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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Hansen and Fleming are partners and share equally in income or loss. Hansen’s current capital balance in the partnership is \($125,000\) and Fleming’s is \($124,000.\) Hansen and Fleming agree to
Mee Su is a partner in Hartford Partners, LLC. Her partnership capital balance at the beginning of the current year was \($110,000,\) and her ending balance was \($124,000.\) Her share of the
Next to the following list of eight characteristics of business organizations, enter a brief description of how each characteristic applies to general partnerships. Characteristic 1. Life.... 2.
Barton Corporation began operations on January |, 2008. The following transactions relating to stock- oO holders’ equity occurred in the first two years of the company’s operations.2008 DP1I3
Donna’s Dairy Free Donuts (DDFD) prepares financial statements on an annual basis and has a December 31, 2023 year-end. On July 1, 2023, DDFD purchased a one-year insurance policy for $24,000 cash.
Using the information in QS 1-18, prepare an income statement and statement of changes in equity for the month ended May 31, 2023, and a balance sheet at May 31, 2023.Data From QS 1-18Paul Sangha
Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023:May 1 Purchased new equipment, paying cash of $14,700 and signing a 90 day
You have been given the following information for RPE Consulting for the year ended July 31, 2023.Required1. Prepare the company’s income statement, statement of changes in equity, and balance
Prepare journal entries for the following transactions that occurred during 2023:May 1 Purchased equipment on account; $500.2 Paid for the equipment purchased on May 1.3 Purchased supplies for cash;
Extreme Hockey trains top-level hockey players with on-ice and off-ice programs. Extreme Hockey aims to maximize every hockey player’s full potential. The company showed the following trial
A trial balance has total debits of $21,000 and total credits of $25,500. Which one of the following errors would create this imbalance? Explain.1. A $4,500 debit to Salaries Expense in a journal
The Salaries Payable account of James Bay Company Limited appears below:The company records the salary expense and related liability at the end of each week and pays the employees on the last Friday
Details regarding Leroux Steel’s purchases of plant and equipment items during 2023 follow:RequiredPrepare the annual adjusting entry at December 31, 2023, Leroux’s year-end, for each plant and
Helping Hand Outdoor Services pre-sells yard maintenance packages for the gardening season. During October, the company collects cash from clients for Christmas trees to be delivered in December.
Blackfeather Tours sells scuba diving and kayaking excursions, along with a number of unique sightseeing packages. The company requires a 50% payment from the customer at the time of booking. The
For each of the following, identify the primary GAAP that has been violated and explain why.1. Delta Company prepared its first set of financial statements for the three years ended July 31, 2023.2.
The following are independent situations. Based on the accrual basis of accounting, explain when the companies should recognize revenue.a. You order a leather jacket from Aritzia online. You submit
Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end.a. On October 1, 2023, Dr. Chan prepaid $8,000 for four months of rent.b. On
In reviewing the accounts on September 30, 2023, for the year just ended, Geek Designers discovered the following:a. The September cellphone bill for $465 was unpaid and unrecorded at September 30.
Stud Muffin Bakery prepares financial statements on an annual basis and has a December 31, 2023 year-end. On July 1, 2023, the bakery purchased a one-year insurance policy for $12,000 cash. The
Mean Beans, a local coffee shop, has the following assets on January 1, 2023. Mean Beans prepares annual financial statements and has a December 31, 2023 year-end.The company’s depreciation policy
WonderWeb prepares adjusting entries monthly. In reviewing the accounts on March 31, 2023, WonderWeb discovered the following:a. Interest of $450, representing 25 days in March, had accrued on the
Fawcett Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. Fawcett prepares adjusting
Splish Splash Art is a centre that offers children’s music and dance lessons. Splish Splash prepares annual financial statements and has a December 31, 2023, year-end.a. On September 1, Splish
Wedona Energy Consultants prepares adjusting entries monthly. Based on an analysis of the unadjusted trial balance at January 31, 2023, the following information was aavailable for the preparation of
Kazz Industries’ year-end is May 31. Based on an analysis of the unadjusted trial balance at May 31, 2023, the following information was available:a. Machinery costing $77,500 was acquired on
Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme outing. JJ Co. prepares annual financial statements and has a December 31, 2023 yearend.a. On April 1, 2023, JJ
The following information concerns the adjusting entries to be recorded on November 30, 2023, for RaiLink’s year just ended.a. The Office Supplies account started the year with a $4,800 balance.
Valor Ventures prepares adjusting entries monthly. The following information concerns the adjusting entries that need to be recorded on October 31, 2023, for the month just ended.a. The Office
Super Shawarma, a successful restaurant chain, purchased a two-year insurance policy on April 1, 2023, paying cash for $15,000. Super Shawarma has a December 31 year end. How much does the
On January 1, you started a tutoring business called Brain Worx and charge $30 an hour for tutoring. The following are your transactions for 2023. Assume Brain Worx uses the straight-line method to
Queen & Ace Games (Q&A Games) runs its business from January 1 to December 31 (year-end). On January 1, 2023, Q&A Games pays $12,000 for a one-year insurance policy that covers January 1,
Ismet Ajumi is an accountant at Duzguner Gold Mining Inc. (DGMI). Ismet is determining the depreciation associated with a new vehicle to be used by the DGMI president. The vehicle was purchased on
Humber Culinary School, a cooking school, purchased a two-year insurance policy on April 1, 2023, paying cash of $7,680. Its year-end is December 31.a. Record the journal entry on April 1, 2023.b.
Rainmaker Environmental Consultants is just finishing its second year of operations. The company’s unadjusted trial balance at October 31, 2023, follows.Rainmaker prepares adjustments each October
On July 1, 2023, Melanie Thornhill began her third month of operating an electronics repair shop called MT Repairs out of her dad’s garage. The following occurred during the third month of
On August 1, 2023, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations:Aug. 1 Purchased office
Nona’s Gelato prepares financial statements on an annual basis and has a December 31, 2023 year-end. As of March 1, 2023, Nona’s Gelato took out a bank loan for $24,000 with an interest rate of
This alphabetized adjusted trial balance is for Mad Catz Courier as of its December 31, 2023, month-end:RequiredUse the information in the trial balance to prepare:1. The income statement for the
MODERN is a store with trendy and affordable furniture. MODERN has five part-time employees, each of whom earns $210 per day. They are normally paid on Fridays for work completed on Monday through
Rise and Shine Ice Cream prepares annual financial statements and has a December 31 year-end. As of March 1, 2023, Rise and Shine Ice Cream took out a bank loan for $12,000 with an interest rate of
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2023, year-end:RequiredUse the information in the trial balance to prepare:a. The income statement for the
On November 1, 2023, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2023, Race Car Repairs’ year-end, it was determined that $3,000 of
Preparing adjusting entries (annual)—unearned revenueClub 17X Fitness prepares financial statements on an annual basis and has a December 31 year-end. On October 1, 2023, Club 17X sells a one-year
Gold Co. purchased a vehicle on March 1, 2023, for cash of $32,000. It will be used by the president for business purposes for four years and then sold for an estimated amount of $8,000. Gold Co.’s
On January 1, 2023, Taco Taqueria, a Mexican restaurant, purchased equipment for $12,000 cash. Taco Taqueria estimates that the equipment will last five years (useful life). The restaurant expects to
After winning the TV show competition Star Chef, Adriana started a cooking school, Adriana’s Apron. Adriana’s Apron prepares monthly financial statements. The following are the transactions for
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2023:Additional information available for the month ended September 30, 2023:a. Interest of $162 had accrued
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2023, year-end:Additional information available at year-end:a. The Prepaid Arena Rental of $182,000 was paid
The following three situations require adjusting journal entries to prepare financial statements as of April 30, 2023. For each situation, present the adjusting entry and the entry that would be made
Rainbow Janitorial Services follows the approach of recording prepaid expenses as expenses and unearned revenues as revenues. Rainbow’s unadjusted trial balance for the year ended October 31, 2023,
The following events occurred for a company during the last two months of its fiscal year ended December 31, 2023:Nov. 1 Paid $4,500 for future newspaper advertising.1 Paid $7,800 for insurance
The following occurred for a company during the last two months of its fiscal year ended May 31, 2023:Apr. 1 Paid $7,200 for future consulting services.1 Paid $1,920 for insurance through March 31 of
Pradeep has agreed to pay to Banco National $10,000 plus interest of $400 on June 30, 2023. The interest represents 8% of $10,000 for half of a year (January 1 through June 30).a. What is the journal
Following are two income statements for Javelin Company for the month ended December 31, 2023. Column B was prepared before any adjusting entries were recorded and column D includes the effects of
Yara Clothing (Yara), a retail store at the mall, hires a number of employees to work 7 days a week. Yara owes its employees wages for the period of December 27, 2023 to January 9, 2024 (14 days) for
On December 31, 2023, Beautiful Brows Salon received its business cellphone bill for December (Dec. 1 to Dec. 31) usage of $2,000. It must be paid by January 15, 2024.a. To prepare the 2023 annual
Classic Customs began operations on December 1, 2023. In setting up the bookkeeping procedures, the company decided to debit expense accounts when the company prepays its expenses and to credit
The following information has been taken from Out Loud Comedy Club’s unadjusted and adjusted trial balances at October 31, 2023.Given this trial balance information, prepare the adjusting journal
Foster Company initially records prepaid and unearned items in income statement accounts. Given Foster Company’s practices, what is the appropriate adjusting entry for each of the following at
Tiger Computer provided $17,000 of services to customers in the month of March 2023. On March 31, 2023, Tiger Computer has not yet billed or collected payment for the $17,000. On April 16, $12,000 of
The following account information appeared on the adjusted trial balance for Ucore Sales as of December 31, 2023. The accounts are listed in alphabetical order.Required1. Prepare a classified
On July 1, 2023, Amy Young created a new self-storage business called Young Co. These events occurred during the company’s first month:July 1 Young invested $40,000 cash and land and buildings
On June 1, 2023, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company’s first month:June 1 Near created the new company by investing $40,000
The July 31, 2023, unadjusted trial balance for Daimler Tours after its first month of operations is shown below:Required1. Enter the unadjusted trial balance onto a work sheet.2. Using the following
The March 31, 2023, unadjusted trial balance for Silva Rentals after its first year of operations is shown below:Required1. Enter the unadjusted trial balance onto a work sheet.2. Using the following
The following closing entries were prepared for Greenway Gardening Services regarding the year ended October 31, 2023:Required1. Prepare an income statement based on the information provided.2.
Using the information in Problem 4-6B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2023, and a classified balance sheet at December 31, 2023. The
Silver Star Automotive showed the following account balances at October 31, 2023, after posting the closing entries. Prepare the post-closing trial balance. Cash Bal. Capital Expenses Bal. 40 5
Pure Plant Beauty is a sole proprietorship that has a developed a new line of skin care and makeup that uses natural and organic ingredients. The company showed the following adjusted account
Using the adjusted trial balance in Problem4-4A, prepare the income statement and statement of changes in equity for the year ended December 31, 2023, and the classified balance sheet at December 31,
Warden Repairs showed the following adjusted account balances on October 31, 2023. Prepare and post the closing entries. Assets 250 Withdrawals 20 Income Summary Liabilities 110 Revenue 100 Capital
The adjusted trial balance for Destination Wedding Photo as of December 31, 2023, follows:An analysis of other information reveals that Destination Wedding Photo is required to make a $49,000 payment
Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The
The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows:An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the
Using the information from Problem 4-2B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2023, and a classified balance sheet at December 31, 2023.
Using the information from Problem 4-2A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2023, and a classified balance sheet at December 31, 2023.
Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2023:RequiredPrepare the closing entries. Accounts receivable Accumulated
You are the accountant at Stephos Greek Taverna. After completing the December 31, 2023 financial statements, you need to post the closing entries to prepare for the 2024 year. Start the process by
The adjusted trial balance for Dillan’s Tailoring Services on December 31, 2023, appears as follows:Required1. Prepare closing entries.2. Prepare a post-closing trial balance. No. 101 Cash 125
GolfLink is a golf course company with clubs in ten provinces. Listed here is part of the comparative balance sheet at December 31, 2024, showing the following assets and liabilities, in alphabetical
The adjusted trial balance at April 30, 2023, for Zhang Co. follows.Required1. Prepare the four closing entries.2. Prepare a post-closing trial balance. 101 Cash 106 Accounts receivable 153
Sarda Electrical Servicing began operations two years ago. Its adjusted account balances at December 31, 2023, are listed alphabetically below. The owner, Nymeth Sarda, made a $20,000 investment
On January 20, 2023, Jennifer Nelson, the staff accountant for Newby Enterprises, is feeling pressure to complete the preparation of the annual financial statements. The president of the company has
Information from the December 31, 2023, year-end unadjusted trial balance of Woodstock Store is as follows:Additional information:1. The balance on January 1, 2023, in the Store Supplies account was
Information from the March 31, 2023, year-end unadjusted trial balance of The Online Store is as follows:Additional information:1. Supplies inventory at year-end, $920.2. The balance in the Prepaid
The following adjusted trial balance information was taken from the end of the July 31, 2023, fiscal year for Brilliant Sales:Brilliant Sales uses a perpetual inventory system.Required1. Prepare a
The following amounts appeared on the Mullen Company’s adjusted trial balance in alphabetical order as of November 30, 2023, the end of its fiscal year:A physical count shows that the cost of the
For each situation given, calculate cost of goods sold and identify whether the information provided reflects a perpetual or periodic inventory system.a. Merchandise Inventory shows a balance at
Assume that Volleyball Pro Equipment had $900,000 of sales during each of three consecutive years, and it purchased merchandise costing $500,000 during each of the years. It also maintained a
The following list of accounts is taken from the December 31, 2023, unadjusted trial balance of Perdu Sales, a business that is owned by Eldon Perdu.Additional information:Accrued sales salaries
Willard Company established a $400 petty cash fund on September 9, 2023. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-in, $32.45; office
The following information was available to reconcile Shanghai Company’s book balance of Cash with its bank statement balance as of February 28, 2023.1. The bank statement at February 28 indicated a
From the following alphabetized list of adjusted account balances, prepare the current asset section of Biotech’s December 31, 2023, balance sheet. Account Accounts receivable.......... Allowance
Swiss Supplies showed the following selected adjusted balances at its December 31, 2022, year-end:During 2023, the following selected transactions occurred:1. Sales totalled $2,800,000, of which 25%
The following information is available regarding the accounts receivable of Club Fit Holdings at August 31, 2023:*All services are performed on terms of n/60. Assume all sales occurred on the last
Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December 31, 2023 year-end.Note Receivable A On September 1,
On August 26, 2018, Race World International purchased a piece of equipment for a total of $426,000. The PPE subledger shows the following information regarding the equipment:Early in 2023, it was
The following information was taken from the December 31, 2023, annual report of WestCon Developments.Required1. Calculate accounts receivable turnover and days sales outstanding for the year 2023.
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

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