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principles financial accounting

Questions and Answers of Principles Financial Accounting

Jackie Bennett is the owner of Bennett’s Pizza. Bennett’s is operated strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While
The following internal control procedures are used at Sheridan Bakery for over-thecounter cash receipts. LO6 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked
The following internal control procedures are used in Erin’s Coffee House for cash disbursements. LO6 1. The company accountant prepares the bank reconciliation and reports any discrepancies to the
Cindy, a new owner of a Chinese restaurant, is unable to reconcile the bank balance at January 31. Cindy’s reconciliation is as follows. LO6 Exercises 347 Compute inventory turnover and days in
On April 30, the bank reconciliation of Hinckley Resorts shows three outstanding checks:no. 254, $650, no. 255, $720, and no. 257, $410. The May bank statement and the May cash payments journal show
Mexican Fare, a 50-year-old Mexican restaurant, recently changed its system of internal control over cash disbursements. The system includes the following features.Instead of being unnumbered and
All organizations should have systems of internal control. Universities are no exception.This site discusses the basics of internal control in a university setting. LO6 Address:
A company’s annual report usually will identify the inventory method used. Knowing that, you can analyze the effects of the inventory method on the income statement and balance sheet. LO6 Address:
Identify the different types of receivables. LO4
Explain how accounts receivable are recognized in the accounts. LO4
Distinguish between the methods and bases used to value accounts receivable. LO4
Describe the entries to record the disposition of accounts receivable. LO4
Explain why credit policies are needed in the hospitality industry. LO4
Compute the maturity date of and interest on notes receivable. LO4
Explain how notes receivable are recognized in the accounts. LO4
Describe how notes receivable are valued. LO4
Describe the entries to record the disposition of notes receivable. LO4
Explain a current liability, and identify the major types of current liabilities. LO4
Describe the accounting of notes payable. LO4
Explain the accounting of other current liabilities. LO4
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. LO4(a) Sold
Record the following transactions on the books of Essex Golf Supplies. LO4(a) On July 1, Essex sold merchandise on account to Harrard Golf Club for $16,000, terms 2/10, n/30.(b) On July 8, Harrard
At the end of 2004, Searcy Hotel has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2005, the company learns that its receivable from Hunt Inc. is
Compute interest and find the maturity date for the following notes. LO4 Date of Note Principal Interest Rate (%) Terms (a) June 10 $100,000 9% 60 days (b) July 14 $ 50,000 71/2% 90 days (c) April 27
Presented below are data on three promissory notes. Determine the missing amounts. LO4 Date of Maturity Annual Total Note Terms Date Principal Interest Rate Interest (a) April 1 60 days ? $900,000 9%
Presented below are two independent transactions. LO4(a) Raja Restaurant accepted a VISA card in payment of a $200 lunch bill. The bank charges a 3 percent fee. What entry should Raja make?(b) Wendy
Ceneplex Theatre has the following obligations at December 31: (a) a note payable for$100,000 due in two years, (b) a ten-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c)
Banderas Spa borrows $60,000 on July 1 from the bank by signing a $60,000, 10 percent, one-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b)accrued
Jurassic Theme Park does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $9,975. All sales are subject to a 5 percent sales tax. Compute sales taxes
Becky’s Grill regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Becky works 45 hours. Becky’s federal income tax
Patillo Resort has accounts receivable of $97,500 at March 31. An analysis of the accounts shows the following. LO4 Month of Sale Balance, March 31 March $65,000 February 17,600 January 8,500 Prior
Gore Food Supply Co. has the following transactions related to notes receivable during the last two months of the year. LO4 Nov. 1 Loaned $18,000 cash to Sally Morgan Restaurant on a one-year, 10
Record the following transactions for Icke Ice Co. in the general journal LO4 2002 May 1 Received a $10,500, one-year, 10 percent note on account from Paul’s Hamburger Dec. 31 Accrued interest on
Presented below is an aging schedule for Grifton Hotel. LO4 Determine bad debts expense;prepare the adjusting entry for bad debts expense.(SO 3)Not Number of Days Past Due Customer Total Yet Due
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. LO4 1. Cavanaugh Pizza rings up sales and sales taxes separately on its cash
Purpose: The Securities Exchange Act of 1934 requires any firm that is listed on one of the national exchanges to file annual reports (form 10-K), financial statements, and quarterly reports(form
The controller of Shirt Co. believes that the yearly allowance for doubtful accounts for Shirt Co. should be 2 percent of net credit sales. The president of Shirt Co., nervous that the stockholders
Explain what an account is and how it helps in the recording process. LO5
Define debits and credits and explain how they are used to record business transactions.. LO5
Identify the basic steps in the recording process.. LO5
Explain what a journal is and how it helps in the recording process.. LO5
Explain what a ledger is and how it helps in the recording process.. LO5
Explain what posting is and how it helps in the recording process.. LO5
Prepare a trial balance and explain its purposes.. LO5
Identify the advantages of manual and computerized accounting systems.. LO5
Transactions for Doris Wang Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction, and journalize the transactions.. LO5 June 1
Jim Carrey Corporation has the following transactions during August of the current year.Indicate (a) the basic analysis and (b) the debit–credit analysis illustrated on pages 90–93 of the text.
Selected transactions for Fernholz Company are presented in journal form below. Post the transactions to T accounts.. LO5 Exercises 105 J1 Date Account Titles and Explanation Ref. Debit Credit May 5
An inexperienced bookkeeper prepared the following trial balance that does not balance.Prepare a correct trial balance, assuming all account balances are normal.. LO5
Selected transactions from the journal of Tiger Woods Inc., investment brokerage firm, are presented below.. LO5 Date Account Titles and Explanation Ref. Debit Credit Aug. 1 Cash 9,600 Common Stock
The T accounts below summarize the ledger of Quick Response Catering Corporation at the end of the first month of operations:. LO5 106 CHAPTER 3 The Recording Process Cash No. 101 4/1 10,000 4/15 450
Evergreen Park Corp. was started on April 1 by Susan and Bill Helms. The following selected events and transactions occurred during April.. LO5 Apr. 1 Invested $100,000 cash in the business in
Lauren Kim-Bae is a licensed incorporated CPA. During the first month of operations of the business, the following events and transactions occurred.. LO5 May 1 Invested $39,000 cash in exchange for
JarJar Theater Inc. opened on April 1. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $10,000; No. 140 Land $10,000; No. 145 Buildings (concession stand,
The financial statements of Hilton are presented in the Appendix. The statements contain the following selected accounts, stated in millions of dollars, for 2001.. LO5 Accounts Payable $ 533 Income
Much information about specific companies is available on the World Wide Web. This information includes basic descriptions of the company’s location, activities, industry, financial health, and
Prepare a work sheet. LO8
Explain the process of closing the books. LO8
Describe the content and purpose of a post-closing trial balance. LO8
State the required steps in the accounting cycle. LO8
Explain the approaches to preparing correcting entries. LO8
The ledger of Giovanni Party Decorations Company includes the following unadjusted balances: Prepaid Insurance $4,000, Service Revenue $58,000, and Salaries Expense $25,000.Adjusting entries are
The income statement for Edgebrook Golf Club for the month ending July 31 shows Green Fee Revenue $14,000, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income$3,300. Prepare the
Using the data in 5-3, identify the accounts that would be included in a post-closing trial balance. LO8
The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no work sheet is prepared, by placing numbers 1–9 in the blank spaces. LO8(a) _____
At Piccola Pasta Sauce, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. LO8 1. A collection on account from a customer for
The balance sheet debit column of the work sheet for Salsa Picante includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $18,400; Supplies$5,200, and Short-term
The adjusted trial balance columns of the work sheet for Jose Tortilla Company are as follows: LO8 Prepare correcting entries.(SO 5)Prepare the current assets section of a balance sheet.(SO
The adjusted trial balance of Mozart D.J., Inc. at the end of its fiscal year is as follows. LO8 MOZART D.J., INC.Adjusted Trial Balance July 31, 2004 No. Account Titles Debits Credits 101 Cash $
Susanne Perfect began operations as a mystery shopper on January 1, 2004. The trial balance columns of the work sheet for Susanne Perfect, Inc. at March 31 are as follows. LO8 SUSANNE PERFECT,
The financial statements of Hilton are presented in the Appendix at the end of this textbook. LO8 Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to
Numerous companies have established home pages on the Internet, e.g., Hyatt Corporation(www.hyatt.com/corporate) and Four Seasons Hotels and Resorts (www.fourseasons.com).You may have noticed company
As the controller of TellTale Ice Cream Company, you discover a misstatement that significantly overstated net income in the prior year’s financial statements. The misleading financial statements
Describe the nature and purpose of a subsidiary ledger. LO4
Explain how special journals are used in journalizing. LO4
Indicate how a multicolumn journal is posted. LO4
Presented below is information related to Bradley Bed & Breakfast for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use “Yes” or “No” to answer this question.) LO4 1. Debit to Sales 3. Credit to Accounts
Steering Rental Car uses a multicolumn cash receipts journal. Indicate which column(s)is/are posted only in total, only daily, or both in total and daily. LO4 1. Accounts Receivable 3. Cash 2. Sales
Cohen Noodles Manufacturing uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded. LO4(a) Purchased equipment on account.(b)
On September 1 the balance of the Accounts Receivable control account in the general ledger of Odesto Restaurant Equipment Company was $11,960. The customers’ subsidiary ledger contained account
Hurley Hotel Bedding Company uses special journals and a general journal. The following transactions occurred during September 2004. LO4 Sept. 2 Sold merchandise on account to Rusch Motel, invoice
The general ledger of Williams Greek Gyros contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger. LO4 GENERAL LEDGER Accounts
Lemon Ice Company produces a unique 4-oz cup of frozen ice treats to many growing stores. Its chart of accounts includes the following selected accounts. LO4 101 Cash 401 Sales 112 Accounts
Simpson’s caters food to area corporate offices for their partices. Its chart of accounts includes the following selected accounts. LO4 101 Cash 201 Accounts Payable 120 Merchandise Inventory 332
The chart of accounts of Hernandez Executive Catering includes the following selected accounts. LO4 112 Accounts Receivable 401 Sales 120 Merchandise Inventory 412 Sales Returns and Allowances 126
Great Plains’ Accounting is one of the leading accounting software packages. Information related to this package is found at its Web site. LO4 Address:
Ehlert & Ramos is a wholesaler of small restaurant appliances and parts. Ehlert & Ramos is operated by two owners, Bill Ehlert and Denise Ramos. In addition, the company has one employee, a repair
Tyler Resorts operates three properties, each with its own personnel, including a marketing/sales force. The corporate headquarters and central accounting office are in Tyler, and the properties are
Identify the differences between a service enterprise and a merchandiser. LO6
Explain the entries for purchases under a perpetual inventory system. LO6
Explain the entries for sales revenues under a perpetual inventory system. LO6
Explain the steps in the accounting cycle for a merchandiser. LO6
Prepare a work sheet for a merchandiser. LO6
Presented below are the components in Sang Nam Asian Garden’s income statement. Determine the missing amounts. LO6 Cost of Gross Operating Net Sales Goods Sold Profit Expenses Income(a) $75,000 ?
Keo Salad Buffet buys merchandise on account from Cesar Company. The selling price of the goods is $800, and the cost of the goods is $560. Both companies use perpetual inventory systems. Journalize
Prepare the journal entries to record the following transactions on Rowen Oven & Range books using a perpetual inventory system. LO6(a) On March 2, Rowen sold $800,000 of merchandise to Mosquera
At year-end the perpetual inventory records of Kren Foods showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was$97,100. Record the necessary
Prasad Pasta Manufacturing has the following merchandise account balances: Sales$180,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Merchandise Inventory$40,000. Prepare the entries to
Presented below is the format of the work sheet presented in the chapter. LO6 Adjusted Trial Income Trial Balance Adjustments Balance Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr.

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