June 30;Instructions Check Figure Reversing entry amount, $1,240 1. Journalize the seven adjusting
The following accounts appear in the ledger of Clark and Com¬pany as of June 30, the end of this fiscal year:The data needed for the adjustments on June 30 are as follows:a-b. Merchandise inventory,
An actual count of a stock of goods is called a(n) JSll—1£
Under the syiterh, entries to record the purchase of merchan¬dise are recorded in the Merchandise Inventory account.
Unearned revenue is classified as a(n) _—-.
Under the periodic inventory system, the first adjustrrient is to debitfor the amount of the beginning inventory.
Under the perpetual inventory system, after recording the sale of the goods the accountant debits the-account and creditsi
An increase in Rent Expense results in a(n) ^ to net income.
Gross Profit is calculated by subtracting-from Net Sales.
Current Assets minus Current Liabilities equals
Gross Profit minus Total Operating Expenses equals
Net Purchases plus_equals Delivered Cost of Purchases
The second adjustment for Merchandise Inventory under the periodic inventory system is to debit Cost of Goods Sold and credit Merchandise Inventory.
Unearned Rental Income is classified as a revenue.
The perpetual inventory system requires that each sale of goods has two entries: one to reduce inventory and affix the cost of the goods sold and one to record the sale.
The periodic inventory system requires two adjusting entries:one to remove the old inventory amount and one to enter the latest inventory amount.
The adjustment to unearned revenue allows the correct amount of liability and revenue to be applied to each fiscal period involved.
Freight In is classified in the Operating Expenses section of an income statement.
Under the perpetual inventory system, the cost of goods sold is calculated by subtracting ending inventory from goods available for sale.
Reversing entries are optional and only some adjusting entries are reversed.
Delivery Expense is added to net purchases to arrive at delivered cost of purchases.
Purchases Returns and Allowances increases Income from Operations.
Define a promissory note.
Calculate the interest on promissory notes.
Determine the due dates of promissory notes.
Make journal entries for (a) notes given to secure an extension of time on an open account; (b) payment of an interest-bearing note at maturity; (c) notes given in exchange for merchandise or other
Complete a notes payable register.
Make journal entries for (a) adjustment for accrued interest on notes payable;(b) adjustment for Discount on Notes Payable; and (c) conversion of Discount on Notes Payable to Interest Expense.
Arrange the following steps in the accounting cycle in proper P.0.1 sequence.a. Prepare a trial balance on the first two columns of the work sheet. Steps in the accounting cycle.b. Post journal
As of December 31, the end of the current year, the ledger of El- P.O. 2 liott Company contained the following account balances:All the accounts have normal balances. Journalize the closing entries.
Record the adjusting and closing journal entries that support the P.O. 2 amounts recorded in T accounts. Prepaid Insurance 960 (c) 160 480 C. Major, Drawing 600 Insurance Expense 600 (c) 480 480
The Income Statement columns of the work sheet of G. J. Hanson P.O. 2 Company for the fiscal year ended June 30 appear below. During the year, G. J.Hanson withdrew $52,000. Journalize the closing
Classify the accounts listed below as real (permanent) or nominal(temporary), and indicate whether or not each account is closed. Also, indicate the financial statement in which each account will
After all revenue and expenses have been closed at the end of the P.O. 2 fiscal period ended December 31, Income Summary has a debit of $76,000 and a credit of $72,000. On the same date, O. C.
Indicate whether each of the following would appear on the income statement, the statement of owner’s equity, or the balance sheet. The first item is provided as an example. Item 0. Example: The
Selected T accounts for R. E. Hall Company are as follows:Prepare a statement of owner’s equity. Income Summary R. E. Hall, Drawing Dec. 31 Dec. 31 111,000 Dec. 31 152,000 Mar. 16 5,000 Dec. 31
After the bookkeeper posted the adjusting entries for F. L. Fagan, Architect, the ledger contained the following account balances on April 30:Income Summary has a zero balance, because the account
On page 178 is the partial work sheet for C^ski Veterinary Ser¬vice for the fiscal year ending December 31 of this year:Instructions Journalize the closing entries with the four steps in the proper
The completed work sheet for Manfred Employment Agency is P.0.1,2,3 presented in the Working Papers.Instructions 1. Record beginning balances in the ledger. Complete the account names for cap¬ital,
The account balances of Wyreski Landscape Service as of Octo¬ber 31, the end of the current fiscal year, are as follows:Data for the adjustments;a. Accrued wages, $174.b. Inventory of supplies,
After the adjusting entries have been posted for C. P. Stacy, Con- P.O. 2 suiting Engineer, the ledger contained the following account balances on June 30:Income Summary has a zero balance. because
Following is the partial work sheet for Garvey Upholstery for P.O. 2 the fiscal year ending December 31 of this year:Instructions Journalize the closing entries with the four steps in the proper
The completed work sheet for Gable Insurance Agency is pre- P.O. 1,2,3 sented in the Working Papers.Instructions 1. Record beginning balances in the ledger. Complete the account names for cap¬ital,
The account balances of Jacobi Window-Washing Service as of December 31, the end of the fiscal year, are as follows:Data for the adjustments:a. Accrued wages, $192.b. Inventory of cleaning supplies,
The net income appears on all of the following statements excepta. the statement of owner’s equity.b. the balance sheet.c. the income statement.d. All of the abovee. None of the above
Which of the following entries records the withdrawal of cash for per¬sonal use by Dolan, the owner of a business firm?a. Debit Cash and credit Drawingb. Credit Cash and debit Salary Expensec. Debit
Which of the following errors, considered individually, would cause the trial balance totals to be unequal?a. A payment of $62 for supplies was posted as a debit of $62 to Sup¬plies and a credit of
The balance in the Prepaid Insurance account before adjustment at the end of the year is $480. This represents six months’ insurance paid on November 1.The adjusting entry required on December 31
If an accountant fails to make an adjusting entry to record expired insur¬ance at the end of a fiscal period, the omission will causea. total expenses to be understated.b. total revenue to be
Faulkner Company bought equipment on January 2 of this year for$7,600. At the time of purchase, the equipment is estimated to have a useful life of eight years and a trade-in value of $400 at the end
If expenses are greater than revenue, the Income Summary account will be closed by a debit toa. Cash and a credit to Income Summary.b. Income Summary and a credit to Cash.c. Capital and a credit to
In preparing closing entries, it is helpful to refer first to which of the following columns of the work sheet?a. The Balance Sheet columnsb. The Adjusted Trial Balance columnsc. The Income Statement
Describe the procedure for depositing checks.
Reconcile a bank statement.
Record the required journal entries directly from the bank reconciliation.
Record journal entries to establish and reimburse Petty Cash Fund.
Complete petty cash vouchers and petty cash payments records.
Record the journal entries to establish a Change Fund.
Record journal entries for transactions involving Cash Short and Over
Indicate whether the following items in a bank reconciliation should be (1)added to the Cash account balance, (2) deducted from the Cash account bal¬ance, (3) added to the bank statement balance, or
Why is it not necessary to make general journal entries for the bank statement side of the bank reconciliation?
a. What does a debit balance in Cash Short and Over represent?b. Where does a debit balance in Cash Short and Over appear in the financial statements?c. What does a credit balance in Cash Short and
What is the purpose of the signature card?
In regard to a bank statement reconciliation, what is the similarity between outstanding checks and NSF checks?
What are the purposes served by endorsing checks?
a. Explain the purpose served by a Petty Cash Fund.b. Describe the entries to establish and reimburse the fund.
The Ledger Balance of Cash section of the bank reconciliation for Hyung Company is shown below.Ledger Balance of CashJournalize the entries required to bring the general ledger up to date as of
Fill in the missing amounts for the following bank reconciliation: Bank Statement Balance Add: Deposit in transit Cathy's Cooking Bank Reconciliation April 30, 19- $4160 00 (a) $435000 Deduct:
When the bank statement is received on November 4, it shows a balance of $2,000 on October 29, before reconciliation. After reconciliation, the adjusted balance is $1,500. If there was one deposit in
In reconciling a bank statement, indicate the placement of the fol¬lowing items by recording a check mark. Item a. A check-printing charge b. An outstanding check c. A deposit for $168 listed on the
The Belmont Company’s Cash account shows a balance of P.O. 2$699.41 as of October 31 of this year. The balance on the bank statement on that date is $1,149.40. Checks for $47.30, $326.95, and
Make entries in general journal form to record the following: P.O. 4a. Established a Petty Cash Fund, $100. Issued Ck. No. 746. )ournalize entries pertaining to ab. Reimbursed the Petty Cash Fund for
At the end of the day, the cash register tape lists $914.29 as total income from services. Cash on hand consists of $12.26 in coins, $587.00 in cur¬rency, $40.00 in traveler’s checks, and $424.20
Mario’s Men’s Shop deposits all receipts in the bank each eve- P.O. 2,3 ning and makes all payments by checL On November 30 its Cash in Bank account has a balance of $1,967.65. The bank statement
On May 1 of this year, Berger and Company established a Petty Cash Fund. The following petty cash transactions took place during the month:May 1 Cashed check no. 956 for $70 to establish a Petty Cash
Errol Horn, owner of Horn’s Dry Cleaners, makes bank deposits in the night depository at the close of each business day. The following infor¬mation for the last three days of July is
On August 31, Bronski and Company receives its bank state¬ment. The company deposits its receipts in the bank and makes all payments by check. The debit memo for $49 is for an NSF check written by
The Mallon Company deposits all receipts in the bank and makes all payments by check. On November 30 its Cash account has a balance of $2,829.42. The bank statement on November 30 shows a balance

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