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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Make T-accounts for the following accounts that appear in the general ledger of The Canine Hospital, owned by Kali Wells, a veterinarian: Cash; Accounts Receivable; Supplies; Office Equipment;
The following transactions occurred during January, the first month of operations for Red Corporation. Prepare journal entries and create a T-account for inventory that includes the following five
During the year, the Fletcher Company experienced the following accounting transactions:1. Purchased equipment with cash in the amount of \(\$ 130,000\).2. Purchased supplies on account in the amount
Using the data from E2-15B,(a) prepare journal entries (b) post your transactions to the appropriate T-accounts.Exercise E2-15BRecording Transactions with the Accounting Equation During the year,
Normal Balances Indicate for each of the following accounts whether the normal balance is a debit or a credit:a. Accounts Receivableb. Accounts Payablee. Inventoryc. Dividendsd. Wage Expensef.
Debit and Credit Effects Indicate the account that will be debited for each of the following transactions:a. Issued common stock for cashb. Borrowed money from a bankc. Provided services on accountd.
Debit and Credit Effects Indicate the account that will be credited for each of the following transactions:a. Issued common stock for cashb. Borrowed money from a bankc. Provided services on
Determine a Transaction The Pearce Company recorded a transaction by debiting Accounts Receivable and crediting Sales Revenue. What event was being recorded?
Determine the Cash Balance The beginning-of-the-period cash balance for the Taylor Company was a \(\$ 12,000\) debit. Cash sales for the month were \(\$ 8,000\) and sales on account were \(\$
Recording Transactions with the Accounting Equation During the year, the Flight Company experienced the following accounting transactions:1. Issued common stock in the amount of \(\$ 150,000\)2. Paid
Posting Transactions to T-accounts Using the data from short exercise SE2-6, prepare journal entries and post your transaction analysis to the appropriate T-accounts.Exercise SE2-6Recording
Prepare a Trial Balance The following balances were taken from the general ledger of Doogie Corporation as of December 31. All balances are normal. Prepare a trial balance. Cash..... Accounts
Prepare a Corrected Trial Balance The following trial balance for Hill Company has errors that cause it to be out of balance. Prepare a corrected version of the trial balance for Hill Company.
The Accounting Cycle The following is the correct order of the five steps in the accounting cycle:a. Analyze; adjust; record; report; closeb. Analyze; record; adjust; report; closec. Analyze; record;
The Account Which of the following is not part of the T-account?a. Titleb. Amountc. Cross-referenced. Analysis
Following the example shown in(a) below, indicate the accounting effects of the listed transactions on the assets, liabilities, and stockholders' equity of Martin \& Company, a corporation:a.
Calculate the unknown amount in each of the following five independent situations. The answer to situation \((a)\) is given as an example. Beginning Ending Account Balance Balance Other Information
The accounts below are from the general ledger of The Bast Company. For each letter given in the T-accounts, describe the type of business transaction(s) or event(s) that would most likely be
Match each of the following transactions of Lesch \& Company with the appropriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions.
Unique Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts
For each transaction in E2-6A, indicate the related source document or documents that provide evidence supporting the transaction.Exercise E2-6AUnique Designs, a firm providing art services for
For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Payable Advertising Expense Cash Common Stock Dividends Equipment Land Service Fees
In columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown on the left, and which side of the account represents its normal balance. Asset.
For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Receivable Advertising Revenue Building Common Stock Notes Payable Retained Earnings
Match each of the following transactions of L. Boyd \& Company with the appropriate letters, indicating the debits and credits to be made. The key for the letters follows the list of
Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable;
Make T-accounts for the following accounts that appear in the general ledger of Miller Cat Hospital, owned by R. Miller, a veterinarian: Cash; Accounts Receivable; Supplies; Office Equipment;
The following transactions occurred during December, the first month of operations for Farly Company. Prepare journal entries and create a T-account for accounts payable that includes the following
During the year, the Riley Company experienced the following accounting transactions:1. Purchased equipment with cash in the amount of \(\$ 165,000\).2. Purchased supplies on account in the amount of
Using the data from short exercise E2-15A, prepare journal entries and post your transaction analysis to the appropriate \(\mathrm{T}\)-accounts.Exercise E2-15ADuring the year, the Riley Company
Which of the following transactions does not affect the balance sheet totals?a. Purchased \(\$ 500\) supplies on accountb. Paid off a \(\$ 3,000\) note payablec. Received \(\$ 4,000\) cash from a
Tobias Company purchased inventory on account. This transaction will affect:a. Only the balance sheetb. Only the income statementc. The income statement and the statement of retained earningsd. The
If assets increase by \(\$ 50\) and liabilities decrease by \(\$ \mathbf{3 0}\), stockholders' equity must:a. Remain unchangedb. Increase by \(\$ 80\)c. Decrease by \(\$ 70\)d. Decrease by \(\$ 130\)
A T-account consists of how many parts?a. Oneb. Twoc. Threed. Four
Which of the following is true?a. The debit is on the right side of an asset accountb. The debit is on the left side of an asset accountc. The credit is on the left side of a liability accountd. The
Which of the following accounts has a normal debit balance?a. Accounts Payableb. Notes Payablec. Common Stockd. Advertising Expense
Which of the following accounts is increased by a credit?a. Accounts Receivableb. Sales Revenuec. Dividendsd. Advertising Expense
Which of the following is true?a. A debit will increase a liability accountb. A credit will increase an asset accountc. A credit will increase a revenue accountd. A debit will decrease an expense
In applying the rules of debits and credits, which of the following statements is correct?a. The word debit means to increase and the word credit means to decreaseb. Asset, expense, and common stock
Which of these accounts has aa. Assets, expenses, dividendsa. Assets, expenses, dividendsc. Liabilities, revenues, common stockd. Assets, liabilities, dividends
The general ledger includes accounts for all but which of the following?a. Assetsb. Expensesc. Dividendsd. All of the above are in the general ledger
Which of the following will cause a trial balance to be out of balance?a. Mistakenly debiting an asset account instead of an expense accountb. Posting \(\$ 123\) as \(\$ 213\) to both a debit and a
A journal entry that contains more than just two accounts is called:a. A posted journal entryb. An adjusting journal entryc. An erroneous journal entryd. A compound journal entry
Posting refers to the process of transferring information from:a. A journal to the general ledger accountsb. General ledger accounts to a journalc. Source documents to a journald. A journal to source
Which of the following is not one of the five steps in the accounting cycle?a. Analyzeb. Adjustc. Eliminated. Report
The purchase of \(\$ 500\) of supplies on account will:a. Increase both assets and stockholders' equity by \(\$ 500\)b. Increase assets and decrease liabilities by \(\$ 500\)c. Increase assets and
Matching steps in the accounting cycle to their definitions. 1. Analyze 2. Record 3. Adjust 4. Report Close 5. a. Prepare financial statements b. Analyze transactions from source documents c.
Explain the financial effect (increase, decrease, or no effect) of each of the following transactions on stockholders' equity:a. Purchased supplies for cash.b. Paid an account payable.c. Paid
The retained earnings on a balance sheet are \(\$ 80,000\). Without seeing the rest of the balance sheet, can you conclude that stockholders should be able to receive a dividend in the amount of \(\$
Some accounting students believe that debits are good and credits are bad. Explain why this is not an accurate way to think about debits and credits.
What is an account?
What information is recorded in an account?
What does the term debit mean? What does the term credit mean?
What type of account-asset, liability, stockholders' equity, dividend, revenue, or expense-is each of the following accounts? Indicate whether a debit entry or a credit entry increases the balance of
How is the normal side of an account determined?
What is the normal balance (debit or credit) of each of the accounts in Discussion Question 12?Question 12What type of account-asset, liability, stockholders' equity, dividend, revenue, or expense-is
What is the justification for the use of posting references?
Explain the terms general ledger and trial balance. What are the primary reasons for preparing a trial balance?
Explain how it is possible for a trial balance to be in balance but still be in error.
What is a T-account and how is it used?
Is it possible for an accounting transaction to only affect the left side of the accounting equation and still leave the equation in balance? If so, provide an example.
Would a company record a transaction in its general ledger when an order is placed for the purchase of a machine that will be paid for at the time of its delivery in three months? Explain your answer.
Kate Collins has always been good at putting together rhymes for any occasion. Kate is a recent college graduate with a double major in business and art. Kate has always had a bit of an
Financial statements for the Columbia Sportswear Company are reported in Appendix A at the end of the textbook.Required Refer to Columbia Sportswear's financial statements to answer the following
Simplified financial statements for the Columbia Sportswear Company are reported in Exhibit 1-10 and Under Armour's financial statements are presented in Appendix B at the end of this
Paul Seger, a friend of yours, is negotiating the purchase of an exterminating company called Complete Pest Control. Seger has been employed by a national pest control service and knows the technical
Todd Jansen is deciding among several job offers. One job offer he is considering is in the marketing department at Columbia Sportswear. Before he makes his decision, he decides to review the
Go to this book's Website and locate the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017).Requireda. Refer to the company's balance sheet.1. What form of
Bruce Smith is an intern for the Start Company. He knows the company's balance sheet is supposed to balance, but he is not having much luck getting it to balance. Bruce knows that you are taking a
As the accountant for Minkow Corporation, you are responsible for reporting the company's profit. It appears that the company's actual results are much better than was expected by Wall Street
Go to the Columbia Sportswear Company Website and find the section on their commitment to corporate and environmental responsibility. These sections can be found near the bottom of their home page
Go to the Association of Certified Fraud Examiners Website and find their description of a forensic accountant. This can be found under the Career tab, Career Paths, then click on Accounting followed
The 2017 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Parisbased holding company and one of the world's largest and
You have just learned that you inherited a large sum of money. You know that it is important to invest this money wisely, and you have decided to invest in the shares of several different companies.
Presented below are four independent situations:a. Larry Jordon, a photography major in college, decided to start a photography business specializing in weddings and similar occasions. Larry is still
While each of the financial statements is likely to aid in any business decision, it is often the case that a particular financial statement may be best suited to help in a particular decision.
The following balance sheet data are for Better Plumbing Contractors, Inc., a corporation, at May 31, 2019:Required Prepare a balance sheet for Better as of May 31, 2019. Accounts payable.. $ 9,900
The following is balance sheet information for Bryant Packaging Service at the end of 2019 and 2018:Requireda. Prepare a balance sheet as of December 31 of each year.b. Prepare a statement of
The following is balance sheet information for Philip Packaging Service at the end of 2019 and 2018:Requireda. Prepare a balance sheet as of December 31 of each year.b. Prepare a statement of
The first year records of R. Levitt, Interior Decorator, show the following information for the year-end December 31, 2019:Requireda. Prepare an income statement for the year.b. Prepare a balance
Shown below is selected information from the financial records of Willy Corporation as of December 31, 2019:Requireda. Determine which of the above items will appear on the statement of cash flows
In each of the following cases, (a) identify the aspect of the accounting environment primarily responsible for the ethical pressure on the accountant as pressure to achieve a favorable outcome, to
Match each of the items in the left column with the appropriate annual report component from the right column: 1. The company's total assets a. Income Statement 2. An opinion regarding whether the
Pick Corporation started business on January 1, 2019. The following information was compiled by Pick's accountant on December 31, 2019:Requireda. You have been asked to assist the accountant for the
The following are unrelated accounting situations and the accounting treatment that was followed in each firm's records:1. The Buchanan Company mounts a \(\$ 900,000\) year-long advertising campaign
Match the following organizational attributes in the left column with the organizational form in the right column. More than one organizational form may be associated with a given attribute.1.
Establish the correct sequence of steps in the accounting measurement process.a. Quantify economic activityb. Identify relevant economic activityc. Record in a systematic fashion
Identify the type of accounting associated with each type of report: Managerial, Financial, Tax, or some combination as needed.a. Cost report for a new productb. Tax return for federal income taxesc.
Which of the following is not part of the triple bottom line reporting framework?a. Social bottom lineb. Environmental bottom linec. Economic bottom lined. Efficiency bottom line
Identify whether the following statements are true or false.a. GAAP can differ from one country to another.b. U.S. GAAP is established by the FASB.c. U.S. GAAP is a guide to action that may change
Identify each of the following activities as operating (O), investing (I), or financing (F).a. Payment of rent on the company headquartersb. Repurchase of the company's common stockc. Obtain a
Determine the missing amount in each of the following cases: Assets Liabilities Stockholders' Equity $350,000 $155,000 ? $95,000 $225,000 ? ? $40,000 $ 59,000
The beginning and ending balances of retained earnings for the year were \(\$ 63,000\) and \(\$ 82,000\), respectively. If dividend payments during the year were \(\$ 8,000\), determine the net
The following information appears in the records of Poco Corporation at year-end:a. Calculate the amount of retained earnings at year-end.b. If the amount of the retained earnings at the beginning of
Determine the following:a. The stockholders' equity of a corporation that has assets of \(\$ 850,000\) and liabilities of \(\$ 190,000\).b. The assets of a corporation that has liabilities of \(\$
Julie Jason operates a bakery. For each of the following financial statement items related to her business, indicate the financial statement (or statements) in which the item would be reported:
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B D Beginning Assets... $38,000 $22,000 $38,000 ? Liabilities.. 22,000 15,000
Identify where the following items will appear in a company's annual report: Management's Discussion and Analysis (MD\&A), notes to the financial statements, or the auditor's report, or indicate that
In each of the following cases,(a) identify the aspect of the accounting environment primarily responsible for the ethical pressure on the accountant as pressure to achieve a favorable outcome, to
Although there are obstacles to the worldwide acceptance of a global set of international accounting principles, the potential benefits appear significant.Identify and briefly discuss three potential

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