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financial accounting an introduction
Questions and Answers of
Financial Accounting An Introduction
Which account does a merchandiser use that a service company does not use?a. Cost of goods soldb. Inventory C. Sales revenued. All of the above
The journal entry for the purchase of $900 of inventory on account is as follows: DATE ACCOUNTS POST REF. DR. CR. a. Cost of Goods Sold 900 900 9 b. C. Accounts Payable Inventory Accounts Payable
Apex Electrical Supply, Inc., purchased inventory for \($2,000\) and also paid \($125\) freight to have the inventory delivered. Apex Electrical Supply, Inc., returned \($500\) of the goods to the
Suppose Bonzai Boards, Inc., had sales of \($180,000\) and sales returns of \($22,000.\) Cost of goods sold was \($110,000.\) How much gross profit did Bonzai Boards, Inc., report?a.
Suppose Apex Electrical Supply’s Inventory account showed a balance of \($43,000.\) A physical count showed \($41,800\) of goods on hand. To adjust the inventory account, Apex Electrical Supply,
If Bonzai Boards, Inc., returned $3,600 of snowboards to a supplier it would record the transaction as follows: DATE a. ACCOUNTS Cost of Goods Sold Inventory b. Accounts Payable Sales Returns and
An asset is classified as current if ita. was purchased within the last six months.b. will become cash, be sold, or be used up within 12 months.C. was purchased with cash.d. will last longer than one
The income statement format that shows important subtotals is referred to asa. a classified income statement.b. a single-step income statement.C. a multi-step income statement,d. a subtotaled income
Suppose Bonzai Boards, Inc., had sales of \($210,000\) and sales returns of \($18,000.\) Cost of goods sold was \($125,000.\) What was Bonzai Boards’ gross profit percentage (rounded) for this
Match the accounting term with the corresponding definition. 1. Accrual basis accounting 2. Matching principle 3. Revenue recognition principle 4. Fiscal period a. Any consecutive 12-month period. b.
Match the accounting term with the corresponding definition. 1. Accumulated depreciation 2. Adjusted trial balance 3. Adjusting entry 4. Book value 5. Contra- account 6. Depreciation 7. Long-term
Alpine Ski Shop’s Prepaid Rent balance is $4,500 on June 1. This prepaid rent rep¬ resents six months’ rent. Journalize and post the adjusting entry on June 30 to record one month’s rent.
Journalize the following adjusting entries at December 31:1. Services provided but not recorded, $1,500.2. Salaries earned by employees but not recorded, $2,300.3. Accrued interest on a note payable,
The following selected accounts and balances appear on the adjusted trial balance for Ray Service, Inc., on December 31, 2010:1. What is the net income or net loss?2. What is the change in Retained
After closing its accounts at October 31,2010, Simmons Realty, Inc., had the following account balances:Prepare Simmons Realty’s post-closing trial balance at October 31,2010. List accounts in
Suppose you started up your own landscaping business. A customer paid you $175 in advance to mow his or heV lawn while he or she was on vacation. You performed landscaping services for a local
The adjusting entries for the following adjustments were omitted at year-end:a. Prepaid insurance expired, $2,400.b. Depreciation, $1,800.c. Employee salaries owed for Monday through Wednesday of a
The accountant for Flenderson Roofing, Inc., posted adjusting entries (a) through (e) to the accounts at December 31, 2010. Selected balance sheet accounts and all the revenues and expenses of the
Sigma Security, Inc., began the year with $15,000 of common stock and $32,000 of retained earnings. On May 5, investors bought $12,000 of additional stock in the business. On August 22, the business
The adjusted trial balances of PDQ, Inc., at December 31,2010, and December 31, 2011, include these amounts:Requirement 1. Compute the amount of supplies expense, salary expense, and service revenue
The adjusted trial balance for Country Cookin Catering, Inc., is presented next. Prepare the income statement, statement of retained earnings, and balance sheet for Country Cookin Catering, Inc., for
Prepare closing entries.Requirements 1. Using the following selected accounts of A to Z Electrical, Inc., at April 30, 2010, prepare the entity’s closing entries:2. What is A to Z Electrical’s
From the following accounts of Kurlz Salon, Inc., prepare the business’s statement of retained earnings for the year ended December 31, 2010: Retained Earnings Dividends Clo 95,000 Jan 1 188,000
The following is the adjusted trial balance of Qwik Care Clinic, Inc., for December 31,2010.Requirement 1. Journalize the closing entries at December 31. Qwik Care Clinic, Inc. Adjusted Trial Balance
Suppose you started up your own landscaping business. A customer paid you $120 in advance to mow his or her lawn while he or she was on vacation. You performed landscaping services for a local
The adjusting entries for the following adjustments were omitted at year-end:a. Prepaid rent expired, $2,500.b. Depreciation, $1,000.c. Employee salaries owed for Monday through Wednesday of a
The accountant for Metal Main, Inc., posted adjusting entries (a) through (e) to the accounts at August 31, 2010. Selected balance sheet accounts and all the rev¬ enues and expenses of the entity
Zeta Safety, Inc., began the year with $15,000 of common stock and $34,000 of retained earnings. On August 5, investors bought $19,000 of additional stock in the business. On October 22, the business
The adjusted trial balances of CAS, Inc., at March 31,2010, and March 31, 2011, include these amounts:Requirement 1. Compute the amount of supplies expense, salary expense, and service revenue CAS,
The adjusted trial balance for Spruce Up Catering, Inc., is presented next. Prepare the income statement, statement of retained earnings, and balance sheet for Spruce Up Catering, Inc., for the month
Requirements 1. Using the following selected accounts of Juba Electrical, Inc., at September 30, 2010, prepare the entity’s closing entries:2. What is Juba Electrical’s ending Retained Earnings
From the following accounts of Resch Restore, Inc., prepare the business’s statement of retained earnings for the year ended January 31, 2010: Retained Earnings Dividends Clo Clo 110,000 Feb 1
The following is the adjusted trial balance of Flappy Health, Inc., for August 31,2010.Requirement 1. Journalize the closing entries at August 31. Happy Health, Inc. Adjusted Trial Balance August
Assume the unadjusted and adjusted trial balances for Kristy’s Consulting, Inc., at June 30, 2010, show the following data:Requirement 1. Journalize the adjusting entries that account for the
The trial balance of Alpha Advertising, Inc., at November 30, 2010, and the data needed for the month-end adjustments follow:a. Insurance coverage still remaining at November 30, $300.b. Supplies
Helgeson Enterprises, Corp., completed the following selected transactions and prepared these adjusting entries during January:2. Compute January net income or net loss under the accrual basis of
The adjusted trial balance of Lighthouse Realty, Inc., at December 31,2010, follows:Requirements 1. Prepare Lighthouse Realty’s 2010 income statement, statement of retained earnings, and year-end
The June 30, 2010, adjusted trial balance of Energized Espresso, Inc., is shown next.Requirements 1. Prepare the June closing entries for Energized Espresso, Inc.2. Calculate the ending balance in
Assume the unadjusted and adjusted trial balances for Milky Way Theater, Inc., at November 30, 2010, show the following data:Requirement 1. Journalize the adjusting entries that account for the
The trial balance of Nina’s Novelty, Inc., at September 30, 2010, and the data needed for the month-end adjustments follow:a. Insurance coverage still remaining at September 30, $800.b. Supplies
Moore, Corp., completed the following selected transactions and prepared these adjusting entries during May:Requirements 1.State whether the transaction would increase revenues, decrease revenues,
The adjusted trial balance for Destination Realty, Inc., at October 31, 2010, follows:Requirements 1. Prepare Destination Realty’s income statement, statement of retained earnings, and year-end
The September 30, 2010, adjusted trial balance of Java Jolt, Inc., is shown next.Requirements 1. Prepare the September closing entries for Java Jolt, Inc.2. Calculate the ending balance in Retained
The revenue recognition principle saysa. record revenue only after you have earned it.b. record revenue only when you receive cash.c. match revenues and expenses in order to compute net income.d.
Adjusting the accounts is the process ofa. recording transactions as they occur during the period.b. updating the accounts at the end of the period.C. zeroing out account balances to prepare for the
Which of the following terms describe the types of adjusting entries?a. Deferrals and depreciationb. Expenses and revenues C. Deferrals and accrualsd. Prepaid expenses and prepaid revenues
Assume that the weekly payroll of IDT, Inc., is $3,500. December 31, the end of the year, falls on Tuesday, but the company won’t pay employees for the full week until its usual payday, Friday.
Unearned Revenue is alwaysa. a liability.b. revenue.C. an asset.d. stockholders’ equity.
The adjusted trial balance showsa. amounts that may be out of balance.b. revenues and expenses only.C. assets, liabilities, and common stock only,d. amounts that are ready for the financial
Which of the following accounts is not closed?a. Salary Expenseb. Service Revenue C. Accumulated Depreciation, Equipmentd. Dividends
What do closing entries accomplish?a. Transfer revenues, expenses, and dividends to retained earningsb. Zero out the revenues, expenses, and dividends to prepare them for the next period C. Bring the
Which correctly represents the flow of information from one financial statement to another?a. Income statement to the statement of retained earningsb. Statement of retained earnings to the balance
The left side of an account is used to recorda. debits.b. credits.C. debits or credits, depending on the type of account,d. increases.
Suppose Sunshine Florists, Inc., has cash of \($40,000,\) receivables of \($30,000,\) and furniture and fixtures totaling \($170,000.\) Sunshine Florists, Inc., owes \($60,000\) on account and has a
Lori’s Catering, Inc., purchased $400 of supplies on account. The journal entry to record this transaction is denoted by which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Inventory 400
Posting a $800 purchase of supplies on account appears as which of the following? a. Supplies 800 Accounts Receivable 800 C. Supplies 800 Accounts Payable 800 b. Supplies Accounts Payable d. Cash
Which journal entry records obtaining a bank loan of $15,000? DATE ACCOUNTS POST REF. DR. CR. a. Notes Payable 15,000 Accounts Receivable 15,000 b. Notes Payable Cash 15,000 15,000 C. Cash Notes
S & S Janitorial, Inc., paid \($600\) for supplies and purchased additional supplies on account for \($800.\) S & S Janitorial, Inc., also paid \($300\) of the accounts payable. What is the balance
The Blue Ox Restaurant recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error?a. Too much for liabilitiesb. Too much
Tim Walters, an attorney, had a law corporation, Tim Walters, Attorney, Inc., that began the year with total assets of \($110,000,\) total liabilities of \($80,000,\) and stockholders’ equity of
The entry to record the payment of $1,200 rent expense would be which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Rent Expense 1,200 Accounts Payable 1,200 b. Cash 1,200 Rent Expense 1,200
IPW, Inc., began operations on January 1, 2010. The seven transactions recorded during January by the company accountant, are shown in the following T-accounts:Complete the following table. For each
Shawn Andrews opened a dental practice in Spokane, Washington as a corporation. The following transactions took place in June:Using the steps outlined in the five-step transaction analysis, record
After operating for a month, Shawn Andrews’ dental practice completed the following transactions during July:Using the steps outlined in the five-step transaction analysis, record the transactions
The accounting records for Airborne Services, Corp., contain the following amounts on December 31,2010. The accounts appear in no particular order.Prepare the trial balance for Airborne Services at
Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Alread Plumbing, Inc. Explanations are not required. Feb 1 Paid interest
Williams & Associates, Inc., completed the following transactions during October 2010, its first month of operations:Requirement 1. Using the steps outlined in the five-step transaction analysis,
The transactions for Little Tykes Daycare, Inc., for the month of January 2010 are posted in the following T-accounts.Requirements 1. Calculate account balances.2. Prepare the trial balance for
Baldwin Realty, Inc., had the following transactions for the month of May, 2010.The following T-accounts have been set up, for Baldwin Realty, Inc., with their beginning balances as of May
The transactions for Crazy Curlz, Inc., for the month of June 2010 have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for the six
McDonald Consulting, Inc., completed the following transactions during December 2010, its first month of operations:Requirements 1. Open, or set up, T-accounts in the ledger: Cash, Accounts
Julie Palmer has trouble keeping her debits and credits equal. During a recent month, Julie made the following errors:a. Julie recorded a $750 payment of rent by debiting rent expense for $75 and
The following are six journal entries Keene Engineering, Inc., made during the month of April.Requirement 1. For each transaction shown, determine the accounts affected, the type of account, whether
Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Laverden Plumbing, Inc. Explanations are not required. May 1 5 Paid
Welch & Associates, Inc., completed the following transactions during September 2010, its first month of operations:Requirement 1. Using the steps outlined in the five-step transaction analysis,
The transactions for Learning Fun Daycare, Inc., for the month of May 2010 are posted in the following T-accounts.Requirements 1. Calculate account balances.2. Prepare the trial balance for Learning
Baltimore Realty, Inc., had the following transactions for the month of June 2010.The following T-accounts have been set up, for Baltimore Realty, Inc., with their beginning balances as of June 1,
The transactions for Dancing Antz, Inc., for the month of September 2010 have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for the six
Meo Consulting, Inc., completed the following transactions during February 2010, its first month of operations:Requirements 1. Record transactions in the journal. Explanations are not required.2.
Sheri Neylon has trouble keeping her debits and credits equal. During a recent month, Sheri made the following errors:a. Sheri recorded a $850 payment of rent by debiting Rent Expense for $85 and
Angela Rodriguez practices law under the business title Angela Rodriguez Attorney at Law, Inc. During June, her law practice engaged in the following transactions:Rodriguez’s business uses the
Advantage Advertising, Inc., engaged in the following business transactions during November of 2010:Advantage Advertising, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies,
Tom Slater opened an accounting firm on March 1,2010. During the month of March, the business completed the following transactions:Requirements 1. Open, or set up, the following T-accounts: Cash,
The trial balance for TDR Systems, Inc., at July 15, 2010, follows:During the remainder of July, TDR Systems, Inc., completed the following transactions:Requirements 1. Journalize the transactions
The accounts of Cascade Consulting, Inc., follow with their normal balances at December 31, 2010. The accounts are listed in no particular order.Requirements 1. Prepare the company’s trial balance
Arleen O’Neil practices law under the business title Arleen O’Neil Attorney at Law, Inc. During November, her law practice engaged in the following transactions:O’Neil’s business uses the
Tip Top Advertising, Inc., engaged in the following business transactions during July of 2010:Tip Top Advertising, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies, Building,
Teddy Sargent opened an accounting firm on May 1, 2010. During the month of May, the business completed the following transactions:Requirements 1. Open, or set up, the following T-accounts: Cash,
The trial balance for BFF Systems, Inc., at March 15, 2010, follows:During the remainder of March, BFF Systems, Inc., completed the following transactions:Requirements 1. Journalize the transactions
The accounts of Highland Consulting, Inc., follow with their normal balances at August 31, 2010. The accounts are listed in no particular order.Requirements 1. Prepare the company’s trial balance
Explain the nature and roles of accounting and finance.
Identify the main users of financial information and discuss their needs.
Identify and discuss the characteristics that make accounting information useful.
Explain the purpose of a business and describe how businesses are organised and structured.
Explain the nature and purpose of the three major financial statements.
Prepare a simple statement of financial position and interpret the information that it contains.
Discuss the accounting conventions underpinning the statement of financial position.
Discuss the uses and limitations of the statement of financial position for decision-making purposes.
The equity belongs to Paul because he is the sole owner of the business. Can you explain how the figure for equity by Thursday evening has arisen? You will need to look back at the events of Monday,
Discuss the nature and purpose of the income statement.
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