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Accounting
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,000. b. Purchase office supplies for cash, $500. c. Pay
The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $12,000 cash. b. Purchase prepaid insurance to protect musical
Consider the following T-account for cash.Cash12,000...................7,2003,400.....................1,4002,500.....................4,5001. Compute the balance of the Cash account.2. Give some
Sun Devil Hair Design has the following transactions during the month of February. February 2 ..............Pay $600 for radio advertising for February. February 7 ..............Purchase beauty
Bearcat Construction begins operations in March and has the following transactions. March 1 ................. Issue common stock for $16,000. March 5 ..................Obtain $8,000 loan from the
Consider the recorded transactions below.................................................................Debit .............Credit1. Accounts Receivable .............................................
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $2,900; Prepaid Rent, $6,400;
Below is the complete list of accounts of Fightin' Blue Hens Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,200;
At the beginning of April, Owl Corporation has a balance of $12,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock
Terapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $22,400. 2. Provide services to customers and receive cash of $5,800. 3. Pay
Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.Required:Assess whether the junior
Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the following transactions occurred. July 3 ...........Jake provides lawn services to Luke's repair
Refer to the transactions described in P2-5B.Required:1. Record each transaction for Luke's Repair Shop.2. Using the format shown above, indicate the impact of each transaction on the accounting
Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.Required:Assess whether the junior
Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2
Refer to the transactions described in P2-5B.Required: Record transactions for Olivia's Maintenance Services. Then, using the format shown, indicate the impact of each transaction on the accounting
Below are account balances of Ducks Company at the end of September.Required:Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of the
Below are the transactions for Salukis Car Cleaning for June, the first month of operations.June 1 ................Obtain a loan of $60,000 from the bank by signing a note.June 2
Buckeye Incorporated had the following trial balance at the beginning of November.The following transactions occur in November.November 1 ..............Issue common stock in exchange for $12,000
Tony and Suzie graduate from college in May 2012 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon
Financial information for The Buckle is presented in Appendix B at the end of the book.Required:1. Is The Buckle's company size increasing? Determine your answer by calculating the percentage change
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2012, appears below. December 31 is the company's fiscal
Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2012, appears below. December 31 is the company's fiscal
Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $4,500 ($1,500/month). (1) Record the rental for Commodores on November 1. (2) Record the adjusting
Fighting Irish Incorporated pays its employees $4,200 every two weeks ($300/ day). The current two-week pay period ends on December 28, 2012, and employees are paid $4,200. The next two-week pay
Midshipmen Company borrows $10,000 from Falcon Company on July 1, 2012. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2013. (1) Record the borrowing for
Midshipmen Company borrows $10,000 from Falcon Company on July 1, 2012.Midshipmen repays the amount borrowed and pays interest of 12% (1% / month) on June 30, 2013. (1) Record the lending for Falcon
The following account balances appear in the 2012 adjusted trial balance of Beavers Corporation: Service Revenue, $225,000; Salaries Expense, $100,000; Supplies Expense, $15,000; Rent Expense,
The following account balances appear in the 2012 adjusted trial balance of Bulldog Corporation: Common Stock, $20,000; Retained Earnings, $7,000; Dividends, $1,000; Service Revenue, $25,000;
The following account balances appear in the 2012 adjusted trial balance of Blue Devils Corporation: Cash, $4,000; Accounts Receivable, $8,000; Supplies, $18,000; Equipment, $110,000; Accumulated
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $220,000; Service Revenue, $850,000; Salaries Expense, $380,000; Rent Expense,
The year-end adjusted trial balance of Hill toppers Corporation included the following account balances: Cash, $4,000; Equipment, $16,000; Accounts Payable, $2,000; Common Stock, $10,000; Retained
Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $40,000, and paid cash for salaries, $22,000. At the beginning of the
At the beginning of May, Golden Gopher Company reports a balance in Supplies of $400. On May 15, Golden Gopher purchases an additional $2,300 of supplies for cash. By the end of May, only $200 of
Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $19,200 ($1,600/month) in advance on October 1. (1) Record the purchase of rent in advance on October
Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying
Beaver Construction purchases new equipment for $36,000 cash on April 1, 2012. At the time of purchase, the equipment is expected to be used in operations for six years (72 months) and have no resale
Consider the following situations for Shocker: a. On November 28, 2012, Shocker receives a $3,000 payment from a customer for services to be rendered evenly over the next three months. Unearned
Refer to the information in E3-10. a. On November 28, 2012, Shocker receives a $3,000 payment from a customer for services to be rendered evenly over the next three months. Unearned Revenue is
Below are transactions for Wolverine Company during 2012. a. On December 1, 2012, Wolverine receives $3,000 cash from a company that is renting office space from Wolverine. The payment, representing
Below are transactions for Hurricane Company during 2012. a. On October 1, 2012, Hurricane lends $8,000 to another company. The other company signs a note indicating principal and 8% interest will be
The December 31, 2012, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts ................................................ Debit ......................CreditCash
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2003-2012. Volunteers began operations in 2004.Required: Calculate the balance
The December 31, 2012, adjusted trial balance for Blue Hens Corporation is presented below.Required:1. Prepare an income statement for the year ended December 31, 2012.2. Prepare a classified balance
Seminoles Corporation's fiscal year-end is December 31, 2012. The following is a partial adjusted trial balance as of December 31. Accounts .....................................Debit
Laker Incorporated's fiscal year-end is December 31, 2012. The following is an adjusted trial balance as of December 31.Required: Prepare the necessary closing entries?
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2012, you come across several items needing further consideration. Currently,
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:The following information
Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per
Refer to the information in E3-8. a. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year. b. On June 30, the company lends
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial
The information necessary for preparing the 2012 year-end adjusting entries forGamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31.a. On July 1, 2012, Gamecock
The year-end financial statements of Blue Devil Tax Services are provided below.Required: 1. Record year-end closing entries. 2. Prepare a post-closing trial balance?
The general ledger of Red Storm Cleaners at January 1, 2012, includes the following account balances:The following is a summary of the transactions for the year:a. Sales of services, $50,000, of
Horned Frogs Fine Cooking maintains its books using cash-basis accounting. However, the company recently borrowed $50,000 from a local bank, and the bank requires the company to provide annual
The information necessary for preparing the 2012 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. a. Depreciation on the
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2012, trial balance (before any adjusting entries) appears
Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments,
The year-end financial statements of Fighting Illini Financial Services are provided below.FIGHTING ILLINIIncome StatementService
Refer to P3-4B.Data in P3-4B.Required:Complete the following steps:1. Enter the unadjusted balances from the trial balance into T-accounts.2. Post the adjusting entries prepared in P3-4B to the
The general ledger of Pipers Plumbing at January 1, 2012, includes the following account balances:The following is a summary of the transactions for the year:a. Provide plumbing services for cash,
The following transactions occur over the remainder of the year.Aug. 1 Suzie applies for and obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an
Financial information for The Buckle is presented in Appendix B at the end of the book. Required: 1. For the most recent year, what amount does The Buckle, Inc., report for current assets? What
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the
The cash records and bank statement for the month of May for Diaz Entertainment are shown below.Additional information:a. The difference in the beginning balances in the company’s records and the
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October:October 2 Receive membership dues for the month of October totaling
Clooney Corp. establishes a petty cash fund for $200. By the end of the month, employees made the following expenditures from the fund: postage, $50; delivery, $75; supplies expense, $40;
For each company, calculate free cash flow. Amounts in parentheses represent negative cash flows.
Record the following transactions. 1. Pay employee salaries of $500 by issuing checks. 2. Purchase computer equipment of $900 using a credit card. 3. Pay for maintenance of $300 for a company vehicle
Brangelina Adoption Agency's general ledger shows a cash balance of $4,583. The balance of cash in the March-end bank statement is $7,325. The bank statement reveals the following information: checks
Bourne Incorporated reports a cash balance at the end of the month of $2,370. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions:
Spielberg Company's general ledger shows a checking account balance of $22,870 on July 31, 2012. The July cash receipts of $1,785, included in the general ledger balance, are placed in the night
On August 31, 2012, the general ledger of The Dean Acting Academy shows a balance for cash of $7,844. Cash receipts yet to be deposited into the checking account total $3,238, and checks written by
Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $500. By the end of April, the fund has a cash balance of $72 and has receipts for the following items: Utilities
Below are several transactions for Meyers Corporation for 2012.Required:1. For each transaction, determine the amount of the inflow or outflow of cash (indicate inflows with a " + " and outflows with
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,900. b. Cash provided
Below are several amounts reported at the end of the year.Currency located at the company ....................................$
Damon Company receives its monthly bank statement, which reports a balance of $1,750. After comparing this to the company's cash records, Damon's accountants determine that deposits outstanding total
Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2012. Cash Transactions Cash collections from: Customers
At the end of February, Howard Productions' accounting records reveal a balance for cash equal to $19,175. However, the balance of cash in the bank at the end of February is only $2,235. Howard is
On October 31, 2012, the bank statement for the checking account of Blockwood Video shows a balance of $12,630, while the company's records show a balance of $12,331. Information that might be useful
The cash records and bank statement for the month of July for Glover Incorporated are shown below.Additional information: a. The difference in the beginning balances in the company's records and the
Below is a summary of all transactions of Dreamworks Bedding Supplies for the month of August 2012. Cash Transactions Cash collections from: Customers
Peter loves dogs and cats. For the past several years, he has owned and operated Homeward Bound, which temporarily houses pets while their owners go on vacation. For the month of June, the company
An examination of the cash activities during the year shows the following.Suzie has not reconciled the company's cash balance with that of the bank since the company was started. She asks Summit Bank
Financial information for The Buckle is presented in Appendix B at the end of the book.Required:1. What does the Report of Independent Registered Public Accounting Firm indicate about The Buckle's
The following events occur for The Underwood Corporation during 2012 and 2013, its first two years of operations.June 12, 2012 Provide services to customers on account for $35,000.September 17, 2012
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2012, Pearl provides services on account of $580,000. Of this amount, $70,000 remains receivable at the end of the year.
On December 1, 2012, Liang Chemical provides services to a customer for $80,000. In payment for the services, the customer signs a three-year, 12% note. The face amount and all interest are due at
The Giles Agency offers a 10% trade discount when providing advertising services of $1,000 or more to its customers. Audrey's Antiques decides to purchase advertising services of $2,500 (not
Calculate the missing amount for each of the following notes receivable.
On October 1, 2012, Oberley Corporation loans one of its employees $30,000 and accepts a 12-month, 8% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2012 and 2013.
At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $3,000 (credit) before adjustment. The company estimates future uncollectible accounts to be 4% of
Refer to the information in BE5-12, but now assume that the balance of Allowance for Uncollectible Accounts before adjustment is $3,000 (debit). The company still estimates future uncollectible
Kelly's Jewelry reported the following amounts at the end of the year: total jewelry sales = $650,000; sales discounts = $15,000; sales returns = $40,000; sales allowances = $20,000. Compute net
At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $500 ( credit ) before adjustment. The balance of Accounts Receivable is $20,000. The company estimates
At the end of the year, Dahir Incorporated's balance of Allowance for Uncollectible Accounts is $2,000 (credit) before adjustment. The company estimates future uncollectible accounts to be $10,000.
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,000. By the end of the year, actual bad debts total $15,000. Record the write-off to uncollectible
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