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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

On July 31, 2020, Magnus's Muffins paid \(\$ 18,000\) for business insurance for the next year. Record the entries for the purchase of the insurance by recording it as an expense and then making a
On November 1, 2020, Freya Albatter's orthodontic office received a \(\$ 2,500\) prepayment from a client for dental work to be performed on November 22. The appointment got postponed until January
Chef's Catering completed the following selected transactions during May 2020:Required 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and
Consider the unadjusted trial balance of Burrows Landscaping at December 31, 2020, and the related month-end adjustment data:The following adjustments need to be made on December 31 before the
Gonzales Sales and Service completed the following transactions during 2020:Required 1. Journalize these entries by debiting an asset account for Prepaid Rent and by crediting a liability account for
DoltForYou Concierge Services experienced the following selected transactions during October:Required 1. Show how each transaction would be accounted for using the accrual basis of accounting. Use
The unadjusted trial balance of Pigeon Delivery at December 31, 2020, appears below. The data needed for the month-end adjustments follow the trial balance.Adjustment data at December 31:a. Prepaid
The unadjusted trial balance of Halifax Research at December 31, 2020, appears below:Adjustment data:a. Accrued consulting revenue at December \(31, \$ 3,800\).b. The prepaid balance of \(\$ 12,000\)
Harrison Fly Fishing Charters has collected the following data for the December 31 adjusting entries:a. The company received its electric bill on December 31 for \(\$ 375\) but will not pay it until
Connect Air completed the following transactions during 2020:Required 1. Open T-accounts for Advertising Expense, Prepaid Advertising, Unearned Flight Revenue, and Flight Revenue.2. Journalize these
The worksheet is aa. Journalb. Ledgerc. Financial statementd. Device for completing the accounting cycle
The usefulness of the worksheet isa. Identifying the accounts that need to be adjustedb. Summarizing the effects of all the transactions of the periodc. Aiding the preparation of the financial
Which of the following accounts is not closed?a. Supplies Expenseb. Prepaid Insurancec. Interest Revenued. Withdrawals
The purpose of the post-closing trial balance is toa. Provide the account balances for preparation of the balance sheetb. Ensure that the ledger is in balance for the start of the next periodc. Aid
A \(\$ 500\) payment on account to a supplier was recorded by debiting Supplies and crediting Cash. This entry was posted. The correcting entry is a. Accounts Payable Supplies 500 500 b. Supplies 500
The classification of assets and liabilities as current or long-term depends ona. Their order of listing in the ledgerb. Whether they appear on the balance sheet or the income statementc. The
A classified balance sheet format is required for companies that report undera. Cash basis of accountingb. ASPEc. IFRSd. Both ASPE and IFRS
Which types of accounts are closed?
Epic North Coffee started the year with a beginning capital balance of \(\$ 20,000\). During the year the business earned \(\$ 40,000\) of service revenue and incurred \(\$ 21,000\) of expenses. The
It is December 31, 2020, and time to close the books. Journalize the following closing entries, with explanations, for Renee's Rice Treats:a. Service revenue, \(\$ 15,000\)b. A compound closing entry
Currie Ice Road Trucking provided you with the following partial list of accounts:Prepare Currie Ice Road Trucking's closing entries for the above accounts. Include explanations. Cash........... O.
For each account listed, identify whether the account would be included on a postclosing trial balance. Signify either Yes (Y) or No (N). a. b. C. Office Supplies Interest Expense J. Grey, Capital th
Stone Craft Brewing reported the following partial list of accounts:1. Identify the assets (including contra assets) and liabilities.2. Classify each asset and each liability as current or
Calculate the current ratio and the debt ratio for Tietz Consulting at December 31, 2020. Assets Current assets Cash Accounts receivable Prepaid insurance Tietz Consulting Balance Sheet December 31,
Garwood Racing has these account balances at December 31, 2020:Compute Garwood Racing's current ratio and debt ratio. Accounts Payable.. Accounts Receivable. Cash. Supplies. Equipment.......... $
Prepare a correcting entry (or entries), with explanations, for each of the following accounting errors: Nov. 3 Nov. 6 Nov. 8 Nov. 12 Nov. 19 Debited Supplies and credited Accounts Payable for a
The major expense of a merchandising business isa. Cost of goods soldb. Amortizationc. Rentd. Interest
Sales total \(\$ 445,000\), cost of goods sold is \(\$ 220,000\), and operating expenses are \(\$ 175,000\). How much is gross margin?a. \(\$ 445,000\)b. \(\$ 50,000\)c. \(\$ 270,000\)d. \(\$
A purchase discount results froma. Returning goods to the sellerb. Receiving a purchase allowance from the sellerc. Buying a large enough quantity of merchandise to get the discountd. Paying within
Which of the following is not an accounta. Sales Revenueb. Net Salesc. Inventoryd. Supplies Expense
If a merchandiser's beginning inventory was \(\$ 60,000\), it purchased \(\$ 125,000\) during the period, and a count shows \(\$ 50,000\) of inventory on hand at the end of the period, what was the
Which account causes the main difference between a merchandiser's adjusting and closing process and that of a service business?a. Advertising Expenseb. Interest Revenuec. Cost of Goods Soldd.
The closing entry for Sales Discounts includesa. Sales Discountsb. Sales Discounts Income Summary Sales Revenuec. Income Summary Sales Discountsd. Not used: Sales Discounts is a permanent account,
Which income statement format reports income from operations?a. Account formatb. Single-step formatc. Report formatd. Multi-step format
A company has sales of \(\$ 375,000\), cost of goods sold of \(\$ 225,000\), average inventory during the year of \(\$ 75,000\), and ending inventory of \(\$ 90,000\). The company's inventory
Refer to Self-Study Question 9. About how many days does it take the inventory to turn over?a. 122b. 88c. 146d. 73 Data from Self-Study Question 9 A company has sales of \(\$ 375,000\), cost of
In general, what does a low gross margin percentage suggest about a business's pricing strategy?
Match the situation with the best term to explain why things are done this way. 1. Every year a business uses the same account names so it can evaluate results between years. 2. When we prepare a
For each of the following independent transactions, indicate the change in total assets.a. Purchased \(\$ 750\) of supplies on account.b. Paid cash to employees for their salaries \(\$ 5,000\).
Samson Kodua owns Grinds Coffee House, near the campus of Western Community College. The company has cash of \(\$ 18,000\) and furniture that cost $40,000. Debts include accounts payable of \(\$
Match each of the following accounting terms with its correct definition: Terms 1. Accounting equation 2. Asset 3. Balance sheet 4. Expense 5. Income statement 6. Liability 7. Net income 8. Net loss
Download an Excel template for this problem online in MyLab Accounting.Echo Lake started operations on November 1, 2018. Nine transactions occur during November. Financial statements are prepared at
A T-account has two sides, called thea. Debit and creditb. Asset and liabilityc. Revenue and expensed. Journal and ledger
Increases in liabilities are recorded bya. Debitsb. Credits
Why do accountants record transactions in the journal?a. To ensure that all transactions are posted to the ledgerb. To ensure that total debits equal total creditsc. To have a chronological record of
Posting is the process of transferring information from the \((p .66)\)a. Journal to the trial balanceb. Ledger to the trial balancec. Ledger to the financial statementsd. Journal to the ledger
The purchase of land for cash is recorded by aa. Debit to Cash and a credit to Landb. Debit to Cash and a debit to Landc. Debit to Land and a credit to Cashd. Credit to Cash and a credit to Land
Simpson Transport earned revenue on account. The earning of revenue on account is recorded by a a. Debit to Cash and a credit to Revenueb. Debit to Accounts Receivable and a credit to Revenuec.
The account credited for a receipt of cash on account is a. Cashb. Accounts Payablec. Service Revenued. Accounts Receivable
The purpose of the trial balance is toa. List all accounts with their balancesb. Ensure that all transactions have been recordedc. Speed up the collection of cash receipts from customersd. Increase
Is the following statement true or false? Debit means decrease and credit means increase. Explain your answer.
Indicate whether each account listed below is a(n) asset (A), liability (L), owner's equity (OE), revenue ( \(R\) ), or expense ( \(\mathbf{\text { e }}\) ) account. Salaries Payable Land L. Graham,
Indicate whether each account listed below is a(n) asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E) account. Next to each answer, indicate whether the account's normal
Victor Yang asks your advice in setting up the accounting records for his new business, Victor's Bike Shop. The business will begin as a bicycle repair shop and will operate in a rented building.
Zeb Slipewicz opened a renovation business called WeReDoIt Construction on September 3, 2020. During the first month of operations, the business completed the following transactions:Required Record
The trial balance of Kiki's Jewellery Repair at February 29, 2020, is shown below:During March, Kiki's Jewellery Repair completed the following transactions:Required 1. Record the March transactions
Sophie Vaillancourt started an investment management business, Vaillancourt Management, on June 1, 2020. During the first month of operations, the business completed the following selected
Canada-Wide Movers had the following account balances, in random order, on December 15, 2020 (all accounts have their "normal" balances):The following events took place during the final weeks of the
Gladys Yuan is a research analyst who operates under the business title Yuan Research. During April 2020, the company engaged in the following transactions:Yuan Research uses the following accounts:
Scott Jameson opened Jameson Translation Services on January 2, 2020. During the first month of operations, the business completed the following transactions:Required Record each transaction in the
Under the recognition criteria for revenues, revenue is recordeda. At the earliest acceptable timeb. At the latest acceptable timec. As soon as it has been earned, but not befored. At the end of the
The matching objective provides guidance in accounting fora. Expensesb. Owner's equityc. Assetsd. Liabilities
Accrual-basis accountinga. Results in higher income than cash-basis accountingb. Leads to the reporting of more complete information than does cash-basis accountingc. Is not acceptable under GAAPd.
Adjusting entriesa. Assign revenues to the period in which they are earnedb. Help to properly measure the period's net income or net lossc. Bring asset and liability accounts to correct balancesd. Do
A building-cleaning firm began November with supplies of \(\$ 210\). During the month, the firm purchased supplies of \(\$ 250\). At November 30, supplies on hand total \(\$ 160\). Supplies expense
A building that cost \(\$ 150,000\) has accumulated amortization of \(\$ 70,000\). The book value of the building isa. \(\$ 70,000\)b. \(\$ 80,000\)c. \(\$ 150,000\)d. \(\$ 190,000\)
Accumulated Amortization is reported ona. The balance sheetb. The income statementc. The statement of owner's equityd. Both \(a\) and \(b\)
A business received cash of \(\$ 3,000\) in advance for service that will be provided later. The cash receipt entry debited Cash and credited Unearned Revenue for \(\$ 3,000\). At the end of the
The adjusting entry to accrue salaries expensea. Debits Salaries Expense and credits Cashb. Debits Salaries Payable and credits Salaries Expensec. Debits Salaries Payable and credits Cashd. Debits
The links among the financial statements area. Net income from the income statement to the statement of owner's equityb. Ending capital from the statement of owner's equity to the balance sheetc. Net
What is the difference between accrual-basis accounting and cash-basis accounting?
Why is unearned revenue a liability? Give an example.
Golf Simulator Experts Company failed to record the following adjusting entries at December 31, the end of its fiscal year:(a) accrued expenses, \(\$ 1,500\);(b) accrued revenues, \(\$ 1,700\);
Which of the following forms of business organization is an "artificial person" and must obtain legal approval from the federal or provincial government to conduct business?a. Law firmb.
You have purchased some T-shirts for \(\$ 6,000\) and can sell them immediately for \(\$ 8,000\). What accounting assumption, criteria, or constraint governs the amount at which to record the goods
The economic resources of a business are calleda. Assetsb. Liabilitiesc. Owner's equityd. Accounts payable
If the assets of a business are \(\$ 200,000\) and the liabilities are \(\$ 90,000\), how much is the owner's equity?a. \(\$ 290,000\)b. \(\$ 110,000\)c. \(\$ 200,000\)d. \(\$ 90,000\)
If the owner's equity in a business is \(\$ 70,000\) and the liabilities are \(\$ 35,000\), how much are the assets?a. \(\$ 35,000\)b. \(\$ 70,000\)c. \(\$ 105,000\)d. \(\$ 45,000\)
Purchasing office supplies on account willa. Increase an asset and increase a liabilityb. Increase an asset and increase owner's equityc. Increase one asset and decrease another assetd. Increase an
Performing a service for a customer or client and receir ing the cash immediately willa. Increase one asset and decrease another assetb. Increase an asset and increase owner's equityc. Decrease an
Paying an account payable willa. Increase one asset and decrease another assetb. Decrease an asset and decrease owner's equityc. Decrease an asset and decrease a liabilityd. Increase an asset and
The financial statement that summarizes assets, liabil ties, and owner's equity is called thea. Cash flow statementb. Balance sheetc. Income statementd. Statement of owner's equity
The financial statements that are dated for a time perio (rather than for a specific point in time) are thea. Balance sheet and income statementb. Balance sheet and statement of owner's equityc.
What accounting credentials are available for accountants from the CPA, and how do they differ?
Identify the owner(s) of a proprietorship, a partnership, and a corporation.
Why is the economic entity assumption so important to accounting?
If assets = liabilities + owner's equity, then liabilities \(=?\)
For each of the following users of accounting, indicate if the user would use fina accounting (FA) or management accounting (MA).a. Investorb. Bankerc. Canada Revenue Agencyd. Ownere. Human resources
For each of the users of accounting information, indicate whether they are an external decision maker (E) or an internal decision maker (I).a. Marketing managerb. Canada Revenue Agencyc. Investord.
Match the assumption, principle, or constraint description with the appropriate term by placing \(a, b, c, d, e\), and \(f\) on the appropriate line. a. Cost principle of measurement b. Going concern
Ryan's Wedding Services has been open for one year, and Shu Ryan, the owner, wants to know whether the business earned a net income or a net loss for the year. First, she must identify the revenues
Yijie Chan is the proprietor of a property management company near the campus of a local university. The business has cash of \(\$ 72,000\) and furniture that cost \(\$ 24,000\) and has a market
Identify each of the following accounts as: Asset (A), Liability (L), or Ow Equity (OE).a. Accounts Payableb. Cashc. M. Abbas, Capitald. Accounts Receivablee. Rent Expensef. Service Revenue g.
Suppose Northern Adventures rents stand-up paddleboards to tourists. The com purchased a storage building for the boards for \(\$ 200,000\) and financed the pur with a loan of \(\$ 150,000\) and an
Indicate whether each account listed below appears on the balance sheet (B), in statement (I), statement of owner's equity (OE), or cash flow statement (CF). s items appear on more than one
Picture Perfect Pet Photography specializes in taking pictures of families and pets. Prepare the balance sheet as at January 31, 2020, using the following acco and balances, which are currently
Black Canary Sound Studio has just completed operations for the year ended De ber 31, 2019. This is the third year of operations for the company. As the owner, want to know how well the company
Jacob's Overhead Doors reports the following financial information:1. Use the accounting equation to solve for the missing information.2. Was it a good year or a bad year for the business? Assets
Honey Bee Apiary is a leading consulting business that specializes in teaching farmers how to raise bees. Their accounting records reported the following data on December 31, 2022. Accounts appear in
After recording the transactions in E2–15, prepare the unadjusted trial balance of Yarrow Strategic Consulting at May 31, 2023.Data from E2–15Open the following three-column ledger accounts for

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