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Questions and Answers of College Accounting

The Working Papers present the completed work sheet for R. P.0,4,5 Bryan, Licensed Surveyor, for the month of October.Instructions Check Figure Total Assets, $9,067.80 1. Prepare an income
The trial balance of Dan-Dee Cleaners at December 31, the end P.O. 3,5 of the current year, is presented on the next page.Data needed for year-end adjustments are as follows:a. Inventory of cleaning
The trial balance of Lakeland Leisure Lanes, a bowling alley, as of October 31, is shown on the next page.Data for month-end adjustments are as follows:a. Inventory of supplies at October 31, $318.b.
Prepare a schedule of depreciation using the straight-line method.
Prepare a schedule of depreciation using the sum-of-the-years’-digits method.
Prepare a schedule of depreciation using the double-declining-balance method.
Prepare a schedule of depreciation for five-year property under the Modified Accelerated Cost Recovery System.
Recall the steps in the accounting cycle.
Journalize and post closing entries for a service-type enterprise.
Prepare a post-closing trial balance for any type of enterprise.
Define the following methods of accounting: accrual basis, cash-receipts-anddisbursements basis, modified cash basis.
Prepare interim statements.
List the four steps in the closing procedure.
What is the difference between real and nominal accounts?
Explain the relationship between the Income Summary account and the rev¬enue and expense accounts.
List the steps in the accounting cycle.
a. What is the purpose of the post-closing trial balance?b. What is the difference between the trial balance and the post-closing trial balance?
For the first two months of the year, what interim statements, consisting of income statements and balance sheets, would you suggest for a restaurant that operates on a fiscal year of January 1
a. What is the closing entry required for a firm that made a profit for the fiscal period?b.What is the closing entry for a firm that had a loss for the fiscal period?
How do you make up the closing entries directly from the work sheet?
During January of this year, C. P. Lincoln established Lincoln Shoe Repair. The following asset, liability, and owner’s equity accounts are included in the chart of accounts: Cash; Supplies; Shop
K. T. Pittman established the Pittman Secretarial Service during May of this year. The accountant prepared the following chart of accounts:The following transactions occurred during the month:a.
S. C. Long, a chiropractor, opens Long’s Chiropractic Clinic. Her P.0.1,2,3,4,5,6 accountant recommends the following chart of accounts:The following transactions occurred during June of this
On October 1, M. A. Dore opened a coin-operated laundry called City Self-Service Laundry. Dore’s accountant listed the following accounts in the chart of accounts: Cash; Supplies; Prepaid
During November of this year, D. A. Pomeroy established Pom¬eroy’s Bakery. The following asset, liability, and owner’s equity accounts are included in the chart of accounts: Cash; Bakery
R. C. Pryor established Pryor’s Secretarial Service during Octo¬ber of this year. The accountant prepared the following chart of accounts:The following transactions occurred during the month:a.
A. C. Kent, an optometrist, opens an office for the practice of P.0.1,2,3,4,5,6 optometry, A. C. Kent, O.D. Her accountant recommends the following chart of accounts:The following transactions
On April 1, B. P. Greer opened a coin-operated laundry under the name Greer’s Self-Service Laundry. Greer’s accountant listed the following account titles for the chart of accounts: Cash;
Record a group of transactions pertaining to a service-type enterprise in a two-column general journal.
Post entries from a two-column general journal to general ledger accounts.
Prepare a trial balance from the ledger accounts.
Correct entries using the ruling method.
Correct entries using the correcting entry method.
What is the difference between a journal and a ledger?
Arrange the following steps in the posting process in proper order:a. Write the ledger account number in the Post. Ref. column of the journal.b. Write the amount of the transaction.c. Write the date
In a chart of accounts having account numbers, list the first digit for each of the following accounts:a. Service Incomeb. Rent Expensec. L. Cooke, Capitald. Accounts Payablee. Accounts Receivable
What is the purpose of having a ledger account?
In the posting process, what is meant by cross-referencing?
What is the sequence of the accounts in the general ledger?
Before posting has taken place, how would a correction be made if the account titles have been recorded correctly in the journal, but the amounts are wrong? After posting has taken place, how would
In the two-column general journal below, the capital letters rep¬resent parts of a journal entry. On notebook paper, write the numbers 1 through 8. Alongside each number, write the letter that
The following transactions of Miarley Company occurred during this year. Journalize the transactions in general journal form, including brief explanations.July 1 Bought equipment for $8,300 from
Midwest Landscaping Company completed the following selected transactions. Journalize the transactions in general journal form, including brief explanations.Sept. 8 Collected $626 from S. Grinz, a
The following T account shows the cash transactions for a month.Post the amounts to the ledger account for Cash. Assume that all transactions appear on page 6 of the journal. 4/1 4/8 Cash 12,000 4/2
Arrange the following steps in the posting process in proper order:a. The ledger account number is recorded in the Post. Ref. column of the journal.b. The amount of the balance of the ledger account
The bookkeeper for Razowski Company has prepared the follow¬ing trial balance:The bookkeeper has asked for your help. In examining the firm’s journal and ledger, you discover the following;a. The
Record correcting entries for each of the following errors;i. A cash purchase of office equipment for $420 was journalized as a cash pur¬chase of store equipment for $420. (Use the ruling method;
Determine the effect of the following errors on a company’s total evenue, total expenses, and net income. Indicate the effect by listing O for “over¬stated (too much),” U for “understated
Explain the importance of accounting information.
Describe the various career opportunities in accounting.
Define and identify asset, liability, and owner’s equity accounts.
Record a group of business transactions, in column form, involving changes in assets, liabilities, and owner’s equity.
Define and identify revenue and expense accounts.
Record a group of business transactions, in column form, involving all five elements of the fundamental accounting equation.
Define the separate entity concept.
Explain the difference between Accounts Receivable and Accounts Payable.
Name two ways to increase owner’s equity and two ways to decrease owner’s equity.
What effects will the purchase of equipment on account have on the funda¬mental accounting equation? Explain how owner’s equity either is or is not affected.
Why is a withdrawal by the owner not considered an expense of the business?
Define the chart of accounts, and explain the order of the accounts.
What account titles might you suggest for the chart of accounts for a shoe repair shop owned by L. M. Cleary?
Complete the following equations:a. Assets of $32,000 = Liabilities of $8,100 + Owner’s Equity of$_b. Assets of $_ — Liabilities of $21,000 = Owner’s Equity of$30,000c. Assets of $26,000 —
Determine the following amounts:a. The amount of the liabilities of a business that has $61,290 in assets and in which the owner has $36,200 equity.b. The equity of the owner of an automobile that
Dr. T. R. Simms is an optometrist. As of November 30, Simms’s Optometry Clinic owned the following property that related to her professional practice: Cash, $1,020; Supplies, $410; Professional
Describe a business transaction that will do the following:a. Increase an asset and increase owner’s equityb. Increase an asset and increase a liabilityc. Increase an asset and decrease an assetd.
Label the following accounts as asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E):a. Suppliesb. Service Incomec. Prepaid Insuranced. T. S. Bayne, Drawinge. Accounts
Describe the transactions recorded in the following equation: Assets = Liabilities + Owner's Equity Cash + Accts. Equip. Rec. Accounts Payable T. Harikama, + Capital Revenue (a) +20,000 +5,000
Describe a transaction that resulted in the following for Sound P.0.4 Instrument Repair:* Describe various transactions.a. Repair Parts is increased by $77, and Accounts Payable is increased by
Using the beginning account balances and the two following trans¬actions, determine a revised fundamental accounting equation.Cash $71,000 Accounts Payable 10,000 J. Jones, Capital 61,000a. Owner
In June of this year, R. P. Bryan established a business under the P.0.1,2,3,4 name of Bryan Realty. The account headings are presented below. Transactions completed during the month follow.a.
In April, S. L. Pasternak, D.V.M., established the Pasternak Vet¬erinary Clinic. The organization’s account headings are presented below. Trans¬actions completed during the month of April
A. P. Karas, Attorney at Law, opened her office on September 1. P.0.1,2,3,4 The account headings are presented below. Transactions completed during the month follow.a. Deposited $21,000 in a bank
N. R. Cooke started Cooke’s Spray Service on April 1 of this year. The account headings are presented below. During April, Cooke completed the transactions that followa. Invested cash in the
On April 1 of this year, A. R. Ball, Optometrist, established an P.O. l,2,3,4 office for the practice of optometry. The account headings are presented on the next page. Transactions completed during
On May 1 of this year, T. S. Ellen, D.C., established the Ellen P.0.1,2,3,4 Chiropractic Clinic. The organization’s account headings are presented below.Transactions completed during the month of
M. A. Pitts, a photographer, opened a studio for her professional P.0.1,2,3,4 practice on July 1. The account headings are presented below. Transactions com¬pleted during the month follow.a.
On September 1 of this year, D. L. Porter established Porter P.0.1,2,3,4 Catering Service. The account headings are presented on the next page. During September, Porter completed these
Determine balances of T accounts having entries recorded on both sides of the accounts.
Present the fundamental accounting equation with the T account form, and label the plus and minus sides.
Record directly in T accounts a group of business transactions involving changes in asset, liability, owner’s equity, revenue, and expense accounts for a service business.
Present the fundamental accounting equation with the T account form, and label the debit and credit sides.
Prepare (a) an income statement, (b) a statement of owner’s equity, and (c) a balance sheet.
Prepare (a) an income statement involving more than one revenue account,(b) a statement of owner’s equity involving an additional investment with either a net income or a net loss, and (c) a
Recognize the effect of transpositions and slides on account balances.
Does the term debit always mean “increase”? Does the term credit always mean “decrease”? Explain.
What is the order of the accounts listed in the chart of accounts?
Explain how the three financial statements presented in this chapter are tied together.
In a trial balance, if total debits equal total credits, does this mean that the recording of the transactions is absolutely accurate? Why or why not?
Give an example of a slide and a transposition. How can one quickly deter¬mine whether an error involves a slide or a transposition?
What do we mean when we say that revenues and expenses are under the umbrella of owner’s equity?
During the first month of operation, Sherrard’s Glass Supply P.0.1 recorded the following transactions. Describe transactions (a) through (k). Accounts Cash Payable (a) 4,500 (b) 475 (d) 370 (k)
On a sheet of paper, set up the fundamental accounting equation with T accounts under each of the five account classifications, noting plus and minus signs on the appropriate sides of each account.
S. E. Merritt operates Merritt Cleaners. The company has the fol¬ lowing chart of accounts:On a sheet of notebook paper, record the following transactions directly in pairs of T accounts. List the T
List the classification of each of the following accounts: A, L, OE, R, E. Write “Debit” or “Credit” to indicate the Increase Side, the Decrease Side, and the Normal Balance Side. 0. Cash
ABC Copy Center hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All the accounts have nor¬mal balances. Find the errors, and prepare a corrected
Assume that a trial balance has been prepared and that the total P.O. 8 of the debit balances is not equal to the total of the credit balances. On a sheet of paper, set up like the example below,
During the first month of operations, James Advertising Agency P.O. 5,6(a),6(b),6(c)recorded transactions in T account form. Prepare a trial balance dated October 31 of this year. Prepare an income
Which of the following errors would cause a trial balance to have P.O. 8 unequal totals? As a result of the errors, which accounts are overstated (by how much) or understated (by how much)? Determine
Explain the differences between the modified cash and accrual bases of accounting.
Describe special records for a professional service business using the modified cash basis.

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