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business
financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

1 Explain what a business transaction is
2 Keep track of financial statement items
3 Analyze the impact of business transactions on accounts
4 Record (journalize and post) transactions in the books
5 Construct and use a trial balance
1. A debit entry to an accounta. increases shareholders’ equity.c. increases assets.b. increases liabilities.d. both a and c.
2. Which account types normally have a debit balance?a. Revenuesb. Expensesc. Liabilitiesd. Both a and b
3. An attorney performs services of $800 for a client and receives $200 cash with the remainder on account. The journal entry for this transaction woulda. debit Cash, credit Service Revenue.b. debit
4. Accounts Payable had a normal beginning balance of $1,700. During the period, there were debit postings of $200 and credit postings of $700. What was the ending balance?a. $2,200 creditb. $2,200
5. The list of all accounts with their balances is thea. Balance Sheet.b. chart of accounts.c. trial balance.d. journal.
6. The basic summary device of business transactions is thea. journal.b. ledger.c. trial balance.d. account.
7. The beginning Cash balance was $8,000. At the end of the period, the balance was $12,000.If total cash paid out during the period was $24,000, the amount of cash receipts wasa. $32,000.b.
8. In a double-entry accounting systema. a debit entry is recorded on the left side of a T-account.b. liabilities, owners’ equity, and revenue accounts all have normal debit balances.c. half of all
9. Which accounts appear on which financial statement?Balance Sheet Income Statementa. Cash, receivables, payables Revenues, expensesb. Receivables, land, payables Revenues, suppliesc. Cash,
10. A doctor purchases medical supplies of $740 and pays $320 cash with the remainder on account. The journal entry for this transaction would be which of the following?a. Debit Suppliesc. Debit
11. Which is the correct sequence for recording transactions and preparing financial statements?a. Journal, ledger, trial balance, financial statementsb. Ledger, journal, trial balance, financial
12. The error of posting $300 as $30 can be detected bya. dividing the out-of-balance amount by 2.b. dividing the out-of-balance amount by 9.c. examining the chart of accounts.d. totaling each
S2-1. (Learning Objective 1: Explaining an asset versus an expense) Brian Norton opened a software consulting firm that immediately bought and paid $2,000 for a computer. Was Norton’s computer an
S2-2. (Learning Objective 1, 2: Analyzing the effects of transactions) Young Software began with cash of $12,500. Young then bought supplies for $1,500 on account. Separately, Young paid $3,000 for a
S2-3. (Learning Objectives 1, 2: Analyzing transactions; understanding how accounting works) Hannah Lyle, a medical doctor, opened a medical practice. The business completed the following
S2-4. (Learning Objective 1: Analyzing transactions) Refer to Short Exercise 2-3. Which of the transactions of Hannah Lyle increased the total assets of the business? For each transaction, identify
S2-5. (Learning Objective 1: Analyzing transactions) Capri Design specializes in imported clothing. During May, Capri completed a series of transactions. For each of the following items, give an
S2-6. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) After operating for several months, architect Gwen Markum completed the following transactions during
S2-7. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions; posting) David Delorme purchased supplies on account for $3,000. Later Delorme paid $550 on account.1.
S2-8. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions; posting) Orman performed services for a client who could not pay immediately.Orman expected to collect
S2-9. (Learning Objective 5: Preparing and using a trial balance) Assume that Old Boardwalk reported the following summarized data at December 31, 20X6. Accounts appear in no particular order; dollar
S2-10. (Learning Objective 5: Using a trial balance) Redberry’s trial balance follows:Compute these amounts for the business:1. Total assets 2. Total liabilities 3. Net income or net loss during
S2-11. (Learning Objective 5: Using a trial balance) Refer to Redberry’s trial balance in Short Exercise 2-10. The purpose of this exercise is to help you learn how to correct three common
S2-12. (Learning Objective 2: Using key accounting terms) Accounting has its own vocabulary and basic relationships. Match the accounting terms at left with the corresponding definition or meaning at
S2-13. (Learning Objective 5: Analyzing transactions without a journal) Seventh Investments, Inc., began by issuing ordinary shares for cash of $200,000. The company immediately purchased computer
E2-14A. (Learning Objective 1: Analyzing transactions) Assume M. Crew opened a store in Hong Kong, starting with cash and ordinary shares of $81,000. Melissa Lim, the store manager, then signed a
E2-15A. (Learning Objective 1, 3: Analyzing transactions) The following selected events were experienced by either Solution Seekers, Inc., a corporation, or Paul Flynn, the major shareholder. State
E2-16A. (Learning Objective 1, 2: Analyzing transactions; using the accounting equation)Harry Samson opened a medical practice specializing in surgery. During the first month of operation (March),
E2-17A. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Refer to Exercise 2-16A.Requirement 1. Record the transactions in the journal of Harry Samson, P.C.
E2-18A. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Harris Tree Cellular, Inc., completed the following transactions during April 20X6, its first month
E2-19A. (Learning Objectives 3, 4: Posting to the ledger; preparing and using a trial balance) Refer to Exercise 2-18A.Requirements 1. After journalizing the transactions of Exercise 2-18A, post the
E2-20A. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) The first seven transactions of Fournier Advertising, Inc., have been posted to the company’s
E2-21A. (Learning Objective 4: Preparing and using a trial balance) The accounts of Deluxe Deck Service, Inc., follow with their normal balances at June 30, 20X6. The accounts are listed in no
E2-22A. (Learning Objective 5: Correcting errors in a trial balance) The trial balance of Carver, Inc., at September 30, 20X6, does not balance:The accounting records hold the following errors:a.
E2-23A. (Learning Objective 5: Recording transactions without a journal) Set up the follow ing T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Share
E2-24A. (Learning Objective 4: Preparing and using a trial balance) Refer to Exercise 2-23A.1. After recording the transactions in Exercise 2-23A, prepare the trial balance of Linda Oxford, Attorney,
E2-25B. (Learning Objective 1: Analyzing transactions) Assume T. Crew opened a store in Frankfurt, Germany, starting with cash and ordinary shares of €85,000. Barbara Breen, the store manager, then
E2-26B. (Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Simple Solutions, Inc., a corporation, or Bob Gallagher, the major shareholder. State
E2-27B. (Learning Objective 1, 2: Analyzing transactions; using the accounting equation) Kyle Cohen opened a medical practice specializing in surgery. During the first month of operation (July), the
E2-28B. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Refer to Exercise 2-27B.Requirement 1. Record the transactions in the journal of Kyle Cohen, P.C.
E2-29B. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Green Tree Cellular, Inc., completed the following transactions during April 20X6, its first month of
E2-30B. (Learning Objectives 3, 4: Posting to the ledger; preparing and using a trial balance)Refer to Exercise 2-29B.Requirements 1. Post the entries to the ledger, using T-accounts. Key
E2-31B. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) The first seven transactions of Portman Advertising, Inc., have been posted to the company’s
E2-32B. (Learning Objective 5: Preparing and using a trial balance) The accounts of Grand Pool Service, Inc., follow with their normal balances at June 30, 20X6. The accounts are listed in no
E2-33B. (Learning Objective 5: Correcting errors in a trial balance) The trial balance of Farris, Inc., at June 30, 20X6, does not balance.The accounting records hold the following errors:a. Recorded
E2-34B. (Learning Objective 5: Recording transactions without a journal) Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Share
E2-35B. (Learning Objective 4: Preparing and using a trial balance) Refer to Exercise 2-34B.Requirements 1. Prepare the trial balance of Linda Conway, Attorney, at January 31, 20X6. Use the
E2-36. (Learning Objectives 2, 3, 4: Recording transactions; preparing a trial balance)Jerome Smith, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed
E2-37. (Learning Objective 5: Computing financial statement amounts) The manager of Pierce Furniture needs to compute the following amounts:a. Total cash paid during October.b. Cash collections from
E2-38. (Learning Objectives 1, 4: Analyzing transactions; using a trial balance) The trial balance of Circle 360, Inc., at October 31, 20X6, does not balance.Requirements 1. How much out of balance
E2-39. (Learning Objective 1: Analyzing transactions) This question concerns the items and the amounts that two entities, Nashua Co. and Ditka Hospital, should report in their financial
Q2-40. A shareholder’s investment of cash into the business willa. decrease total assets.c. increase shareholders’ equity.b. decrease total liabilities.d. have no effect on total assets.
Q2-41. Purchasing a laptop computer on account willa. increase total assets.c. increase total liabilities.b. have no effect on shareholders’ equity.d. all of the above.
Q2-42. Performing a service on account willa. increase total liabilities.c. increase total assets.b. increase shareholders’ equity.d. both b and c.
Q2-43. Receiving cash from a customer on account willa. increase total assets.c. increase shareholders’ equity.b. decrease liabilities.d. have no effect on total assets.
Q2-44. Purchasing computer equipment for cash willa. decrease both total assets and shareholders’ equity.b. decrease both total liabilities and shareholders’ equity.c. have no effect on total
Q2-45. Purchasing a building for $110,000 by paying cash of $15,000 and signing a note payable for $95,000 willa. decrease total assets and increase total liabilities by $15,000.b. increase both
Q2-46. What is the effect on total assets and shareholders’ equity of paying the telephone bill as soon as it is received each month?Total assets Shareholders’ equitya. Decrease Decreaseb. No
Q2-47. Which of the following transactions will increase an asset and increase a liability?a. Purchasing office equipment for cashc. Buying equipment on accountb. Paying an account payabled. Issuing
Q2-48. Which of the following transactions will increase an asset and increase shareholders’equity?a. Performing a service on account for a customerb. Borrowing money from a bankc. Purchasing
Q2-49. Where do we first record a transaction?a. Journalc. Ledgerb. Accountd. Trial balance
Q2-50. Which of the following is not an asset account?a. Service Revenuec. Salary Expenseb. Share Capitald. None of the above accounts is an asset.
Q2-51. Which statement is false?a. Dividends are increased by credits.c. Revenues are increased by credits.b. Assets are increased by debits.d. Liabilities are decreased by debits.
Q2-52. The journal entry to record the receipt of land and a building and issuance of ordinary sharesa. debits Share Capital and credits Land and Building.b. debits Land and Building and credits
Q2-53. The journal entry to record the purchase of supplies on accounta. debits Supplies Expense and credits Supplies.b. debits Supplies and credits Accounts Payable.c. credits Supplies and debits
Q2-54. If the credit to record the purchase of supplies on account is not posted,a. liabilities will be understated.b. expenses will be overstated.c. assets will be understated.d. shareholders’
Q2-55. The journal entry to record a payment on account willa. debit Expenses and credit Cash.b. debit Cash and credit Expenses.c. debit Accounts Payable and credit Retained Earnings.d. debit
Q2-58. A business’s receipt of a $105,000 building, with a $65,000 mortgage payable and issuance of $40,000 of ordinary shares, willa. increase shareholders’ equity by $40,000.b. increase assets
Q2-59. Gartex, a new company, completed these transactions.1. Shareholders invested $45,000 cash and inventory worth $28,000.2. Sales on account, $20,000.What will Gartex’s total assets equal?a.
P2-60A. (Learning Objective 4: Analyzing a trial balance) The trial balance of Luxury Specialties, Inc., follows.Ashley Richards, your best friend, is considering investing in Luxury Specialties,
P2-61A. (Learning Objective 1: Analyzing transactions with the accounting equation;preparing the financial statements) The following amounts summarize the financial position of Mason Resources, Inc.,
P2-62A. (Learning Objectives 2, 3: Recording transactions; posting) This problem can be used in conjunction with Problem 2-61A.Requirements 1. Journalize the June transactions of Mason Resources,
P2-63A. (Learning Objectives 1, 2, 3: Analyzing transactions; understanding how accounting works; journalizing transactions) Demers Real Estate Co. experienced the following events during the
P2-64A. (Learning Objectives 2, 3: Understanding how accounting works; analyzing and recording transactions) During December, Smith Auction Co. completed the following transactions:Smith’s business
P2-65A. (Learning Objectives 2, 3, 4: Understanding how accounting works; journalizing transactions; posting; preparing and using a trial balance) During the first month of operations, Simmons
P2-66A. (Learning Objectives 4, 5: Recording transactions directly in T-accounts; preparing and using a trial balance) During the first month of operations (November 20X6), Stein Services Corporation
P2-67B. (Learning Objective 4: Analyzing a trial balance) The trial balance of Advantage Specialties, Inc., follows:Rebecca Smith, your best friend, is considering making an investment in Advantage
P2-68B. (Learning Objective 1: Analyzing transactions with the accounting equation;preparing the financial statements) The following amounts summarize the financial position of Rodriguez Resources on
P2-69B. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions; posting) This problem can be used in conjunction with Problem 2-68B. Refer to Problem
P2-70B. (Learning Objectives 1, 2, 3: Analyzing transactions; understanding how accounting works; journalizing transactions) Smith Real Estate Co. experienced the following events during the
P2-71B. (Learning Objectives 2, 3: Analyzing and recording transactions) During December, Swanson Auction Co. completed the following transactions:Swanson’s business uses the following accounts:
P2-72B. (Learning Objectives 2, 3, 4: Understanding how accounting works; journalizing transactions; posting; preparing and using a trial balance) During the first month of operations, O’Shea
P2-73B. (Learning Objectives, 4, 5: Recording transactions directly in T-accounts; preparing and using a trial balance) During the first month of operations (March 20X6), Silver Entertainment
Case 1. (Learning Objectives 4, 5: Recording transactions directly in T-accounts; preparing a trial balance; measuring net income or loss) A friend named Jay Barlow has asked what effect certain
Case 2. (Learning Objective 2: Correcting financial statements; deciding whether to expand a business) Gianna Loren opened an Italian restaurant. Business has been good, and Gianna is considering
Issue 1. Scruffy Murphy is the president and principal shareholder of Scruffy’s Bar & Grill, Inc.To expand, the business is applying for a $250,000 bank loan. To get the loan, Murphy is considering
Issue 2. Parta. You have received your grade in your first accounting course, and to your amazement, it is an A. You feel the instructor must have made a big mistake. Your grade was a B going into
This case spans all 12 chapters and is based on the consolidated financial statements of Nestlé. As you work with Nestlé throughout this course, you will develop the confidence and ability to use
Project 1. You are promoting a rock concert in your area. Your purpose is to earn a profit, so you need to establish the formal structure of a business entity. Assume you organize as a
1 Explain how accrual accounting differs from cash-basis accounting
2 Apply the revenue and expense recognition principles
3 Adjust the accounts
4 Prepare updated financial statements
5 Close the books
1. On October 1, Seaview Apartments received $6,000 from a tenant for four months’ rent.The receipt was credited to Unearned Rent Revenue. What adjusting entry is needed on December 31?a. Unearned

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