Questions and Answers of College Accounting A Practical Approach

Prepare a worksheet from the following information:A. Inventory physical count $13B. Store supplies on hand
Prepare a formal income statement from the following partial worksheet for Malorie’s Dental Supply Co. of Hantsport: Account Titles Sales Sales Returns and Allow. Sales Discounts Cost of Goods
From the partial worksheet shown below, prepare a formal income statement for Serena’s Pie and Kite Shop of Yarmouth. SERENA'S PIE AND KITE SHOP PARTIAL WORKSHEET FOR THE YEAR ENDED SEPTEMBER 30,
Prepare a statement of owner’s equity and a classified balance sheet from the partial worksheet for Goods Company of Fergus. Of the Mortgage Payable, $200 is due within one year Account
From the partial worksheet for Murray Company of Caledonia, complete the following:a. Statement of owner’s equity.b. Classified balance sheet.Of the Mortgage Payable, $3,000 is due within one year.
Marcy Moore recently moved to your city from another large Canadian centre. She was employed as an engineer by a large oil company and was rather well paid. She now works as a senior engineer for a
At the end of the fiscal year, the Precision Computer Centre has a $21,620 balance in Accounts Receivable. Here is a current schedule of accounts receivable:AssignmentAlthough Accu Pac’s account is
Connor Company recently had most of its records destroyed in a fire. Melanie, Connor’s bookkeeper discovered the following information:Assist the bookkeeper in reconstructing an income statement
Which of the transactions in CDE1, below, would require a journal entry?Data from in exercise CDE1.Indicate which of the actions (1 through 4) listed below must be taken when doing a bank
As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the company you chose.Required1. Refer to the
The following transactions occurred in April 2023 for Silva’s Designs:Requireda. Record the appropriate entries in the general journal and the auxiliary petty cash record as needed.b. Replenish the
Several source documents from RJ’s Tax Services are presented below. Additional information is as follows.a. The PMT on September 29 was a loan payment taken out of RJ’s Tax Services account in
Shown below are the following for Casing Suppliers Ltd. of Oakville:a. General ledger printout for March 2022.b. Bank reconciliation as of February 28, 2022.c. Bank statement for March
If, in exercise E9-2B, cash on hand was $17, prepare the entry to replenish the petty cash on July 31.Data from in exercise E9-2B.In general journal form, prepare journal entries to establish a petty
Alanda Yousef Bookkeeping Services has only a general journal in its accounting system and uses it to record all the transactions. However the company recently set up a petty cash fund for payment of
The bank reconciliation prepared by Ballantyne Company on May 31, 2023 appeared as follows.The Cash account in the general ledger appeared as follows on June 30The following bank statement is
What are the advantages and disadvantages of online banking, and accepting debit and credit cards as payment?
Petty cash is a liability. Accept or reject this statement and explain your reasoning.
Explain the purpose of a change fund.
In the following summary of data for payroll period, some amounts have been intentionally omitted:Requireda. Calculate the amounts omitted in lines 1, 3, 7, and 11.b. Journalize the entry to record
Garret’s Motocross Academy has 25 employees who are paid weekly. The payroll register showed the following payroll deductions for the pay period ending July 4:RequiredPrepare the journal entries to
Fill in the blanks with the correct terms from the list below1. Codes used to determine the amount of federal and provincial income taxes to be withheld from earnings are called __________________.2.
What is a calendar year?
The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February 2021 are shown below.AssumptionsEmployees pay 100% of the
Munchkin Bakery Co. of Timmins pays its employees every two weeks (26 pay periods each year). There are two pay periods for March and the details for each payroll are shown below.Union dues must be
The Candy Co. of Lethbridge pays its workers twice each month. Data for the two pay periods on June are shown below.Union dues must be remitted to the union treasurer by the 15th of the following
Fill in the blanks with the correct terms from the list below.EHT WSIBbusiness number
Which of the following accurately summarizes the correct formula for determining the monthly remittance to the CRA (IT 5 income tax)?a. (2 х IT) + (2.4 х CPP) + (2 х EI)b. (1 х IT) + (2 х CPP) +
A remittance form (PD7A) must be sent to the federal government once every pay period. True or false?
Why do some firms purchase payroll software or payroll services?
Employers must complete their T4 Summaries no later than two months after the end of their fiscal year. True or false?
An employer can decide whether to pay Employer Health Tax. True or false?
For the fiscal year ended April 30, 2021, Interform Corporation had the following account balances:RequiredPrepare a partial balance sheet on April 30, 2021. Accounts Receivable Cash Bad Debts
Mirna Gaymer’s company has just completed its first year of operations. She heard about an Allowance for Doubtful Accounts from other small business owners. Explain to Mirna how the Allowance for
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions:Required1. Refer to the Credit Risk information on page 33 of the 2017 Annual
Explain the matching principle in relationship to recording bad debts expense.
This Mini Practice Set will help you review all the key concepts of the accounting cycle for a merchandising company, along with the integration of payroll. Betty Loeb took over the business now
Given the additional data in the table below:a. Prepare the adjusting journal entry for bad debts expense on December 31, 2021.b. Prepare a partial balance sheet on December 31, 2021, showing how net
Given the following amounts in these accounts below, journalize the adjusting entry for bad debts expense on December 21, 2021. Bad Debt Expense is estimated to be 5% of net sales. The income
Given the information below, and assuming the following balances: Cash, $42,000; Accounts Receivable, $173,000; Allowance for Doubtful Accounts, $400 credit; Inventory, $12,000:a. Prepare on December
Given the additional information presented below:a. Prepare on December 31, 2022, the adjusting journal entry for bad debts expense.b. Prepare a partial balance sheet on December 31, 2022, showing
As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the companyyou chose. Required:1. Find
Given the information in the T accounts below, journalize the adjusting entry on December 31, 2021, for bad debts expense, which is estimated to be 4% of net sales. The income statement approach is
Assuming that in exercise E12-2B the balance sheet approach is used, prepare the adjusting entry for bad debt expense. Aging of accounts receivable indicates that a $12,800 balance in the Allowance
T. J. Rack Company of Hope uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2022, Accounts Receivable has a $119,000 balance. Journalize the following
T.J. Rack Company of Hope uses the direct write-off method for recording bad debts expense. At the beginning of 2022, Accounts Receivable has an $88,000 balance. Journalize the following transactions
Camping Equipment Company of Waterloo uses the direct write-off method for recording bad debts expense. At the beginning of 2021, Accounts Receivable has an $86,700 balance. Journalize the following
Assuming that in exercise E12-2A the balance sheet approach is used, prepare an adjusting entry for bad debts expense. Aging of accounts receivable indicates that an $8,000 balance in the Allowance
What is net realizable value?
The Austin Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2021 and 2022:a. Journalize the transactions. (The Austin Co. uses the income statement approach to
Complete the table for items A, B, C, and D: Allowance Method Adjusting Entry Debit A Credit B Two approaches C D Balance in Allowance for Doubtful Accounts is ignored. Balance in Allowance for
Explain why Allowance for Doubtful Accounts is a contra-asset account.
Rowe Company had credit sales of $200,000 during 2022. The balance in the Allowance for Doubtful Accounts is a $1,000 debit balance. Journalize the bad debts expense for December 31, using each of
The income statement approach used to estimate bad debts is based on Accounts Receivable on the balance sheet. Accept or reject? Why?
Here is the list of the words and terms for this chapter:1. The amount of accounts receivable that is expected to be collected is called __________________.2. The procedure of classifying accounts of
In which approach is the balance of Allowance for Doubtful Accounts considered when the estimate of bad debts expense is made? Explain.
In preparing for next year, Tony Freedman has hired two employees to work on an hourly basis assisting with some troubleshooting and repair work. Assume the following details:a. The following
Calculate the total wages earned for each employee. (Assume an overtime rate of time-end-a-half over 40 hours.) Employee Jean Knott Abe Janzen Mike Toth Hourly Rate $14.50 16.00 17.50 Hours
Nickels Company of Windsor has five salaried employees. Your task is to record the following information in a payroll register for the last week of March. Use the tables in the chapter appendices to
As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the company you chose:RequiredSearch the annual
Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to
The bookkeeper for Pinto Co. of Peterborough gathered the following data from employee earnings records as well as daily time cards. Your task is (a) To complete a payroll register on November
Christine Ballantyne, the accountant for Smurk Co. of Shelburne, has gathered the following data for the September 23 weekly payroll:AssumptionsIncome taxes are calculated at 20%, CPP at 5.10%, and
The payroll records of Devon’s Baseball Corporation’s district office provided the following information for the weekly pay period ended November 5:All employees are paid 1.5 times their hourly
Adam’s DJ Services has three employees who work on an hourly basis and are paid weekly. The current CPP rate is 5.10%; the current EI rate is 1.62%; and the appropriate income tax rate is 23%. Each
Recall the following details about the two employees hired in November.a. CPP is deducted at 5.10% (considering $3,500 yearly exemption).b. EI is deducted at 1.62% of gross earnings.c. Both employees
The payroll register for Rice Company of Sackville is summarized below for the month of April, 2021.The union dues are remitted to the treasurer of the union by the 10th day of the next month. Rice
As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the companyyou chose.Required1. How much did your
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions:1. Refer to page 46 of the 2017 Annual Report. What is Roots’s reporting period?2.
From the following T accounts, journalize the four closing entries on December 31, 2021: J. King, Capital 14,000 J. King, Withdrawals 4,000 Income Summary Fees Earned 33,000 Rent Expense 5,000 Wages
From the following T accounts, journalize the four closing entries on December 31, 2022: J. Kohl, Capital 10,000 J. Kohl, Withdrawals. 3,000 Income Summary Fees Earned 41,000 Rent
As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the company you chose:Required1. Refer to the
This March 31, 2022 adjusted trial balance for RJ’s Baseball Academy has been alphabetized as follows. Prepare the closing entries and the post-closing trial balance for the company. Account
Identify the following from the general journal of Moore Company:A. Year of journal entryB. Month of journal entryC. Day of journal entryD. Name(s) of account(s) debitedE. Name(s) of account(s)
Paul Regan, bookkeeper of Hampton Co., has been up half the night trying to get his trial balance to balance. His results are shown below. Ken Small, the accountant, compared Paul’s amounts in the
The following transactions occurred in June 2021 for A. One Placement Agency of Fredericton:2021June 1 A. One invested $9,000 cash in the placement agency.1 Bought equipment on account from Tinker
Explain the concept of the accounting cycle.
At the end of July, Tony took a complete inventory of his supplies and found the following:5 dozen ¼” screws at a cost of $8 a dozen2 dozen ½” screws at a cost of $5 a dozen2 cartons of
Seleste Ayala, an accountancy lab tutor, is having a debate with some of her assistants. They are trying to find out how each of the following unrelated situations would affect the trial balance:1.
Imagine you are one of the staff accountants for John Smith Company, which produces small accessories for cellphones. The president has informed your department that if the company’s profits grow
Every Friday, Kylie’s Recruiting Services records its employees’ weekly salaries of $20,000 per week ($4,000 per day, Monday through Friday). Employees are paid the following week on
Selected year-end account balances before adjustments for Martin’s Small Engines at July 31, 2022 are shown below.Data needed for year-end adjustments are as follows.a. Unearned revenues at July
Selected year-end account balances before adjustments for Caldwell Realty at December 31, 2022 are shown below.Data needed for year-end adjustments are as follows.a. Unearned revenues at December 31,
As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the company you chose:1. Review the Asset section
Please complete a partial worksheet up to the adjusted trial balance for CJ’s Mountain Safety Training of Banff, using the following year-end adjustment data and trial balance:a. Supplies on hand,
Given the following trial balance and adjustment data for The Debbie Rose Art Studio of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a new
Chen’s Repair Service prepares adjustments monthly and showed the following Unadjusted Trial Balance as of September 30, 2022:Additional information for the month ended September 30, 2022.a.
From the following trial balance and adjustment data, complete a worksheet for J. Revere as of December 31, 2023:a. Depreciation expense, store equipment, $6.00.b. Insurance expired, $3.00.c. Store
On January 2, Garret’s Automotive Company purchased a 12-month insurance policy for $1,200 cash.Requireda. Prepare the general journal entry required on January 2 to record the purchase of the
The trial balance below is for Ling’s Landscaping Service of Merritt for December 31, 2021.Adjustment data to update the trial balance:a. Rent expired, $600.b. Landscaping supplies on hand
From the following trial balance and adjustment data, complete a worksheet for D. Naharis as of December 31, 2023:a. Depreciation expense, store equipment, $3.00.b. Insurance expired, $2.00.c. Store
Before adjustment:GivenFor the current year, depreciation on equipment is $2,000.Requireda. Which of the three T accounts is not affected?b. Which account is a contra-asset?c. Draw a transaction
Hal, here is the information you requested. Please supply me with the adjustments needed ASAP. Also, please put in writing why we need to do these adjustments.To: Hal
Use transaction analysis charts to analyze the following adjustments:a. Depreciation on equipment, $1,000.b. Insurance premium expired, $1,350.
From the completed worksheet in Exercise E4-3A, prepare the following:a. An income statement for December.b. A statement of owner’s equity for December.c. A balance sheet as of December 31, 2023.
On Friday, Ren Tanaka’s boss asks him to prepare a special report that is due on Monday at 8 a.m. Ren gathers the following material in his briefcase:As his best friend, you want to help Ren show
From the following adjusted trial balance (ATB) titles on a worksheet of a lawyer, identify in which column each account will be listed in the last four columns of the worksheet:(ID) Income
The balance in the Supplies account for F. Lang Company on September 1 was $470. Purchases of supplies for cash were made on September 6 for $220 and on September 19 for $370. A physical count
Enter the beginning balances in the MyLab Accounting Excel templates or the Workbook working papers. Post the following adjusting entries (be sure to cross reference back to the journal) that came
The adjusted trial balance at June 30, 2023, for Altaz’s Electrical Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name 101 Cash 105 Accounts

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