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Questions and Answers of Public Accounting

=+Prepare an unadjusted trial balance, listing the accounts in their proper order and inserting the missing figure for cash.
=+X 2-17 Effect of errors on trial balance obj. 4 The accounts in the ledger of Aznar Co. as of October 31, 2010, are listed in alphabetical order as follows. All accounts have normal balances. The
=+e. Payment of a cash withdrawal of $15,000 was journalized and posted as a debit of$5,000 to Salary Expense and a credit of $15,000 to Cash.
=+d. A payment of $10,000 for equipment purchased was posted as a debit of $1,000 to Equipment and a credit of $1,000 to Cash.
=+c. A receipt of $3,100 from an account receivable was journalized and posted as a debit of $3,100 to Cash and a credit of $3,100 to Fees Earned.
=+b. A fee of $4,600 earned and due from a client was not debited to Accounts Receivable or credited to a revenue account, because the cash had not been received.
=+a. A payment of $2,150 to a creditor was posted as a debit of $2,150 to Accounts Payable and a debit of $2,150 to Cash.
=+84 Chapter 2 Analyzing Transactions Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:
=+b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance? Explain.
=+EX 2-13 Transactions obj. 2
=+31. Paid electricity bill for the month, $315.31. Withdrew cash for personal use, $2,000.
=+27. Paid cash for repairs to office equipment, $500.30. Paid telephone bill for the month, $180.31. Fees earned and billed to customers for the month, $26,800.
=+6. Purchased office equipment on account, $12,300.10. Received cash from customers on account, $4,100.15. Paid creditor on account, $1,200.
=+Mar. 1. Paid rent for the month, $3,000.2. Paid advertising expense, $1,800.5. Paid cash for supplies, $900.
=+EX 2-12 Account balances objs. 1, 2, 3✔c. $284,175 Derby Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies;Office Equipment; Accounts Payable; Terri Burell,
=+c. On April 1, the cash account balance was $18,275. During April, cash receipts totaled $279,100 and the April 30 balance was $13,200. Determine the cash payments made during April.
=+b. On May 1, the accounts receivable account balance was $36,200. During May,$315,000 was collected from customers on account. Assuming the May 31 balance was $41,600, determine the fees billed to
=+a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming the July 31 balance of Accounts Payable was $39,000, determine the account balance on
=+EX 2-11 Cash account balance objs. 1, 2, 3
=+EX 2-14 Journalizing and posting objs. 2, 3 During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash.a. Do the data indicate that Racoon Co. earned $49,850 during the
=+d. Post the August 7, 2010, transaction to the accounts.
=+c. Prepare a four-column account for Accounts Payable. Enter a credit balance of$15,600 as of August 1, 2010. Place a check mark (✔) in the Posting Reference column.
=+b. Prepare a four-column account for Supplies. Enter a debit balance of $1,050 as of August 1, 2010. Place a check mark (✔) in the Posting Reference column.
=+Co.’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a. Journalize the August 7, 2010, transaction on page 19 of Mainsail Co.’s two-column
=+T accounts objs. 2, 3 On August 7, 2010, Mainsail Co. purchased $2,190 of supplies on account. In Mainsail
=+2. Purchased supplies on account, $1,800.3. Received cash from customers on account, $39,150.4. Paid creditors on account, $1,100.EX 2-15 Transactions and
=+balance objs. 1, 2 Chapter 2 Analyzing Transactions 83 The following selected transactions were completed during February of the current year:1. Billed customers for fees earned, $41,730.
=+objs. 1, 2 As of January 1, Oh Kwon, Capital, had a credit balance of $37,100. During the year, withdrawals totaled $1,000, and the business incurred a net loss of $52,300.a. Calculate the balance
=+Capital (e) Debit (f)Drawing (g) (h) Debit Income statement accounts:Revenue (i) (j) (k)Expense (l) Credit Debit EX 2-9 Rules of debit and credit
=+or accounts✔ Total Debit column:$45,400 The following table summarizes the rules of debit and credit. For each of the items (a)through (l), indicate whether the proper answer is a debit or a
=+4. Fees Earned EX 2-7 Normal entries
=+1. Accounts Payable 5. Insurance Expense 2. Accounts Receivable 6. Meg Abdel, Drawing 3. Cash 7. Supplies Expense
=+objs. 1, 2 During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a)debit entries
=+c. Billy Eldrod, Capital h. Rent Expensed. Billy Eldrod, Drawing i. Suppliese. Cash j. Wages Expense EX 2-8 Normal balances of accounts
=+objs. 1,2 Identify each of the following accounts of Sesame Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or
=+the postings were made. Journal entry explanations may be omitted.EX 2-5 Journal entries
=+Account Debited Account Credited Transaction Type Effect Type Effect(1) asset owner’s equity Based upon the T accounts in Exercise 2-4, prepare the nine journal entries from which
=+82 Chapter 2 Analyzing Transactions Indicate for each debit and each credit: (a) whether an asset, liability, owner’s equity, drawing, revenue, or expense account was affected and (b) whether the
=+Operating Expenses(4) 2,700(8) 1,050 Chapter 2 Analyzing Transactions 81
=+(5) 13,500 Supplies(2) 1,750 (8) 1,050 Anita Rayle, Capital(1) 25,000
=+Equipment(3) 18,000 Anita Rayle, Drawing(9) 2,500 Accounts Receivable(5) 13,500 (7) 10,000 Accounts Payable(6) 7,500 (3) 14,400 Service Revenue
=+Cycle Tours Co. is a travel agency. The nine transactions recorded by Cycle Tours during February 2010, its first month of operations, are indicated in the following T accounts:EX 2-4 Identifying
=+Match each account number with its most likely account in the list below. The account numbers are 11, 12, 13, 21, 31, 32, 41, 51, 52, and 53.Accounts Payable Miscellaneous Expense Accounts
=+5—expenses). The second digit of the account number indicates the specific account within each of the preceding major account classifications.
=+EX 2-3 Chart of accounts obj. 1 Humvee Interiors is owned and operated by Tony Newbaurer, an interior decorator.In the ledger of Humvee Interiors, the first digit of the account number indicates
=+List the accounts in the order in which they should appear in the ledger of Monet School and assign account numbers. Each account number is to have two digits: the first digit is to indicate the
=+Monet School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:Accounts Payable
=+For each balance sheet account, identify it as an asset, a liability, or owner’s equity. For each income statement account, identify it as a revenue or an expense.Exercises
=+The following accounts appeared in recent financial statements of Continental Airlines:Accounts Payable Flight Equipment Air Traffic Liability Landing Fees Aircraft Fuel Expense Passenger Revenue
=+and credited to Cash for $8,000.b. The payment of $6,750 on account was debited to Accounts Payable for $675 and credited to Cash for $6,750.c. The receipt of cash on account of $4,150 was recorded
=+State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. 1. Accounts Receivable
=+State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. 1. Accounts Payable 4.
=+ (a) Yellowstone Storage and (b) Livingston Savings Bank?
=+Yellowstone Storage has a checking account at Livingston Savings Bank. What type of account (asset, liability, owner’s equity, revenue, expense, drawing) does the account balance of $12,100
=+15. Checking accounts are the most common form of deposits for banks. Assume that
=+What is the preferred procedure to correct this error?
=+14. In journalizing and posting the entry to record the purchase of supplies for cash, the accounts payable account was credited in error.
=+13. Assume that Beebe Realty Co. borrowed $120,000 from City Bank and Trust. In recording the transaction, Beebe erroneously recorded the receipt as a debit to Cash,
=+(b) How would this error affect the income statement, statement of owner’s equity, and balance sheet?
=+(a) How would this error affect the equality of the trial balance?
=+12. Assume that JRQ Consulting erroneously recorded the payment of $10,000 of owner withdrawals as a debit to Salary Expense.
=+the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of balance? (b) Would the trial balance be out of balance if the $2,650 entry
=+11. Assume that when a purchase of supplies of $2,650 for cash was recorded, both
=+10. Assume that a trial balance is prepared with an account balance of $18,500 listed as $1,850 and an account balance of $3,680 listed as $3,860. Identify the transposition and the slide.
=+9. If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
=+8. What proof is provided by a trial balance?
=+ (b) What accounts should be debited and credited in (1) July and (2) August?
=+(a) Was the revenue earned in July or August?
=+7. Longfellow Company performed services in July for a specific customer, for a fee of $8,380. Payment was received the following August.
=+(b) Is the $1,250 credit balance in the cash account an asset, a liability, owner’s equity, a revenue, or an expense?
=+(a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance?
=+6. Carr Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of March 31 has a credit balance of $1,250, and there is
=+5. What is the effect (increase or decrease) of a credit to a revenue account (a) in terms of owner’s equity and (b) in terms of revenue?
=+4. What is the effect (increase or decrease) of a debit to an expense account (a) in terms of owner’s equity and (b) in terms of expense?
=+3. Explain why the rules of debit and credit are the same for liability accounts and owner’s equity accounts.
=+2. Do the terms debit and credit signify increase or decrease or can they signify either?Explain.
=+1. What is the difference between an account and a ledger?
=+5. The form listing the titles and balances of the accounts in the ledger on a given date is the:A. income statement.B. balance sheet.C. statement of owner’s equity.D. trial balance.
=+4. The receipt of cash from customers in payment of their accounts would be recorded by:A. a debit to Cash and a credit to Accounts Receivable.B. a debit to Accounts Receivable and a credit to
=+3. A debit balance in which of the following accounts would indicate a likely error?A. Accounts Receivable B. Cash C. Fees Earned D. Miscellaneous Expense
=+2. The type of account with a normal credit balance is:A. an asset. C. a revenue.B. drawing. D. an expense.
=+1. A debit may signify a(n):A. increase in an asset account.B. decrease in an asset account.C. increase in a liability account.D. increase in the owner’s capital account.
=+4. Prepare an unadjusted trial balance as of April 30.
=+3. Post the journal to the ledger, extending the month-end balances to the appropriate balance columns after each posting.
=+2. Journalize each transaction in a two-column journal.
=+Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.)
=+1. Open a ledger of standard four-column accounts for Dr. Outz as of April 1. Enter the balances in the appropriate balance columns and place a check mark (✔) in the
=+51; Rent Expense, 53; Laboratory Expense, 55; Utilities Expense, 56; Miscellaneous Expense, 59.Instructions
=+Prepaid Insurance, 14, $465; Equipment, 18, $19,745; Accounts Payable, 22, $765; J. F.Outz, Capital, 31, $30,583; J. F. Outz, Drawing, 32; Professional Fees, 41; Salary Expense,
=+listed as follows: Cash, 11, $4,123; Accounts Receivable, 12, $6,725; Supplies, 13, $290;
=+30. Paid miscellaneous expenses, $132.Outz’s account titles, numbers, and balances as of April 1 (all normal balances) are
=+30. Recorded fees charged to patients on account for services performed in April, $5,145.
=+30. Paid various utility expenses, $360.
=+30. Paid salaries of receptionist and nurses, $1,725.
=+30. Recorded the cash received in payment of services (on a cash basis) to patients during April, $1,720.
=+27. Paid cash from business bank account for personal and family expenses,$1,250.
=+24. Paid cash for laboratory analysis, $545.
=+20. Discovered that the balances of the cash account and the accounts payable account as of April 1 were overstated by $200. A payment of that amount to a creditor in March had not been recorded.
=+Apr. 17. Paid cash for renewal of a six-month property insurance policy, $370.
=+J. F. Outz, M.D., has been practicing as a cardiologist for three years. During April 2009, Outz completed the following transactions in her practice of cardiology: Apr. 1. Paid office rent for

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