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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Recognition of accounts receivable is directly linked to the accounting standard for which of the following:a. Cash and cash equivalentsb. Accounting for property, plant, and equipmentc. Revenue
You are the finance officer at a bank where the owner of Delta Designs is applying for a $600,000 loan. In reviewing the account information for the year ended June 30, 2020 you are concerned by the
Wallace Contracting recorded the following transactions during November 2020: Required 1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances.
A major source of revenue for Alphabet Inc. (parent company of Google Inc.) is advertising. With Google’s AdWords, advertisers can pay on a cost-per-click basis. This means that the advertisers pay
A major source of revenue for Alphabet Inc. (parent company of Google Inc.) is advertising. With Google’s AdSense, advertisers are required to pay for advertising services on a cost-per-impression
Sullivan Equipment Sales showed the following. Required a. Determine the maturity dates of the March 1 and November 1 notes. b. Prepare entries as appropriate for each date. Analysis Component:
Refer to Spin Master’s balance sheet and notes in Appendix III.RequiredAnswer the following questions.1. The balance sheet shows Trade and other Receivables of $369,719 at December 31, 2017, and
The allowance method to account for uncollectible accounts receivable is based on which accounting principle:a. Matching principleb. Revenue recognition principlec. Business entity principled. None
You and your friends are taking a two-week trip to Paris, France, from June 1 to 15, 2020. On May 1, 2020, you booked and prepaid for your stay at Hotel de Paris for $300 per night for 14 nights.
On December 31, 2020, Corotel Company?s year-end, the unadjusted trial balance included the following items: Required 1. Prepare the adjusting entry needed in Corotel?s books to recognize bad debts
On December 31, 2020, Stilton Service Company?s year-end, the unadjusted trial balance included the following items: Required 1. Prepare the adjusting entry on the books of Stilton Service Company
The estimated bad debt expense is recorded with the following adjusting entry at the end of the accounting period:a. Dr. Bad Debt Expense , Cr. Allowance for Doubtful Accountsb. Dr. Allowance for
On December 31, 2020, Toro Company?s Allowance for Doubtful Accounts had an unadjusted credit balance of $31,000. The accountant for Toro has prepared a schedule of the December 31, 2020, accounts
On December 31, 2020, RCA Company?s Allowance for Doubtful Accounts had an unadjusted debit balance of $7,800. The accountant for RCA has prepared a schedule of the December 31, 2020, accounts
Recovery of a bad debt indicates which of the following:a. A customer refuses to pay for the outstanding balanceb. The customer pays off all of the outstanding balancec. Bad debt expense is
From the following alphabetized list of adjusted account balances, prepare the current asset section of Biotech?s December 31, 2020, balance sheet. Credit Account Debit Accounts receivable.
On December 31, 2020, Zippy Car Company?s Allowance for Doubtful Accounts had an unadjusted credit balance of $42,000. The accountant for Zippy has prepared a schedule of the December 31, 2020,
On December 31, 2020, Fresh Veggie Company?s Allowance for Doubtful Accounts had an unadjusted debit balance of $9,800. The accountant for Fresh has prepared a schedule of the December 31, 2020,
The aging of accounts receivable approach is the most reliable of the three approaches to estimate bad debt by applying:a. a lower percentage to accounts that have been outstanding the longest.b. a
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: During 2020, the following selected transactions occurred: a. Sales totalled $2,800,000, of which
Wondra Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: During 2020, the following selected transactions occurred: a. Sales totalled $1,800,000, of which
The percentage of sales approach to estimate bad debt involves an income statement approach that emphasizes:a. matching the dollar value of credit sales for the period to the dollar value of the bad
Peru Industries began operations on January 1, 2020. The company plans to use the allowance method for uncollectible accounts. During the next two years, the company completed a number of
Selzer Products Co. began operations on January 1, 2020, and completed a number of transactions during 2020 and 2021 that involved credit sales, accounts receivable collections, and bad debts.
The direct write-off method is permitted:a. When the percentage of uncollectible accounts is determined to be unrelated to sales volume.b. Only in circumstances where the total reported accounts
At the end of each year, Dutch Supply Co. uses the simplified balance sheet approach (i.e., percentage of accounts receivable) to estimate bad debts. On December 31, 2023, it has outstanding accounts
Aaron Servicing showed the following partial unadjusted results at October 31, 2020, its year-end: Part 1 Required a. Assuming Aaron estimates bad debts to be 1.5% of sales, prepare the adjusting
Littlerock Surveying showed the following partial unadjusted results at May 31, 2020, its month-end: Required a. Assuming Littlerock estimates bad debts to be 2.5% of sales, prepare the adjusting
Review the balance sheet for Spin Master in Appendix III. Did accounts receivable increase or decrease from 2016 to 2017 and by how much?
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for
The following is information taken from the June 30, 2020, balance sheet of Tippleton Company: Part 1 During July, Tippleton Company recorded total sales of $904,000, all on credit. There were
The following is information regarding adjusted account balances for Leonardo Painters at September 30, 2020: Part 1 During October, Leonardo Painters recorded $1,746,000 in total revenues, all on
When a note receivable is dishonoured, the following action is taken to adjust accounting records:a. The note receivable is immediately written off to bad debt expense.b. A percentage of the note
Delcom had total accounts receivable on December 31, 2020, of $160,000 aged as follows: Prepare the December 31, 2020, adjusting entry to estimate uncollectible accounts receivable assuming an
The following information is available regarding the outstanding accounts receivable of Mufu Contracting at September 30, 2020:Mufu estimates bad debts using the following rates:Requireda. Complete a
Accounts receivable turnover helps users of financial statements to:a. Measure quality of accounts receivable.b. Measure liquidity of accounts receivable.c. Both A and B.d. None of the above.
Winston Abbott operates Abbott Small Engine Repair on his cattle farm, greatly supplementing his farm profit. Most of his customers pay cash, so he uses the direct write-off method to account for
From the following alphabetized list of adjusted account balances, prepare the current asset section of LisTel’s March 31, 2020, balance sheet.Account
At year-end, December 31, 2020, Corolla Sales showed unadjusted balances of $394,000 in Accounts Receivable; $13,800 debit in Allowance for Doubtful Accounts; and $1,940,000 in Sales. Uncollectible
At year-end, March 31, 2020, Waterton Contractors showed unadjusted balances of $243,000 in Accounts Receivable; $1,100 debit in Allowance for Doubtful Accounts; and $4,640,000 in Sales.
On August 2, 2020, SLM Company received a $5,500, 90-day, 5% note from customer Will Carr as payment on his account. Determine the maturity date and prepare the August 2 and maturity date entries,
Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing. Required a. Demron estimates that 1.5% of net credit sales will prove to be uncollectible. Prepare
Vauxall Holdings showed the following information regarding its notes receivable: Required For each note: a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at
Shostak showed the following details regarding its notes receivable: Required For each note: a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at December 31, 2020,
Weaver Company’s December 31 year-end trial balance shows an $8,000 balance in Notes Receivable. This balance is from one note dated December 1, with a term of 45 days and 4.5% interest. Determine
Refer to the information in Exercise 8-11. Required a. Assume that Demron estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 31, 2020 to estimate
Panda Distributors showed the following information regarding its notes receivable: Required For each note: a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at
Amber Lighting showed the following details regarding its notes receivable:Required For each note:a. Determine the maturity date.b. Calculate the days of accrued interest, if any, at December 31,
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,300. Required a. Prepare the adjusting entry assuming that Winfrey estimates
Delores Cooper operates Cooper Garden Designs. Most of her customers pay cash so she uses the direct writeoff method to account for uncollectible accounts receivable. On May 3, 2020, she determined
Seerden Servicing monitors its accounts receivable carefully. A review determined that a customer, John Daley, was unable to pay his $130,000 past-due account. Seerden accepted a 90-day promissory
Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December 31, 2020 year-end. Required 1. Outer Armour is preparing
Using the Indigo financial statements in Appendix III, calculate the following ratios for the years ended April 1, 2017, and March 31, 2018. Comment on the change.a. Accounts receivable turnover
Using the Spin Master financial statements in Appendix III, calculate the following ratios for the years ended December 31, 2017 and December 31, 2016. At December 31, 2015, Spin Master had an
The following information was taken from the December 31, 2020, annual report of WestCon Developments. Required 1. Calculate accounts receivable turnover and days? sales uncollected for the year
Mean Beans, a local coffee shop, has the following assets on January 1, 2020. Mean Beans prepares annual financial statements and has a December 31, 2020 year-end. The company’s depreciation
In reviewing the accounts on September 30, 2020, for the year just ended, Geek Designers discovered the following:a. The September cell phone bill for $465 was unpaid and unrecorded at September 30.
Envirocan Resources prepares adjusting entries monthly. In reviewing the accounts on March 31, Envirocan Resources discovered the following:a. Interest of $1,080 had accrued on the note payable as at
Stud Muffin Bakery prepares financial statements on an annual basis and has a December 31, 2020 year-end. On July 1, 2020, the bakery purchased a one-year insurance policy for $12,000 cash. The
An account is defined as a:a. Detailed record of increases or decreases in a specific asset, liability, or equity itemb. Financial statement record that maintains customer information for a business
Peters Consulting completed these transactions during June 2020: Required For each transaction, (1) complete the analysis, (2) determine the journal entry analysis, and (3) record the journal
Carlos Young started an engineering firm called Young Engineering. He began operations in March 2020 and completed seven transactions, including his initial investment of $17,000 cash. After these
Travis McAllister operates a surveying company. For the first few months of the company?s life (through April), the accounting records were maintained by an outside bookkeeping service. According to
On October 1, 2020, Mary Graham organized a computer service company called Echo Systems. Echo is organized as a sole proprietorship and will provide consulting services, computer system
Tobias Eaden started a sole proprietorship named Sky High Ads. A customer?s message can be displayed on an airplane banner across the city. Sky High Ads had the following business activities during
Asset accounts are properties or economic resources held by a business with three key attributes:a. The transaction to acquire the asset will be settled within 30 days, the company has a
Designer Dry Cleaning showed the following information for its first and second months just ended, March and April of 2020: Required Use the information provided to complete a statement of changes
The balance of the following T-account is: a. 2,700 debit balance b. 2,700 credit balance c. 3,800 credit balance d. 2,900 debit balance Cash 6,500 2,200 1,000 600
Atlas Advertising showed the following selected transactions for the month ended March 31, 2020: Required Prepare journal entries for each of the above transactions. Purchased a new portable
Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: Required Prepare journal entries to record the transactions. Invested
Double-entry accounting means:a. All accounting records need to be recorded twice to ensure appropriate backup of datab. All accounting transactions need to be entered twice in the system to ensure
An important rule in a double-entry accounting system includes:a. Increases in equity accounts always result in a decrease to a liability accountb. Equity accounts and liability accounts are always
Using the general journal entries prepared in Problem 2-4B, complete the following: 1. Set up the following accounts (use the balance column format or T-accounts): Cash (101); Accounts Receivable
Profit is adjusted to owner’s capital accounts only after:a. The fiscal year-end financial statements have been auditedb. The financial statements have been prepared and the closing process has
Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for several companies, she opened her own
The primary purpose of recording journal entries is:a. To list all accounts in a general ledgerb. To see the increases and decreases in a specific accountc. To determine the overall financial
WiCom Servicing completed these transactions during November 2020, its first month of operations: Required 1. Prepare journal entries to record the transactions. Use general journal page 1. 2. Set
Using the trial balance prepared for HR Solutions in Part 4 of Problem 2-7A, prepare an income statement and statement of changes in equity for the month ended May 31, 2020, and a balance sheet at
The term debit means:a. Increaseb. An entry that increases asset, expense, and owner’s equity accountsc. A transaction that is recorded in a journald. An entry to transfer a journal entry to ledger
CityBnB?s records showed the following beginning balances on July 31, 2020. Using the information provided and the analysis completed in QS 2-6 and QS 2-7, complete the following: 1. Post the journal
Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first month ended May 31, 2020, and a balance sheet at May 31, 2020. Analysis
Review the WestJet balance sheet for fiscal year-end December 31, 2017, in Appendix III. Identify three accounts on the balance sheet that would carry debit balances and three accounts on the
On March 10, One Eleven Music Studio purchases a new student drum kit for $1,500 and receives an invoice from Pearl to be paid within 30 days. The following entry is booked:a. Debit Equipment 1,500
Binbutti Engineering, a sole proprietorship, completed the following transactions during July 2020, the third month of operations: Required 1. Prepare journal entries to record the transactions.
Review the Spin Master balance sheet for fiscal year-end December 31, 2017, in Appendix III. Identify four different asset accounts and three different liability accounts.
At the beginning of June 2020, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations: Required 1.
Dee Bell Company?s records showed the following April 30, 2020, account balances: Required 1. Using the chart of accounts numbering system, assign an account number to each account. 2. Using the
Using the trial balance prepared for Binbutti Engineering in Part 4 of Problem 2-10A, prepare an income statement and statement of changes in equity for the three months ended July 31, 2020, and a
Extreme Hockey trains top-level hockey players with on-ice and off-ice programs. Extreme Hockey aims toevery hockey player?s full potential. The company showed the following trial balances for its
Cycle Travel Tours showed the following trial balance information (in alphabetical order) for its first month just ended March 31, 2020: Required Use the information provided to complete an income
On March 1, One Eleven Music Studio collects $125 from each of its 40 students taking drum lessons to pay for lessons for the month of March. Record the required journal entry to book the
After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T-accounts) as at January 31, 2020. During February, the following
Taylor Smith is a singer who has experienced international success in her career. On May 1, 2020, Taylor started her business, Glitter and Gold Studio, where she teaches singing. The following
Ike Petrov started a tour company, Tour-Along, on October 1, 2020. The following activities occurred during November, the second month of operations: Required 1. Prepare journal entries to record
Prepare journal entries for the following transactions that occurred during 2020: Purchased equipment on account; $500. Paid for the equipment purchased on May 1. Purchased supplies for cash; $100.
Ranjeet Gill is a wedding planner who is one of the best known in her area; she has a high presence at wedding shows and works closely with a wedding dress boutique. On January 1, 2020, Ranjeet
Tom Keenan is a vacation planner who specializes in outback adventures; he has a high presence at outdoor shows and gets most of his business from there. On May 1, 2020, Tom started his business
Prepare journal entries for the following transactions that occurred during January 2020: Stan Adams opened a landscaping business by investing $60,000 cash and equipment having a $40,000 fair
Precision Laser Centres showed the following selected activities during the month of April 2020. Record the journal entries for the following transactions. Performed surgery on a customer today and
Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first year ended July 31, 2020, and a balance sheet at July 31, 2020. Analysis

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