Showing 111 to 120 of 204 Questions
  • The following accounting events apply to Lee’s Designs for the year 2013: Asset Source Transactions 1. Began operations by acquiring $80,000 of cash from the issue of common stock. 2. Performed services and collected cash of $4,000. 3. Collected $24,000 of cash in advance for services to be provided over the next 12 months. 4. Provided

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    120
  • Effect of journal entries on financial statementsRequired The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (+), decreases (−), or do

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    73
  • The following information is from the records of attorney Matt Black. Write a brief explanation of the accounting event represented in each of the general journalentries.

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    100
  • Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date.a. Paid $30,000 cash in advance on September 1 for a one-year lease on office space. b. Purchased $4,000 of

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    91
  • The following trial balance was prepared from the ledger accounts of Zumba Company:When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors:1. The company received $470 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was

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    242
  • The following transactions pertain to Chef Training Company for 2013: Jan. 30 Established the business when it acquired $37,500 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $12,000 cash. Apr. 10 Purchased $2,650 of supplies on account. July 1 Received $25,000 cash in advance for services to be prov

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    119
  • Heckel Enterprises experienced the following events for 2013, the first year of operation:1. Acquired $26,000 cash from the issue of common stock. 2. Paid $8,000 cash in advance for rent. The payment was for the period April 1, 2013, to March 31, 2014. 3. Performed services for customers on account for $54,000. 4. Incurred operating e

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    93
  • At the end of 2014, the following information is available for Teton Co. and Glacier, Inc:Required a. For each company, compute the debt to assets ratio and the return on equity ratio. b. Determine what percentage of each company’s assets were financed by the owners. c. Which company has the greatest level of financial risk? d. Based o

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    3
  • Duval Inc. acquired $50,000 cash by issuing a promissory note to the National Bank on May 1, 2013. Duval issued a promissory note with a one-year term and a 6% annual interest rate. Required Prepare the general journal entries to recorda. The issue of the note on May 1, 2013. b. Accrued interest on December 31, 2013. c. Accrued interest o

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    102
  • Bower Consulting Company started the period with cash of $25,000, common stock of $13,000, and retained earnings of $12,000. Bower engaged in the following transactions in 2013: Transactions during 2013 1. On January 1, 2013, purchased office furniture for $12,000. 2. On March 1, paid $5,400 for an insurance policy that provides coverage

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    205