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Questions and Answers of Financial Accounting

Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle
The worksheet of Macey's Landscaping Services follows but is incomplete.Requirements 1. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 2. Describe each
At the beginning of the year, office supplies of $1,200 were on hand. During the year, Tempo Air Conditioning Service paid $4,000 for more office supplies. At the end of the year, Tempo has $800 of
At the beginning of the year, Modish Advertising owed customers $2,100 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $6,100 and earned $20,000
Laughter Landscaping has collected the following data for the December 31 adjusting entries:a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is
Griffin Fishing Charters has collected the following data for the December 31 adjusting entries:a. The company received its electric bill on December 31 for $375 but will not pay it until January 5.
The unadjusted trial balance of Anniston Air Purification System at December 31, 2018, and the data needed for the adjustments follow.Adjustment data at December 31 follow:a. On December 15, Anniston
The unadjusted trial balance of Guthrie Inn Company at December 31, 2018, and the data needed for the adjustments follow.Adjustment data at December 31 follow:a. As of December 31, Guthrie had $700
Greavy Theater Production Company's partially completed worksheet as of December 31, 2018, follows.Adjustment data at December 31 follow: a. As of December 31, Greavy had performed $500 of service
Rapid Way Pack'n Mail completed the following transactions during 2018:Nov. 1 Paid $9,600 store rent covering the six-month period ending April 30, 2019.Nov. 1 Paid $6,000 insurance covering the
Lopez Landscaping has the following data for the December 31 adjusting entries:a. Each Friday, Lopez pays employees for the current week's work. The amount of the weekly payroll is $6,500 for a
Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At November 30, how much rent expense should be recorded for the period January 1 through November 30?
Murphy Delivery Service completed the following transactions during December 2018:Dec. 1 Murphy Delivery Service began operations by receiving $13,000 cash and a truck with a fair value of $9,000
Murphy Delivery Service has completed closing entries and the accounting cycle for 2018. The business is now ready to record January 2019 transactions.Jan. 3 Collected $200 cash from customer on
Dalton Hair Stylists's adjusted trial balance follows. Prepare Dalton's income statement for the year ended December 31, 2018.
Brett Teddy Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $21,900; Salaries Expense, $6,000; Rent Expense, $4,400;
The following balances appear on the books of Sarah Simmons Enterprises: Retained Earnings, $29,600; Dividends, $10,500; Income Summary, $0; Service Revenue, $24,500; Salaries Expense, $6,200; Rent
End of the Line Montana Refrigeration has these account balances at December 31, 2018:Requirements 1. Calculate End of the Line Montana Refrigeration's current ratio. 2. How much in current assets
Ocean Breeze Associates accrued $8,500 of Service Revenue at December 31. Ocean Breeze Associates received $14,500 on January 15, including the accrued revenue recorded on December
The adjusted trial balance for Green Advertising Services is presented below:Requirements 1. Prepare the income statement for the year ending December 31, 2018. 2. Prepare the statement of retained
The adjusted trial balance of Melanie O'Mallie Dance Studio Company follows:Requirements 1. Prepare the classified balance sheet of Melanie O'Mallie Dance Studio Company at August 31, 2018. Use the
The unadjusted trial balance of Data Solution at November 30, 2018, follows:Additional information at November 30, 2018: a. Accrued Service Revenue, $800. b. Depreciation, $350. c. Accrued Salaries
Refer to the data in Short Exercise S4-1. Prepare Dalton's statement of retained earnings for the year ended December 31, 2018.In Short Exercise S4-1Dalton Hair Stylists's adjusted trial balance
Use your answer from Exercise E4-19 to prepare Data Solution's financial statements.In Exercise E4-19The unadjusted trial balance of Data Solution at November 30, 2018, follows:Additional information
The adjusted trial balance of Stone Sign Company follows:Requirements 1. Assume Stone Sign Company has a January 31 year-end. Journalize Stone's closing entries at January 31. 2. How much net income
Selected accounts for Kebby Photography at December 31, 2018, follow:Requirements 1. Journalize Kebby Photography's closing entries at December 31, 2018. 2. Determine Kebby Photography's ending
McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of
Cynthia Elmer, CPA, had the following partial worksheet:Requirements1. Complete the worksheet.2. Prepare the closing entries for Cynthia Elmer, CPA.
Mark's Bowling Alley's adjusted trial balance as of December 31, 2018, is presented below:Requirements 1. Prepare the closing entries for Mark's Bowling Alley. 2. Prepare a post-closing trial
Houston Veterinary Hospital completed the following worksheet as of December 31, 2018.Requirements1. Complete the worksheet for Houston Veterinary Hospital.2. Prepare the closing entries.3. Prepare a
Lucas Architects recorded the following adjusting entries as of December 31: a. Service Revenue accrued, $2,600. b. Unearned Revenue that has been earned, $1,300. c. Office Supplies on hand, $530.
Mountain View Services had the following unadjusted balances at December 31, 2018: Salaries Payable, $0; and Salaries Expense, $1,900. The following transactions have taken place at the end of 2018
The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2018, follows:Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the
Refer to the data in Short Exercise S4-1. Prepare Dalton's unclassified balance sheet at December 31, 2018. Use the account form.In Short Exercise S4-1Dalton Hair Stylists's adjusted trial balance
The adjusted trial balance of Boston Irrigation System at December 31, 2018, follows:Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the
The unadjusted trial balance of Farish Investment Advisers at December 31, 2018, follows:Adjustment data at December 31, 2018: a. Unearned Revenue earned during the year, $800. b. Office Supplies on
The unadjusted trial balance of Walton Anvils at December 31, 2018, and the data for the adjustments follow:Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent
On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automotive. The following transactions occurred during December: Dec. 1 Waldo contributed $70,000 cash to the business in exchange
The unadjusted trial balance and adjustment data of Martha's Motors at December 31, 2018, follow:Adjustment data at December 31, 2018: a. Depreciation on equipment, $2,100. b. Accrued Wages Expense,
The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows:Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the company's
The adjusted trial balance of Bradley Irrigation System at December 31, 2018, follows:Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the
The unadjusted trial balance of Fleming Investment Advisers at December 31, 2018, follows:Adjustment data at December 31, 2018: a. Unearned Revenue earned during the year, $700. b. Office Supplies on
The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow:Adjustment data: a. Unearned Revenue still unearned at December 31, $3,600. b. Prepaid Rent
On December 1, Curt Wilson began an auto repair shop, Wilson's Quality Automotive. The following transactions occurred during December: Dec. 1 Wilson contributed $63,000 cash to the business in
Refer to the data in Short Exercise S4-1. Prepare Dalton's classified balance sheet at December 31, 2018. Assume the Notes Payable is due on December 1, 2025. Use the report form.In Short Exercise
The unadjusted trial balance and adjustment data of Myla's Motors at December 31, 2018, follow:Adjustment data at December 31, 2018: a. Depreciation on equipment, $1,700. b. Accrued Wages Expense,
This problem continues the Canyon Canoe Company situation from Chapter 3. Requirements 1. Complete the worksheet at December 31, 2018 (optional). Use the unadjusted trial balance from Chapter 2 and
Refer to the Practice Set data provided in Chapters 2 and 3 for Crystal Clear Cleaning. Requirements 1. Prepare a worksheet (optional) at November 30, 2018. Use the unadjusted trial balance from
A partial worksheet for Ramey Law Firm is presented below. Solve for the missing information.
A partial worksheet for Aaron Adjusters is presented below. Solve for the missing information.
Hyatt Hotels Corporation is headquartered in Chicago and is a leading global hospitality company. The company develops, owns, and operates hotels, resorts, and vacation ownership properties in 52
Kathy Wintz formed a lawn service business as a summer job. To start the corporation on May 1, 2018, she deposited $1,000 in a new bank account in the name of the business. The $1,000 consisted of a
Under the new revenue recognition standard, how is the sale of inventory recorded?
Under the new revenue recognition standard, what must companies do at the end of the period related to sales returns? Describe the journal entries that would be recorded.
When a company has a contract involving multiple performance obligations, how must the company recognize revenue?
Prepare Camilia Communications's multi-step income statement for the year ended July 31, 2018.Camilia Communications reported the following figures from its adjusted trial balance for its first year
1. Prepare Camilia Communications's statement of retained earnings for the year ended July 31, 2018. Assume that there were no dividends declared during the year and that the business began on August
Macarthy Landscape Supply's selected accounts as of December 31, 2018, follow. Compute the gross profit percentage for 2018. Selling Expenses .................................. $ 12,900 Interest
Journalize the following sales transactions for King Company. Explanations are not required. Apr. 1 King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer
Consider the following transactions for Garman Packing Supplies: Apr. 10 Garman Packing Supplies buys $175,000 worth of merchandise inventory on account with credit terms of 1/10, n/30. 12 Garman
Journalize the following sales transactions for Sanborn Camera Store using the periodic inventory system. Explanations are not required. Dec. 3 Sanborn sold $41,900 of camera equipment on account,
D & T Printing Supplies's accounting records include the following accounts at December 31, 2018.Requirements 1. Journalize the required closing entries for D & T Printing Supplies assuming
M Wholesale Company began the year with merchandise inventory of $5,000. During the year, M purchased $93,000 of goods and returned $6,600 due to damage. M also paid freight charges of $1,200 on
Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.):Requirements 1. Journalize the transaction required by Kingston Tires on September 23, 2018. Do not round
Consider the following transactions for Toys and More: May 8 Toys and More buys $113,300 worth of MegoBlock toys on account withcredit terms of 2/10, n/60. 12 Toys and More returns $11,250 of the
Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Jun. 20 Purchased inventory of $5,100 on account from Sanders Diamonds, a
Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. 4 Sold $16,000 of antiques on account,
Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping
1. Journalize the required closing entries at March 31, 2018.2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their
Prepare Quality Office's single-step income statement for the year ended March 31, 2018.The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Prepare Quality Office's multi-step income statement for the year ended March 31, 2018.The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Emerson St. Book Shop's unadjusted Merchandise Inventory at June 30, 2018 was $5,200. The cost associated with the physical count of inventory on hand on June 30, 2018, was $4,900. In addition,
Crazy Cookies earned net sales revenue of $66,000,000 in 2018. Cost of goods sold was $39,600,000, and net income reached $7,000,000, the company's highest ever. Compute the company's gross profit
Journalize the following sales transactions for Morris Supply. Explanations are not required. Mar. 1 Morris Supply sold merchandise inventory for $3,000. The cost of the inventory was $1,800. The
Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep. 4 Purchased inventory of
Consider the following transactions for Burlington Drug Store: Feb. 2 Burlington buys $23,800 worth of inventory on account with credit terms of 2/15, n/30, FOB shipping point. 4 Burlington pays a
Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end
Journalize the following transactions for Master Bicycles using the periodic inventory system. Explanations are not required. Nov. 2 Purchased $3,400 of merchandise inventory on account under terms
Ocean Life Boat Supply uses the periodic inventory method. The adjusted trial balance of Ocean Life Boat Supply at December 31, 2018, follows:Requirements 1. Journalize the required closing entries
Clink Electric uses the periodic inventory system. Clink reported the following selected amounts at May 31, 2018:Compute the following for Clink: a. Cost of goods sold. b. Gross profit.
Journalize the following transactions that occurred in September 2018 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer
Journalize the following transactions that occurred in November 2018 for Julie's Fun World. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or
The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows:Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. 2. Journalize
The unadjusted trial balance for Trudel Electronics Company at March 31, 2018, follows:Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $200. b.
The records of Farm Quality Steak Company list the following selected accounts for the quarter ended April 30, 2018:Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step
Journalize the following transactions that occurred in March 2018 for Double Company. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and
Journalize the following sales transactions for Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. Jul. 1 Salem sold $20,000 of men's
Triton Department Store uses a periodic inventory system. The adjusted trial balance of Triton Department Store at December 31, 2018, follows:Requirements 1. Prepare Triton Department Store's
Journalize the following transactions that occurred in February 2018 for Oceanic. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer
Journalize the following transactions that occurred in January 2018 for Sylvia's Amusements. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or
The adjusted trial balance of Rockin Robbin Dance Company at April 30, 2018, follows:Requirements 1. Prepare Rockin Robbin's multi-step income statement for the year ended April 30, 2018. 2.
The unadjusted trial balance for Tuttle Electronics Company follows:Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $550. b. Salaries (Selling)
The records of Grade A Beef Company list the following selected accounts for the quarter ended September 30, 2018:Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step
Journalize the following transactions that occurred in June 2018 for Daley Company. Assume Daley uses the periodic inventory system. No explanations are needed. Identify each accounts payable and
Taylor Department Store uses a periodic inventory system. The adjusted trial balance of Taylor Department Store at December 31, 2018, follows:Requirements 1. Prepare Taylor Department Store's
This problem continues the Canyon Canoe Company situation from Chapter 4. At the beginning of the new year, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them.
On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting
During January 2019, Canyon Canoe Company completed the following nonmerchandising transactions:Jan. 2 Collected $4,500 on account.15 Paid the utilities and telephone bills from December.15 Paid the
Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal
Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbook Store. One hundred of these books (cost $1,020) were damaged in

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