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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

An owner invests $15,000 cash along with equipment having a market value of $23,000 in a company in exchange for common stock. Prepare the necessary journal entry.AppendixLO1
Explain what a compound journal entry is.AppendixLO1
Why are posting reference numbers entered in the journal when entries are posted to ledger accounts?AppendixLO1
Where are dollar signs typically entered in financial statements?AppendixLO1
If a $4,000 debit to Equipment in a journal entry is incorrectly posted to the ledger as a $4,000 credit, and the ledger account has a resulting debit balance of $20,000, what is the effect of this
Describe the link between the income statement and the statement of retained earnings.AppendixLO1
Explain the link between the balance sheet and the statement of retained earnings.AppendixLO1
Define and describe revenues and expenses.AppendixLO1
Define and describe assets, liabilities, and equity.AppendixLO1
Amalia Industries received its utility bill for the current period of $700 and immediately paid it. Its journal entry to record this transaction includes aa. Credit to Utility Expense for $700.b.
On May 1, Mattingly Lawn Service collected $2,500 cash from a customer in advance of five months of lawn service. Mattingly’s journal entry to record this transaction includes aa. Credit to
Liang Shue contributed $250,000 cash and land worth $500,000 in exchange for common stock to open his new business Shue Consulting. Which of the following journal entries does Shue Consulting make to
A trial balance prepared at year-end shows total credits exceed total debits by $765. This discrepancy could have been caused bya. An error in the general journal where a $765 increase in Accounts
Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.AppendixLO1
What is the difference between a note payable and an account payable?AppendixLO1
Discuss the steps in processing business transactions.AppendixLO1
What kinds of transactions can be recorded in a general journal?AppendixLO1
Are debits or credits typically listed first in general journal entries?Are the debits or the credits indented?AppendixLO1
If assets are valuable resources and asset accounts have debit balances, why do expense accounts also have debit balances?AppendixLO1
Should a transaction be recorded first in a journal or the ledger?Why?AppendixLO1
Why does the recordkeeper prepare a trial balance?AppendixLO1
If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?AppendixLO1
Identify the four financial statements of a business.AppendixLO1
Why does the user of an income statement need to know the time period that it covers?AppendixLO1
Which financial statement is sometimes called the statement of financial position?AppendixLO1
Review the Best Buy balance sheet in Appendix A.Identify three accounts on its balance sheet that carry debit balances and three accounts on its balance sheet that carry credit balances.AppendixLO1
Review the Circuit City balance sheet in Appendix A.Identify an asset with the word receivable in its account title and a liability with the word payable in its account title.AppendixLO1
Locate Apple’s income statement in Appendix A. What is the title of its revenue account?AppendixLO1
Identify the items from the following list that are likely to serve as source documents:a. Sales ticketd. Telephone bill g. Balance sheetb. Income statemente. Invoice from supplier h. Prepaid
Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet:a. Cash dividendsd. Cash g.
Indicate whether a debit or credit decreases the normal balance of each of the following accounts:a. Repair Services Revenuee. Common Stock i. Dividendsb. Interest Payablef. Prepaid Insurance j.
Identify whether a debit or credit yields the indicated change for each of the following accounts:a. To increase Landf. To decrease Prepaid Insuranceb. To decrease Cash g. To increase Notes Payablec.
Identify the normal balance (debit or credit) for each of the following accounts.a. Office suppliesd. Wages Expense g. Wages Payableb. Dividendse. Cash h. Buildingc. Fees Earnedf. Prepaid Insurance
Prepare journal entries for each of the following selected transactions:a. On January 13, DeShawn Tyler opens a landscaping business called Elegant Lawns by investing$70,000 cash along with equipment
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet:a. Services Revenuee.
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense,(2) enter debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase
Use the information in each of the following separate cases to calculate the unknown amount:a. During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements.The
Goro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) assume
Prepare general journal entries for the following transactions of a new business called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in
Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; Common
Record the transactions below for Amena Company by recording the debit and credit entries directly in the following T-accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts
After recording the transactions of Exercise 2-6 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31, 2008, as its report date.AppendixLO1
Examine the following transactions and identify those that create revenues for Valdez Services, a company owned by Brina Valdez. Prepare general journal entries to record those revenue transactions
Examine the following transactions and identify those that create expenses for Valdez Services. Prepare general journal entries to record those expense transactions and explain why the other
On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October
Use the information in Exercise 2-10 to prepare an October statement of retained earnings for OnTech.AppendixLO1
Use the information in Exercise 2-10 (if completed, you can also use your solution to Exercise 2-11) to prepare an October 31 balance sheet for OnTech.AppendixLO1
A corporation had the following assets and liabilities at the beginning and end of a recent year:Assets Liabilities Beginning of the year . . . . . . . . $ 60,000 $20,000 End of the year . . . . . .
Compute the missing amount in each of the following separate companies a through d:AppendixLO1 File Et View Insert Format Tools Data Window Help B 2 Equity, December 31, 2007 3 Owner investments
Assume the following T-accounts reflect Belle Co.’s general ledger and that seven transactions a through g are posted to them. Provide a short description of each transaction. Include the amounts
Use information from the T-accounts in Exercise 2-15 to prepare general journal entries for each of the seven transactions a through g.AppendixLO1
Explain the importance of periodic reporting and the time period principle. (p. 92)AppendixLO1
Explain accrual accounting and how it improves financial statements. (p. 93)AppendixLO1
Identify the types of adjustments and their purpose. (p. 94)AppendixLO1
Explain why temporary accounts are closed each period. (p. 104)AppendixLO1
Identify steps in the accounting cycle. (p. 109)AppendixLO1
Explain and prepare a classified balance sheet.AppendixLO1
Explain how accounting adjustments link to financial statements. (p. 102)AppendixLO1
Compute profit margin and describe its use in analyzing company performance.(p. 113)AppendixLO1
Compute the current ratio and describe what it reveals about a company’s financial condition.AppendixLO1
Prepare and explain adjusting entries. (p. 95)AppendixLO1
Explain and prepare an adjusted trial balance. (p. 103)AppendixLO1
Prepare financial statements from an adjusted trial balance. (p. 104)AppendixLO1
Describe and prepare closing entries. (p. 106)AppendixLO1
Explain and prepare a post-closing trial balance. (p. 109)AppendixLO1
Appendix 3A—Explain the alternatives in accounting for prepaids. (p. 118)AppendixLO1
Appendix 3B—Prepare a work sheet and explain its usefulness. (p. 120)AppendixLO1
Appendix 3C—Prepare reversing entries and explain their purpose.AppendixLO1
Describe a company’s annual reporting period.AppendixLO1
Why do companies prepare interim financial statements?AppendixLO1
What two accounting principles most directly drive the adjusting process?AppendixLO1
Is cash basis accounting consistent with the matching principle? Why or why not?AppendixLO1
If your company pays a $4,800 premium on April 1, 2007, for two years’ insurance coverage, how much insurance expense is reported in 2008 using cash basis accounting?AppendixLO1
If an adjusting entry for accrued revenues of $200 at year-end is omitted, what is this error’s effect on the year-end income statement and balance sheet?AppendixLO1
What is a contra account? Explain its purpose.AppendixLO1
What is an accrued expense? Give an example.AppendixLO1
Describe how an unearned revenue arises. Give an example.AppendixLO1
Music-Mart records $1,000 of accrued salaries on December 31. Five days later, on January 5(the next payday), salaries of $7,000 are paid.What is the January 5 entry?AppendixLO1
Jordan Air has the following information in its unadjusted and adjusted trial balances:Unadjusted Adjusted Debit Credit Debit Credit Prepaid insurance . . . . . . . . $6,200 $5,900 Salaries payable .
What accounts are taken from the adjusted trial balance to prepare an income statement?AppendixLO1
In preparing financial statements from an adjusted trial balance, what statement is usually prepared second?AppendixLO1
What are the major steps in preparing closing entries?AppendixLO1
Why are revenue and expense accounts called temporary? Can you identify and list any other temporary accounts?AppendixLO1
What accounts are listed on the post-closing trial balance?AppendixLO1
Identify the following assets as classified as (1) current assets, (2) plant assets, or (3) intangible assets: (a) land used in operations, (b) office supplies, (c) receivables from customers due in
Cite two examples of assets classified as investments on the balance sheet.AppendixLO1
Explain the operating cycle for a service company.AppendixLO1
A company forgot to record accrued and unpaid employee wages of $350,000 at period-end. This oversight woulda. Understate net income by $350,000.b. Overstate net income by $350,000.c. Have no effect
Prior to recording adjusting entries, the Office Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry
On November 1, 2008, Stockton Co. receives $3,600 cash from Hans Co. for consulting services to be provided evenly over the period November 1, 2008 to April 30, 2009—at which time Stockton credited
What is the difference between the cash basis and the accrual basis of accounting?AppendixLO1
Why is the accrual basis of accounting generally preferred over the cash basis?AppendixLO1
What type of business is most likely to select a fiscal year that corresponds to its natural business year instead of the calendar year?AppendixLO1
What is a prepaid expense and where is it reported in the financial statements?AppendixLO1
What type of assets require adjusting entries to record depreciation?AppendixLO1
What contra account is used when recording and reporting the effects of depreciation? Why is it used?AppendixLO1
What is unearned revenue and where is it reported in financial statements?AppendixLO1
What is an accrued revenue? Give an example.AppendixLO1
If a company initially records prepaid expenses with debits to expense accounts, what type of account is debited in the adjusting entries for those prepaid expenses?AppendixLO1
Review the balance sheet of Best Buy in Appendix A. Identify the asset accounts that require adjustment before annual financial statements can be prepared. What would be the effect on the income

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