Questions and Answers of College Accounting A Practical Approach

Fill in the blanks with the correct terms from the list below.Adjusting entry ..........................................depreciationBook value
Define accrued salaries.
The adjusted trial balance at April 30, 2022, for Tyler’s Plumbing Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name 101 Cash 103 Accounts
Explain how the financial statements are prepared from the worksheet.
Geddes Garage offers automotive services to its customers in Winnipeg. Selected accounts from the ledger for the current year ended December 31, 2022 are as follows. Use this information to prepare a
Sharon Kors needs a loan from her local bank to help finance her business. She has submitted the following unadjusted trial balance to the bank, for the month of August. As the loan officer, you will
Janet Li is the new bookkeeper who replaced Dick Burns, owing to his sudden illness. Janet finds a note on her desk requesting that she close the books and supply the ending capital figure. Janet is
From the following accounts (not in order), prepare a post-closing trial balance for Washington Co. on December 31, 2023. Accounts Receivable Legal Library Accum. Depn., O.E. Office Equipment Repair
Kyle’s Gaming Services showed the following post-closing trial balance after the posting of the closing entries on September 30, 2022:Required1. Identify the error(s) in the post-closing trial
Mitsui Corporation is a major distributor of school portables. All sales have terms 1/10, n/15. During July, the following select transactions occurred. For each transaction, identify into which
From the following accounts (not in order), prepare a post-closing trial balance for Wey Co. on December 31, 2023. Accounts Receivable Legal Library Office Equipment Repair Expense Salaries
List the following steps of the accounting cycle in the proper order:Preparing the financial statements.Journalizing and posting the closing entries.Preparing the unadjusted trial balance.Posting the
The accounts listed below are from the adjusted trial balance columns in a company’s 10-column worksheet. In the blank space beside each account, write the letter of the appropriate financial
A month has elapsed since Precision Computer Centre’s year-end. Tony Freedman will use four specialized journals for recording business transactions in the month of September—two in this chapter,
The following transactions occurred for Food on the Go of Edmonton for the month of June:Requireda. Journalize the transactions in the appropriate journals.b. Record in the accounts receivable
The following transactions occurred for Lodge Co. of St. Albert for the month of July:Requireda. Journalize the transactions in the appropriate journals.b. Record in the accounts receivable ledger
Fill in the blanks with the correct terms from the list below. Closing................................... temporary accountsIncome Summary................. post-closing trial balancePermanent
List the four steps in closing.
What is the purpose of the Income Summary and where is it located?
Explain the purpose of a contra-revenue account.
Rita Lopez has opened Food on the Go, a wholesale grocery and pizza company, in Edmonton. The following transactions occurred in June:Requireda. Journalize the transactions in the appropriate
As a business owner, you are always worried about your sales. Most owners will offer various incentives to attract customers, such as sales discounts. What are the implications of offering sales
Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions:Required1. Find the amounts for sales, cost of goods sold, gross profit, and
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of
From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of
Given the following, calculate net sales:Gross sales $30Sales returns and allowances
The following transactions occurred for Peaker’s Sneaker Shop of Dartmouth. The cost of goods sold for all merchandise is 75% of the sale price. This 75% also applies to inventory items
The following transactions occurred for Bedford Sausage Supply Co.:2023Sept. 2 Karen Blum, owner, invested an additional $15,000 in the business.3 Sold $1,850 worth of merchandise on account 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:Required1. Find the amounts
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2021. The total was $3,200 and terms are 3% 15 days,
Give two examples of contra-revenue accounts.
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2021. The total was $4,600; the cost of inventory was
Kylie Henderson owns Henderson’s Home Improvement Shop in London. (In your working papers, balances as of May 1 are provided for the accounts receivable and general ledger accounts.) The following
On January 11, 2022, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of$4,600 (cost: $1,100). This customer receives a
On January 11, 2022, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $3,800, and this customer receives a trade
Enter each of the following invoices from Karen’s Delivery Service into a sales journal. Total the entries and place appropriate general ledger account numbers below to show where the total would
Freja Nilsson opened Freja’s Cosmetic Market on December 1. Freja offers no sales discounts. The following transactions occurred in December: 2023Dec.1 Freja Nilsson invested $6,000 in the Cosmetic
Indicate the journal in which you would record transactions (a) through (f). Use SJ for sales journal, CRJ for cash receipts journal, and GJ for general journal.a. ________ Cash sale of inventory.b.
Refer to the information contained in CDE4, above. During May 2023, Karen’s Delivery Service deposited four cheques as follows.May 5 Karen Good wrote a personal cheque for $10,000 and
Mary James owns Mary’s Card House in Halifax. As her newly hired accountant, your task is toa. Journalize the following transactions for the month of March.b. Record in subsidiary ledgers and post
Refer to the merchandising income statement shown below. Calculate the missing income statement items represented by ? in situations (a) to (e). Sales Cost of Goods Sold Gross Profit from
Refer to the merchandising income statement shown below. Calculate the missing income statement items represented by ? in situations (a) to (e). Sales Cost of Goods Sold Gross Profit from
From the following, prepare a schedule of accounts receivable for AVE Co. for May 31, 2023: Accounts Receivable Subsidiary Ledger Bliss Co. 5/12 SJ1 50 5/25 CRJ1 20 Rowe Co. 5/18 SJ1 60 Partial
Using the data from CDE4 and CDE5, calculate the following items:a. Net sales revenue.b. Gross profit.
How does the Accounts Receivable control account work with the accounts receivable subsidiary ledger?
Explain how to calculate net sales.
Fill in the blanks with the correct terms from the list below:Cash receipts journal.............................. sales journalSales returns and allowances ................subsidiary ledgerCost of
Sara’s Cupcakes of Cold Lake uses a purchases journal (page 10) and a general journal (page 2) to record the following transactions:2022May 8 Purchased merchandise on account from Stanton Co.,
What is an invoice? What purpose does it serve?
During the month of February 2022, Dakota’s Truck Service, an automotive repair shop, purchased $25,000 of parts from McArthur Auto Parts with terms 2/10, n/30. Although the discount period had
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are
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
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2022,
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts payable. Use the same journal headings (all page 1) and chart of accounts
As the accountant of Sara’s Cupcakes of Cold Lake, (a) Journalize the following transactions in the purchases journal (page 10) or the general journal (page 2).(b) Record and post as
As the new accountant for Mary’s Card House in Halifax, your task is toa. Journalize the transactions for the month of March.b. Record in subsidiary ledgers and post to the general ledger as
Liz Ames owns Fancy Writing Supply Co. in Moncton. As her newly hired accountant, your task is to:a. Journalize the following transactions for the month of May.b. Record in subsidiary ledgers and
From the following, prepare a schedule of accounts payable for AVE Co. for May 31, 2021. Accounts Payable Subsidiary Ledger Bloss Co. 10 5/19 PJ1 T 5/25 CPJ1 Rowe Co. 5/8 PJ1 50 60 5/31 General
From the following facts, calculate what Kalam Mekhar must pay Dujek Co. for the purchase of a bedroom set. Sale terms are 2/10, n/30.a. Invoice price before tax, $5,000, dated April 5.b. Returned
Peter Daly operates a photo printing centre in Whitehorse. Peter has hired you as his bookkeeper to record the following transactions in the cash payments journal. He would like you to record and
The following amounts summarize Anderson Company’s merchandising activities during 2022. Set up T accounts for Merchandise Inventory and Cost of Goods Sold. Then record the activities directly in
The following amounts summarize Alpaca Company’s merchandising activities during 2022. Set up T accounts for Merchandise Inventory and Cost of Goods Sold. Then record the activities directly in the
Amy Burke recently opened a gift store in Shelburne. As the bookkeeper of her shop, journalize, record, and post when appropriate the following transactions (account numbers are Store Supplies, 124;
Super Sweets of Edmonton, owned and operated by Sophia Blanca, uses a purchases journal (page 15) and a general journal (page 3) to record the following transactions (use separate columns for
Jeff Ryan completed an Accounting I course and was recently hired as the bookkeeper of Spring Co. The special journals shown below have not been posted; nor are “Dr.” and “Cr.” used on the
Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art’s Clothing Company. Use the same headings as found in the text (page 319). All
Explain the use of the controlling account Accounts Payable with the accounts payable subsidiary ledger.
Why is the accounts payable subsidiary ledger often organized in alphabetical order?
When is a purchases journal used?
What is an invoice? What purpose does it serve?
Fill in the blanks with the correct terms from the list below.Controlling account..............................purchases journalF.O.B. shipping point............................F.O.B. destinationCash
Explain the difference between F.O.B. shipping point and F.O.B. destination.
Balance this three-column account. What function does the PR column serve? When will Account 111 be used in the journalizing and posting process? Name: Cash Date 2021 May
Jason Lang operates Jason’s Cleaning Service. As the bookkeeper, you have been requested to journalize the following transactions:2022Oct.1 Paid rent for two months in advance, $9,000.6 Purchased
In April 2022 Lucas Arcand opened a new cleaning service in Victoria. Please assist him by journalizing the following business transactions:2022Apr.1 Lucas Arcand invested $6,000 worth of cleaning
Tony’s Precision Computer Centre is picking up in business, so he has decided to expand his bookkeeping system to a general journal/ledger system. The balances from June have been forwarded to the
Transfer the transactions from the following T accounts into a general journal in chronological order. Include with each entry the date, account, and entry amount. Explanations are not required. 7/1
Transfer the transactions from the following T accounts into a general journal in chronological order. Include with each entry the date, account, and entry amount. Explanations are not required. 7/1
Is it Ethical to Record the Transactions Directly into the General Ledger Accounts?Imagine that you are an accounting clerk in a small business and you are always behind in posting to the general
In June, Matt Nepoose Investigative Agency of Thunder Bay had the following transactions:2022June3 Matt Nepoose invested $16,500 in the new agency.4 Bought office equipment for cash, $5,100.7 Earned
Provide the explanation for each of the following general journal entries: Date 2021 June 11 Cash Office Equipment B. Blue, Capital (A) 15 Cash Account Titles and Descriptions Accounts
Record the following in the general journal of Reggie’s Auto Repair Shop:2023Jan.4 Reggie Long invested $16,000 cash in the auto repair shop.7 Paid $7,000 for auto repair equipment.8 Bought auto
As a team, select an industry to analyze and a company that interests you. Find its annual report online. Answer the following questions about the company you chose:1. What date is used as your
Record the following in the general journal of Reggie’s Auto Repair Shop:2022Jan.4 Reggie Long invested $21,000 cash in the auto repair shop.7 Paid $9,000 for auto repair equipment.8 Bought auto
On June 2, 2023, Betty Rice opened Betty’s Art Studio in Toronto. The following transactions occurred in June:2023June2 Betty Rice invested $12,000 in the art studio.3 Paid three months’ rent in
On April 1, 2023, Beth Orth opened Beth’s Art Studio. The following transactions occurred in April:2023Apr.1 Beth Orth invested $15,000 in the art studio.1 Paid two months’ rent in advance,
Post the following transactions to the ledger of King Company. The partial ledger of King Company includes Cash, 111; Equipment, 121; Accounts Payable, 211; and A. King, Capital, 311. Use
Post the following transactions to the ledger of Kingston Company. The partial ledger of Kingston Company includes Cash, 111; Equipment, 121; Accounts Payable, 211; and A. Kingston, Capital, 311.
In June, Landis Saunders of Lou’s Auto Spa of Ontario had the following transactions:2021June1 L. Saunders invested $10,000 in the new auto spa.4 Bought cleaning equipment for cash, $3500.5 Earned
R & D Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; R & D, Capital; R & D, Withdrawals; Fees Earned; Rent Expense;
Correct the following trial balance that has been recorded improperly from the ledger. Assume all accounts had a normal balance. Accounts Payable A. Sun, Capital A. Sun, Withdrawals Services
On June 2, 2023, a telephone expense for $210 was debited to Repair Expense. On July 11, 2023, this error was found. Prepare the correcting journal entry. When would a correcting entry not be needed?
A & B Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; A & B, Capital; A & B, Withdrawals; Fees Earned; Rent Expense;
On February 5, 2022, Ali Bijan made the following journal entry to record the purchase of equipment priced at $1,600 on account. This transaction had not yet been posted when the error was
Fill in the blanks with the correct terms from the list below.Accounting cycle........................... natural business yearCross-referencing......................... postingFiscal
On February 5, 2022, Mike Sullivan made the following journal entry to record the purchase of office equipment priced at $1,400 on account. This transaction had not yet been posted when the error was
Discuss the concept of cross-referencing.
Define a ledger.
As a team, select an industry to analyze and a company that interests you. Find its annual report online. Answer the following questions about the company you chose:1. List the accounts that are
Fatima Ramin opened a consulting company in Fairview and the following transactions resulted:A. Fatima invested $20,000 in the consulting business.B. Bought office equipment on account, $5,000.C.

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