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Questions and Answers of College Accounting

Prepare entries in general journal form to record the following:Aug. 6 Woodard Company failed to pay its 30-day, 10 percent note for $600, dated July 9. The note is thus dishonored at maturity.
Prepare entries in general journal form to record the following:June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.July 12 Received $740 in cash from K. Perrot and a 60-day, 7
Prepare entries in general journal form to record the following:June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.July 12 Received $740 in cash from K. Perrot and a 60-day, 7
The financial statements for Cole Company follow.RequiredUsing the statements of Cole Company, prepare a statement of cash flows for the year ended December 31, 2018.
The financial statements for Zhang Company follow. Assume that the withdrawals were in the form of cash.RequiredPrepare a statement of cash flows for the year ended December 31, 2018.
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash.RequiredPrepare a statement of cash flows for the year ended
Mahoney Company has the following financial statements for 2017 and 2018. Assume that the purchase of equipment and the withdrawals were in the form of cash.RequiredPrepare a statement of cash flows
The accounts and their balances in the ledger of Markey’s Mountain Shop as of December 31, the end of its fiscal year, are as follows:Data for the adjustments are as follows. Assume that Markey’s
Refer to the information for Problem 10-1B on pages 462–463.Required1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal,
Refer to the information for Problem 10-1A on pages 458–459.Required1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal,
Refer to the information for Problem 10-1A on pages 458–459.Required1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal,
Describe the transaction recorded.
Kelley Company has completed the following October sales and purchases journals:a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable
List three required deductions and four voluntary deductions from an employee’s total earnings.
The trial balance of Morgan’s Insurance Agency as of September 30, after the firm has completed its first month of operations, is as follows:Required1. Record the amounts in the Trial Balance
List Net Income in the appropriate columns.
In the following two-column journal, the capital letters represent where parts of a journal entry appear. Write the numbers 1 through 8 on a sheet of paper. After each number, match the capital
What does cross-referencing mean in the posting process?
Arrange the following steps in the posting process in correct order:a. Write the ledger account number in the Post. Ref. column of the journal.b. Write the amount of the transaction.c. Write the date
What is a compound entry?
Explain the separate entity concept.
The completed worksheet for Montoya Corporation as of December 31, 20X1, after the company had completed the first month of operations, appears below.INSTRUCTIONS1. Prepare an income statement.2.
What type of account is Purchases Returns and Allowances?
What is the purpose of the Freight In account?
What is the purpose of a purchase requisition? A purchase order?
What is the difference between a receiving report and an invoice?
Describe a full endorsement.
What is a petty cash voucher?
When is the petty cash fund replenished?
What is the classification of the Notes Payable account?
What does the term cash mean in business?
From an accounting and internal control viewpoint, would it be preferable to pay employees by check or cash? Explain.
How is the amount of social security tax to be withheld from an employee’s earnings determined?
What is the purpose of workers’ compensation insurance?
What is Form W-3?
Is the ceiling on earnings subject to unemployment taxes larger than or smaller than the ceiling on earnings subject to the social security tax?
How do the FUTA and SUTA taxes relate to each other?
Under the monthly deposit schedule rule, when must deposits for employee income tax and other withheld taxes be made?
Which of the following factors determine the frequency of deposits of social security, Medicare, and income tax withholdings?a. Experience rating.b. Amount of taxes reported in the lookback period.c.
What is meant by the term “accrued income”?
How, if at all, does “accrued income” differ from “unearned income”?
A completed worksheet for Holiday Company on December 31, 20X1, showed a total of $930,000 in the Debit column of the Income Statement section and a total credit of $902,000 in the Credit column.
On July 1, 20X1, a landlord received $36,000 cash from a tenant, covering rent from July 1, 20X1, through June 30, 20X2. The payment received was credited to Unearned Rent Income. Assuming no entry
On July 1, 20X1, a landlord received $36,000 cash from a tenant, covering rent from that date through June 30, 20X2. The payment was credited to Rent Income. Assuming no entry has been made in the
What journal entry(ies) is (are) made in the adjustment column for beginning and ending inventories?
Why would a photocopy machine used in the office not be considered a current asset?
Immediately after closing entries are posted, which of the following types of accounts will have zero balances? Select all that apply.1. Asset accounts2. Expense accounts3. Liability accounts4.
Which of the following should have a debit balance in the adjusted trial balance?1. Sales Returns and Allowances2. Purchases Discounts3. Salaries Payable4. Unearned Rental Income
Describe the entry that would be made to close the Income Summary account in each of the following cases. The owner of the firm is Jan Hanson.1. There is net income of $58,000.2. There is a net loss
Give the sequence in which the following journal entries are posted to the accounts.1. Adjusting entries2. Entries to close expense accounts3. Entries to close revenue accounts4. Reversing entries
What is the purpose of the auditor’s report?
What are the three major types of business entities?
How is the ownership of a corporation different from that of a sole proprietorship?
On September 1, Antonio Alvarez opened Alvarez Tutoring Service.INSTRUCTIONSAnalyze the following transactions. Use the fundamental accounting equation form to record the changes in property, claims
What is the goal of internal control?
The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1.INSTRUCTIONSUsing the accounting equation form, determine the balance for Lisa Assaad, Capital,
On July 1, Roberto Alonzo established Alonzo Commercial Appraisal Services, a firm that provides expert commercial appraisals and represents clients in commercial appraisal
Kimberly Ashley owns Ashley’s Consulting Service. At the beginning of September, her firm’s financial records showed the following assets, liabilities, and owner’s equity.INSTRUCTIONSSet up an
Kawonza Carter is a painting contractor who specializes in painting commercial buildings. At the beginning of June, her firm’s financial records showed the following assets, liabilities, and
If one side of the fundamental accounting equation increases, what will happen to the other side? Why?
Machinery and Equipment Repair Service is owned by William Giese.INSTRUCTIONSUse the following figures to prepare a balance sheet dated March 31, 20X1. (You will need to compute the owner’s
Calvin Paxton is opening a tax preparation service on December 1, which will be called Paxton’s Tax Service. Paxton plans to open the business by depositing $100,000 cash into a business checking
Describe a transaction that will cause Accounts Receivable to decrease and Cash to increase by $2,800.
Huddleston Cleaning Service has the following account balances on December 31, 20X1. Set up a T account for each account and enter the balance on the proper side of the account.Table Summary: Account
What are withdrawals, and how are they recorded?
Bobby Collins decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) determine which two accounts are affected, (2) set up T accounts for
Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow.INSTRUCTIONS1. Analyze the transactions for January 20X1. Record each in the
The following transactions took place at Transport Truck Maintenance Company.INSTRUCTIONSFor each transaction, set up T accounts from the following list: Cash; Shop Equipment; Store Equipment; Truck;
The following transactions took place at Thomas Capital Investments.INSTRUCTIONSAnalyze each of the transactions. For each transaction, decide what accounts are affected and set up T accounts. Record
What type of accounts are found on the balance sheet?
The accounts and transactions of Zachary Morrow, Counselor and Attorney at Law, are reflected below.INSTRUCTIONSAnalyze the transactions. Record each transaction on the appropriate side of the T
On which side of asset, liability, and owner’s equity accounts are decreases recorded?
The accountant for the firm owned by Zachary Morrow prepares financial statements at the end of each month.INSTRUCTIONSUse the figures in the T accounts for Problem 3.4B to prepare a trial balance,
Your friend has prepared financial statements for her business. She has asked you to review the statements for accuracy. The trial balance debit column totals $91,000 and the credit column totals
On June 1, 20X1, Zenna Brown opened the Leadership Coaching Agency. She plans to use the chart of accounts given below.INSTRUCTIONS1. Journalize the transactions. Be sure to number the journal pages
The transactions that follow took place at the City Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment
What is recorded in the Posting Reference column of a general journal?
The transactions listed below took place at Rodriguez Cleaning Services during September 20X1. This firm cleans commercial buildings and new residential homes prior to move in for a
On October 1, 20X1, Shonna Pumphrey opened an advertising agency. She plans to use the chart of accounts listed below.INSTRUCTIONS1. Journalize the transactions. Number the journal page 1, write the
Why is the ledger called the “record of final entry”?
In June 20X1, Gigi Antoni opened a photography studio that provides services to public and private schools. Her firm’s financial activities for the first month of operations and the chart of
The following journal entries were prepared by an employee of Global Travel Agency who does not have an adequate knowledge of accounting.INSTRUCTIONSExamine the journal entries carefully to locate
How do you correct an incorrect journal entry that has not been posted?
Four transactions for Automotive Maintenance and Repair Shop that took place in November 20X1 appear below, along with the general ledger accounts used by the company.INSTRUCTIONSRecord the
Give examples of items that might appear in an audit trail.
Several transactions that occurred during December 20X1, the first month of operation for Richey’s Accounting Services, follow. The company uses the general ledger accounts listed
The following transactions took place at the Townsend Employment Agency during October 20X1. Record the general journal entries that would be made for these transactions. Use a compound entry for
Which of the following shows both the debits and credits of the entire transaction?1. An entry in the general journal2. A posting to a general ledger account
The following transactions took place at Johnson Office Supplies during December 20X1. Record the general journal entries that would be made for these transactions. Use a compound entry for each
The trial balance of Escobedo Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below.INSTRUCTIONSComplete the worksheet by
On June 19, 20X1, an employee of Anderson Corporation mistakenly debited Supplies Expense rather than Telephone Expense when recording a bill of $4,000 for the May telephone service. The error was
On August 23, 20X1, an employee of Beal Company mistakenly debited the Utilities Expense account rather than the Repair Expense account when recording a bill of $2,150 for a truck expense. The error
The Drawing account is extended to which column of the worksheet?
The adjusted trial balance of Heritage Book Store and Supply Company as of November 30, 20X1, after the firm’s first month of operations, appears below.Appropriate adjustments have been made for
Why is the net income for a period recorded in the Balance Sheet section of the worksheet as well as the Income Statement section?
Angela Mosley owns Innovative Designs. The trial balance of the firm for January 31, 20X1, the first month of operations, is shown below.INSTRUCTIONS 1. Complete the worksheet for the month.2.
Is the normal balance for Accumulated Depreciation a debit or credit balance?
Consumer Research, owned by Chandler Robertson, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firm’s worksheet showed the following adjustments
The Supplies account has a debit balance of $9,000 in the Trial Balance column. The Credit column in the Adjustments section is $3,600. What is the new balance? The new balance will be extended to
On December 31, 20X1, the ledger of De La Rosa Company contained the following account balances:Table Summary: A list of account names and amounts are shown in seven rows and four columns. The list

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