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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Chi Chi Ramos, a former professional golf star, operates Chi Chi's Pro Shop at Bay Golf Course. At the beginning of the current season on April 1, the ledger of Chi Chi's Pro Shop showed Cash \(\$
The Nisson Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Nisson showed Cash of \(\$ 9,000\) and Common Stock
Varsity Auto Sales uses a perpetual inventory system. On April 1, the new car in-Journalize transactions under ventory records show total inventory of \(\$ 140,000\) consisting of the
The trial balance of Ivanna Fashion Center contained the following accounts at November 30 , the end of the company's fiscal year.Adjustment data:1. Store supplies on hand totaled \(\$ 3,500\).2.
The N-Mart Department Store is located near the Village shopping mall. At the end of the company's fiscal year on December 31, 1998, the following accounts appeared in two of its trial
Billy Jean Evert, a former professional tennis star, operates B.J.'s Tennis Shop at the Jackson Lake Resort. At the beginning of the current season, the ledger of B.J.'s Tennis Shop showed Cash \(\$
The Ace Cleaners has the following balance sheet items:\begin{tabular}{ll}Accounts payable & Accounts receivable \\Cash & Notes payable \\Cleaning equipment & Salaries payable \\Cleaning supplies &
Selected transactions for Green Lawn Care Company are listed below:1. Made cash investment to start business.2. Paid monthly rent.3. Purchased equipment on account.4. Billed customers for services
Li Wang Computer Timeshare Company entered into the following transactions during May 1996 1. Purchased computer terminals for \(\$ 19,000\) from Digital Equipment on account.2. Paid \(\$ 4,000\)
A tabular analysis of the transactions made by Roberta Mendez \& Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in Analyze
The tabular analysis of transactions for Roberta Mendez \& Co. is presented in E1-4.\section*{Instructions}Prepare an income statement and a retained earnings statement for August and a balance sheet
The Debra Company had the following assets and liabilities on the dates indicated:Debra began business on January 1, 1996, with an investment of \(\$ 100,000\).\section*{Instructions}From an analysis
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 1996, Kate Cordova, Inc., and Maxim
The following information relates to Tone Kon Co. for the year 1996.\section*{Instructions}After analyzing the data, prepare an income statement and a retained earnings statement for the year ending
Kit Lucas is the bookkeeper for Aurora Company. Kit has been trying to get the balance sheet of Aurora Company to balance. Aurora's balance sheet is as follows:\section*{Instructions}Prepare a
Deer Park, Inc. a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 1996.\section*{Instructions}(a) Determine Deer
Presented below is financial information related to the 1996 operations of the Sanibel Cruise Company, Inc.\section*{Instructions}Prepare the 1996 income statement for the Sanibel Cruise Company.
Presented below is information related to Wet Sprocket, Inc.\section*{Instructions}Prepare the 1996 retained earnings statement for Wet Sprocket, Inc. Retained earnings, January 1, 1996 $150,000
On April 1, Alschuler Travel Agency, Inc. was established. The following transactions were completed during the month:1. Stockholders invested \(\$ 20,000\) cash, receiving common stock in
Hillary Brennan Corporation was formed on July 1, 1996. On July 31, the balance sheet showed Cash \(\$ 4,000\), Accounts Receivable \(\$ 1,500\), Supplies \(\$ 500\), Office Equipment \(\$ 5,000\),
On June 1, Cindy Crawford Cosmetics was started with an investment in the company of \(\$ 26,200\) in cash. Following are the assets and liabilities of the company at June 30 and the revenues and
Charlie Doss Consulting Co. was organized on March 1, 1996. The retained earnings column of the tabular summary for the month of March contained the following recorded data: \(\square\)All data were
Financial statement information about four different companies is as follows:\section*{Instructions}(a) Determine the missing amounts.(b) Prepare the retained earnings statement for Zarle Company.
On May 1, Better Bob, Inc. was started. A summary of May transactions is presented below.1. Stockholders invested \(\$ 15,000\) cash in the Fox Valley Bank in the name of the business.2. Purchased
Hillary Brennan Corporation was formed on July 1, 1996. On July 31, the balance sheet showed Cash $4,000, Accounts Receivable $1,500, Supplies $500, Office Equipment $5,000, Accounts Payable $4,200,
Skyline Flying School, Inc. was started on May 1 with an investment of \(\$ 45,000\) cash. Following are the assets and liabilities of the company on May 31, 1996, and the revenues and expenses for
Presented below are the November 1996 transactions that affected the retained earnings account of the Michael Bolton Corp.In reviewing the account, Mr. Bolton realized that his new bookkeeper had
Financial statement information about four different companies is as follows:\section*{Instructions}(a) Determine the missing amounts.(b) Prepare the retained earnings statement for Selena Company.
José Amaro, a fellow student, contends that the double-entry system means each transaction must be recorded twice. Is José correct? Explain.
Teresa Alvarez, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Teresa correct? Discuss.
State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, and (c) stockholders' equity account.
What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Dividends. (d) Accounts Payable. (e) Fees Earned. (f) Salaries Expense. (g) Common Stock.
Presented below is a series of accounts. Indicate whether these accounts generally will have (a) debit entries only, (b) credit entries only, (c) both debit and credit entries.(1) Cash.(4) Accounts
(a) Can business transaction debits and credits be recorded directly in the ledger accounts?(b) What are the advantages of first recording transactions in the journal and then posting to the ledger?
Journalize the following business transactions.(a) Doris Wang invests \(\$ 9,000\) in the business in exchange for shares of common stock.(b) Insurance of \(\$ 800\) is paid for the year.(c) Supplies
Kap Shin is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows:(a) Debits and credits posted to the ledger.(b) Business
Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing.(a) The bookkeeper debited
What are the key points to be considered in evaluating and comparing manual and computerized systems?
What are the trade-offs between the efficiencies of computers and the personal responsiveness of manual systems?
For each of the following accounts indicate (a) the effect of a debit or a credit on the account and (b) the normal balance.1. Accounts Payable.2. Advertising Expense.3. Fees Earned.4. Accounts
Transactions for the H. J. Oslo Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.June \(1 \mathrm{H}\). J. Oslo invests \(\$
Tage Shumway, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.
J. A. Norris 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 51-54 of the
Selected transactions for the Gonzales Company are presented in journal form below. Post the transactions to \(\mathrm{T}\) accounts. J1 Date Account Titles and Explanation Ref. Debit Credit May 5
Selected journal entries for the Gonzales Company are presented in BE2-7. Post the transactions using the standard form of account.
From the ledger balances given below, prepare a trial balance for the P. J. Carland Company at June 30, 1996. List the accounts in the order shown on page 72 of the text. All account balances are
Selected transactions for A. Mane Inc., an interior decorator, in her first month of busi-Identify debits, credits, and ness, are as follows: normal balances.1. Invested \(\$ 10,000\) cash in
Data for A. Mane Inc., interior decorating, are presented in E2-1.\section*{Instructions}Journalize the transactions using journal page J1.
Presented below is information related to Marx Real Estate Agency Inc.:Oct. 1 Lynn Marx begins business as a real estate agent with a cash investment of \(\$ 13,000\) in exchange for common stock.2
Transaction data for Marx Real Estate Agency Inc, are presented in E2-3.\section*{Instructions}Journalize the transactions.
Selected transactions from the journal of J. L. Kang Inc., investment brokerage firm, are presented below.Instructions (a) Post the transactions to \(\mathrm{T}\) accounts.(b) Prepare a trial balance
The T accounts below summarize the ledger of Lush Landscaping Corporation at the end of the first month of operations:\section*{Instructions}(a) Prepare the complete general journal (including
Presented below is the ledger for Holly Corp.\section*{Instructions}(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20 and provide explanations for each.(b)
Selected transactions for Craig Stevenson Corporation during its first month in business are presented below.Sept. 1 Invested \(\$ 15,000\) cash in the business in exchange for common stock.5
The bookkeeper for John Castle's Equipment Repair made a number of errors in journalizing and posting, as described below:1. A credit posting of \(\$ 400\) to Accounts Receivable was omitted.2. A
The accounts in the ledger of Speedy Delivery Service contain the following balances\((S O\) 2. 7) on July 31, 1997:\section*{Instructions}Prepare a trial balance with the accounts arranged as
The Surepar Miniature Golf and Driving Range Inc. was opened on March 1 by Jim McInnes. The following selected events and transactions occurred during March:Mar. 1 Invested \(\$ 50,000\) cash in the
Patricia Perez incorporated as a licensed architect. During the first month of the operation of her business, the following events and transactions occurred.Journalize transactions, post, April 1
The trial balance of Jane's Laundry Corp. on September 30 is shown below:The October transactions were as follows:Oct. 5 Received \(\$ 900\) cash from customers on account.10 Billed customers for
The trial balance of Thom Wargo Corp. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the
The Star Theater Corp. owned by Leo Baerga, will begin operations in March. The Star will be unique in that it will show only triple features of sequential theme movies. As of February 28, the ledger
The Frontier Park Corp. was started on April 1 by Ed Quinn. The following selected Journalize a series of \(\square\) events and transactions occurred during April.Apr. 1 Invested \(\$ 60,000\) cash
Iva Holz is a licensed incorporated CPA. During the first month of operations of her business, the following events and transactions occurred:May 1 Invested \(\$ 42,000\) cash in exchange for common
The trial balance of Sterling Dry Cleaners Inc. on June 30 is shown below.The July transactions were as follows:July 8 Collected \(\$ 4,936\) in cash on June 30 accounts receivable.9 Paid employee
The trial balance of the Saginaw Corporation shown below does not balance.Your review of the ledger reveals that each account has a normal balance. You also discover the following errors.1. The
Lake Theater Inc. opens on April 1. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash \(\$ 6,000\); No. 140 Land \(\$ 10,000\); No. 145 Buildings (concession
The time period assumption states that:a. revenue should be recognized in the accountingb. expenses should be matched with revenues.c. the economic life of a business can be dividedd. the fiscal year
The principle which dictates that efforts (expenses) be matched with accomplishments (revenues) is the:a. matching principle.b. cost principle.c. periodicity principle.d. revenue recognition
The trial balance shows Supplies \(\$ 1,350\) and Supplies Expense \(\$ 0\). If \(\$ 600\) of supplies are on hand at the end of the period, the adjusting entry is:a. Supplies 600 Supplies Expense
Kathy Siska earned a salary of \(\$ 400\) for the last week of September. She will be paid on October 1.The adjusting entry for Kathy's employer at September 30 is:a. No entry is requiredb. Salaries
The trial balance shows Supplies \(\$ 0\) and Supplies the end of the period, the adjusting entry is:a. debit Supplies \(\$ 800\) and credit Supplies Expense \(\$ 800\).b. debit Supplies Expense \(\$
Tony Galego, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Connel's law firm prepares monthly financial statements, when should it recognize
In completing the engagement in (3) above, Galego incurs \(\$ 2,000\) of expenses in March, \(\$ 2,500\) in April, and none in May. How much expense should be deducted from revenues in the month the
What account relationship exists with prepaid expenses? What is the debit/credit effect of a prepaid expense adjusting entry?
"Depreciation is a process of valuation that results in the reporting of the fair market value of the asset." Do you agree? Explain.
Cher Company purchased equipment for \(\$ 12,000\). By the current balance sheet date, \(\$ 7,000\) had been depreciated. Indicate the balance sheet presentation of the data.
What account relationships exist with unearned revenues? What is the debit/credit effect of an unearned revenue adjusting entry?
On January 9 , a company pays \(\$ 5,000\) for salaries of which \(\$ 1,700\) was reported as Salaries Payable on December 31.Give the entry to record the payment.
One half of the adjusting entry is given below. Indicate the account title for the other half of the entiy.(a) Salaries Expense is debited.(b) Depreciation Expense is debited.(c) Interest Payable is
The Alpha Company debits Supplies Expense for all purchases of supplies and credits Rent Revenue for all advanced rentals. For each type of adjustment, give the adjusting entry.
The ledger of the Lena Company includes the following accounts. Explain why each account may require adjustment.a. Prepaid Insurancec. Unearned Feesb. Depreciation Expensed. Interest Payable
The Riko Company accumulates the following adjustment data at December 31. Indicate (a) the type of adjustment (prepaid expense, accrued revenues and so on), (b) the account relationships
The Sain Advertising Company's trial balance at December 31 shows Advertising Supplies \(\$ 9,700\) and Advertising Supplies Expense \(\$ 0\). On December 31, there are \(\$ 1,500\) of supplies on
At the end of its first year, the trial balance of the Shah Company shows Equipment \(\$ 25,000\) and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for
On July 1, 1996, Bere Co. pays \(\$ 15,000\) to Marla Insurance Co. for a three-year insurance contract. Both companies have fiscal years ending December 31. For Bere Co. journalize and post the
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Marla Insurance Co. Marla uses the accounts Unearned Insurance Revenue and Insurance
The bookkeeper for the DeVoe Company asks you to prepare the following accrued adjusting entries at December 31.1. Interest on notes payable of \(\$ 400\) is accrued.2. Fees earned but unbilled total
The trial balance of the Hoi Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate (a) the type of
The adjusted trial balance of the Lumas Company at December 31, 1996, includes the following accounts: Retained Earnings \(\$ 15,600\); Dividends \(\$ 6,000\); Fees Earned \(\$ 35,400\); Salaries
Partial adjusted trial balance data for the Lumas Company is presented in BE3-9. The balance in Retained Earnings is the balance as of January 1. Prepare a retained earnings statement for the year
The Tower Company records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense \(\$ 2,800\). Fees Earned \(\$ 9,200\), and zero balances in related
Given the accounting equation, answer each of the following questions:1. The liabilities of Hogan Company are $90,000:and the stockholders’ equity is $240,000.What is the amount of Hogan
At the beginning of the year, Lamson Company had total assets of $700,000 and total liabilities of $500,000. Answer the following questions:1. If total assets increased $150,000 during the year and
Presented below are three business transactions. On a sheet of paper, list the lettersa,b, c with columns for assets, liabilities, and stockholders’ equity. For each column, indicate whether the
Classify each of the following items as asset (A), liability (L), revenue (R), or expense (E). Advertising expense Commission revenue Insurance expense Salaries expense Cash Rent revenue Utilities
Presented below are three transactions. Mark each transaction as affecting common stock (C), dividends (D), revenue (R), expense (E), or not affecting stockholders’ equity (NSE): Received cash for
In alphabetical order below are balance sheet items for Gidget Company at December 31, 1996. Prepare a balance sheet, following the format of Illustration 1-8. Accounts payable $90,000 Accounts
Indicate whether each of the following items is an asset (A), liability (L), or part of stockholders’ equity (SE): Accounts receivable Salaries payable Equipment Office supplies Common stock Notes
Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE): Notes payable Advertising expense Common stock Cash Fees earned
The accounting process does not include:a. identificationb. verificationc. recordingd. communication

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