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Questions and Answers of College Accounting

From the following, record the transactions in O?Hare?s auxiliary petty cash record and general journal as needed: 201X Oct. A check was drawn (no. 444) payable to Cylinda Scruggs, petty cashier, to
The following transactions occurred in April for Pleasant Co.: Your tasks are to do the following:1. Record the appropriate entries in the general journal as well as theauxiliary petty cash record
From the following statement, please (1) complete the bank reconciliation for Roger?s Deli found on the reverse of the following bank statement and (2) journalize the appropriate entries as
Slacks.com received a bank statement from Cobb Bank indicating a bank balance of $7,700. Based on Slacks.com’s check stubs, the ending checkbook balance was $8,136. Your task is to prepare a bank
The following transactions occurred in April for Jubilant Co.: Your tasks are to do the following: 1. Record the appropriate entries in the general journal as well as the auxiliary petty cash
From the following bank statement, please (1) complete the bank reconciliation for Tony?s Deli found on the reverse of the following bank statement and (2) journalize the appropriate entries as
Canvas.com received a bank statement from Buttermilk Bank indicating a bank balance of $7,600. Based on Canvas.com’s check stubs, the ending checkbook balance was $8,231. Your task is to prepare a
At the end of the day the clerk for Wale’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,204, whereas the total cash in the
If in Exercise 6B-2 cash on hand is $20, prepare the entry to replenish the petty cash on December 31.Exercises 6B-2 201X December 1 A $108 petty cash fund is established. At the end of the month,
In general journal form, prepare journal entries to establish a petty cash fund on December 1 and replenish it on December 31. 201X December 1 A $108 petty cash fund is established. At the end of
From the following information, construct a bank reconciliation for Blast Co. as of February 28, 201X. Then prepare journal entries if needed. Checkbook balance $1,971 Outstanding checks $642 Bank
At the end of the day the clerk for Aaron’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,206, whereas the total cash in the
If in Exercise 6A-2 cash on hand is $19, prepare the entry to replenish the petty cash on October 31.Exercise 6A-2 201X October 1 A $101 petty cash fund is established. At the end of the month, $14
If in Exercise 6A-2 cash on hand is $12, prepare the entry to replenish the petty cash on October 31.
In general journal form, prepare journal entries to establish a petty cash fund on October 1 and replenish it on October 31. 201X October 1 A $101 petty cash fund is established. At the end of the
From the following information, construct a bank reconciliation for Boom Co. as of February 28, 201X. Then prepare journal entries if needed. Checkbook balance $1,493 Outstanding checks $738 Bank
In Exercise 5, if the custodian decided to raise the level of petty cash to $29.75, what would be the journal entry to replenish? (Use a general journal entry.)Exercise 5Petty cash was originally
Petty cash was originally established for $21.00. During the month, $4.70 was paid out for pencils and $5.70 for straws. During replenishment, the custodian discovered that the balance in petty cash
From the following, construct a bank reconciliation for Dab Co. as of September 30, 201X. Checkbook balance $1,900.60 Bank statement balance 1,938.20 Deposits in transit 283.70 Outstanding checks
Explain the relationship of the auxiliary petty cash record to the recording of the cash payment.
What is meant by check truncation or safekeeping?
What is the advantage of having preprinted deposit slips?
Discuss how mobile device apps are making banking more accessible.
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report and find out what is the fiscal year for Amazon.
As the bookkeeper of Phil?s Plowing, you have been asked to complete the entire accounting cycle for Phil from the following information. Use the following chart of accounts. 1. Snow supplies on
Consider the data in Figure 5.25 for Deb?s Dance Studio: Adjustment Data 1. Insurance expired, $1,000. 2. Dance supplies on hand, $1,100. 3. Depreciation on dance equipment, $2,500. 4. Salaries
As the bookkeeper of Panji?s Plowing, you have been asked to complete the entire accounting cycle for Panji from the following information. Adjustment Data 1. Snow supplies on hand, $300. 2. Rent
Consider the data in Figure 5.23 for Daffy?s Dance Studio: Trial Balance for Daffy?s Dance Studio Adjustment Data 1. Insurance expired, $100. 2. Dance supplies on hand, $200. 3. Depreciation on
From the following accounts (not in order), prepare a postclosing trial balance for Winter Company on July 31, 201X. Note: These balances are before closing. Accounts Receivable $25,050 P.Winter,
From the following posted T accounts, reconstruct the closing journal entries for October 31, 201X. M. Figg, Capital Withdrawals 1,900 3,000 (0ct. 1) 750 Net Income Insurance Expense 150 Closing 150
From the following T accounts, journalize the four closing entries on August 31, 201X. J. Kohl, Capital Rent Expense 18,800 10,000 J. Kohl, Withdrawals Wage Expense 4,000 8,300 Income Summary
From the adjustments section of a worksheet presented in Figure 5.22 , prepare adjusting journal entries for the end of March. Adjustments Dr. Cr. (A) 90000 (B) 30000 Prepaid Rent Office Supplies
From the following accounts (not in order), prepare a post-closing trial balance for Wey Co. on August 31, 201X. Note: These balances are before closing. Accounts Receivable $18,875 P.Wey, Capital
From the following posted T accounts, reconstruct the closing journal entries for May 31, 201X. M. Fernendez, Capital Insurance Expense Withdrawals 700 6,000 (May 1) 75 Closing 75 2,025 Net Income
From the following T accounts, journalize the four closing entries on May 31, 201X. J. Kody, Capital Rent Expense 27,000 8,000 J. Kody, Withdrawals Wage Expense 1,000 7,300 Income Summary Insurance
From the adjustments section of a worksheet (see Figure 5.21 ), prepare adjusting journal entries for the end of January. Adjustments Dr. Cr. Prepaid Rent Office Supplies (A) 150000 (B) 65000 (C)
How has computer software affected the use of closing entries?
At the end of September, Troy, the owner, took a complete inventory of his supplies and found the following: 3 dozen 14-inch screws at a cost of $5.00 a dozen 6 dozen 12-inch screws at a cost of
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. How does Amazon depreciate its equipment?
he trial balance for Dennis?s Repair Service appears in Figure 4.28 . Adjustment Data to Update Trial Balance 1. Insurance expired, $200. 2. Repair supplies on hand, $2,300. 3. Depreciation on
Update the trial balance for Kreg?s Moving Co. (Figure 4.27 on page 137) for October 31, 201X. Adjustment Data to Update Trial Balance 1. Insurance expired, $550. 2. Moving supplies on hand,
Update the trial balance for Ling?s Landscaping Service (Figure 4.26 ) for January 31, 201X. Adjustment Data to Update the Trial Balance a. Rent expired, $500. b. Landscaping supplies on hand
Use the following adjustment data on March 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.25 on page 136). a. Fitness supplies on hand, $1,400. b. Depreciation
The trial balance for Dick?s Repair Service appears in Figure 4.24 Adjustment Data to Update Trial Balance 1. Insurance expired, $450. 2. Repair supplies on hand, $2,800. 3. Depreciation on repair
Update the trial balance for Kole?s Moving Co. (Figure 4.23 on page 135) for July 31, 201X. Adjustment Data to Update Trial Balance 1. Insurance expired, $800. 2. Moving supplies on hand,
Use the following adjustment data on July 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.21 ). a. Fitness supplies on hand, $1,700. b. Depreciation taken on
From the following trial balance (Figure 4.20 ) and adjustment data, complete a worksheet for J. Tren as of May 31, 201X: 1. Depreciation expense, store equipment, $4. 2. Insurance expired, $9. 3.
From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits:1. Supplies purchased, $600.Supplies on hand, $100.2. Store equipment, $14,500.Accumulated
Use transaction analysis charts to analyze the following adjustments:1. Depreciation on equipment, $1,000.2. Rent expired, $600.
From the following trial balance (Figure 4.19 , page 132) and adjustment data, complete a worksheet for J. Trent as of July 31, 201X: 1. Depreciation expense, store equipment, $2. 2. Insurance
From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits:1. Supplies purchased, $1,100.Supplies on hand, $550.2. Store equipment,
Use transaction analysis charts to analyze the following adjustments:1. Depreciation on equipment, $1,400.2. Rent expired, $900.
Complete the following table. Which Financial Account Category Normal Balance Statement(s) Found Accumulated Depreciation, Office Equipment Prepaid Rent Office Equipment Depreciation Expense,
Before Adjustment Given: Accrued Salaries, $175. 1. Complete a transaction analysis chart for this adjustment. 2. What will be the balance of these two accounts on the adjusted trial balance?
Before Adjustment Given: At year end, depreciation on Equipment is $1,300. 1. Which of these three T accounts is not affected? 2. Which account is a contra-asset? 3. Complete a transaction analysis
Before Adjustment Given: At year end, rent expired is $125. 1. How much is the adjustment for Prepaid Rent? 2. Complete a transaction analysis chart for this adjustment. 3. What will be the balance
Before Adjustment Given: At year end, an inventory of Computer Supplies showed $800. 1. How much is the adjustment for Computer Supplies? 2. Complete a transaction analysis chart for this
With computer software, the need for worksheets has been completely eliminated. Agree or disagree and explain your answer.
The following transactions occurred in November 201X for A. Hopper?s Placement Agency: The chart of accounts for A. Hopper Placement Agency is as follows: Your task is to do the following: 1. Set
On November 1, 201X, Bette Sirota opened Bette?s Art Studio. The following transactions occurred in November. Your tasks are to do the following: 1. Set up a ledger based on the following chart of
Jarad Stone operates Jarad?s Cleaning Service. As the bookkeeper, you have been requested to journalize the following transactions: The chart of accounts for Jarad?s Cleaning Service is as
The following transactions occurred in September 201X for A. Freeman?s Placement Agency: The chart of accounts for A. Freeman Placement Agency is as follows: Your tasks are to do the
On September 1, 201X, Brittney Slater opened Brittney?s Art Studio. The following transactions occurred in September: Your tasks are to do the following: 1. Set up the ledger based on the following
John Murley operates John?s Cleaning Service. As the bookkeeper, you have been requested to journalize the following transactions: The chart of accounts for John?s Cleaning Service is as follows:
On February 6, 201X, Morris Sanford made the journal entry in Figure 3.36 to record the purchase on account of office equipment priced at $1,000. This journal entry had not yet been posted when the
You have been hired to correct the trial balance in Figure 3.35 that has been recorded improperly from the ledger to the trial balance. SIMONE CO. TRIAL BALANCE AUGUST 31, 201X Account Dr. Cr.
From the following transactions for Leslie Company for the month of July, (a) Prepare journal entries (assume that it is page 1 of the journal), (b) post journal entries to the ledger (use a
Post the journal entries in Figure 3.34 to the ledger of Kilian Company. The partial ledger of Kilian Company is Cash, 111; Equipment, 121; Accounts Payable, 211; and A. Kilian, Capital, 311. Please
On June 1, 201X, a telephone expense for $175 was debited to Repair Expense. On June 10, 201X, this error was found. Prepare the corrected journal entry. When would a correcting entry not be needed?
Mandy Peters, the lead accountant of Ross Co., would like to buy a new general ledger software program. She couldn’t do it because all funds were frozen for the rest of the fiscal period. Mandy
Discuss the concept of cross-referencing.
With computers today, ledgers are not needed in today’s accounting system. Agree or disagree and defend your position.
Not all businesses have or need an accounting cycle. Agree or disagree and defend your position.
The chart of accounts of Avery?s Delivery Service is as follows: Avery?s Delivery Service completed the following transactions during the month of October: 1. Audrey Avery invested $33,000 in the
From the following T accounts of Brent?s Cleaning Service, (a) Foot and determine the ending balances, and (b) Prepare a trial balance in proper form for July 31, 201X. Cash 111 Accounts Receivable
Brad Piascik opened a consulting company, and the following transactions resulted. 1. Brad invested $33,000 in the consulting agency. 2. Bought office equipment on account, $2,500. 3. Agency received
The following transactions occurred in the opening and operation of Blaine Delivery Service.A. Blaine Orwell opened the delivery service by investing $50,000 from his personal savings account.B.
From the following T accounts of Brian?s Cleaning Service, (a) Foot and determine ending balances, (b) Prepare a trial balance in proper form for October 201X. Cash 111 Accounts Payable 211 Cleaning
Bud Peters opened a consulting company, and the following transactions resulted: 1. Bud invested $34,000 in the consulting agency. 2. Bought office equipment on account, $1,000. 3. Agency received
Record the following transaction in the transaction analysis chart:Selma Pallermo bought a new piece of computer equipment for $28,000, paying $8,000 down and charging the rest.
Record the following transaction in the transaction analysis chart: Provided design fees for $3,500, receiving $600 cash with the remainder to be paid next month. Accounts Rules of Affected Category
Complete the following: Account Category Normal Balance A. Salaries Payable B. Taxable Fees Earned C. Accounts Receivable D. Sam Slater, Capital E. Sam Slater, Withdrawals F. Prepaid Advertising G.
From the following, foot and balance each account. Cash 110 C. Rice, Capital 311 6/24 8,000 500 6/26 11,000 6/1 6/28 12,000 6,000 6/8 1,000 6/22
Joshua Rangel, the bookkeeper of Logan Co., was scheduled to leave on a 3-week vacation at 5:00 on Friday. He couldn’t get the company’s trial balance to balance. At 4:30, he decided to put in
Jim Trickett, a retired army officer, opened Trickett’s Catering Service. As his accountant, analyze the transactions listed and present them in proper form.1. The analysis of the transactions by
At the end of April, Rich Fannier decided to open his own computer service. Analyze the following transactions he completed by recording their effects into the expanded accounting equation. Keep a
Madeline Abdul decided to open Madeline’s Nail Spa. Madeline completed the following transactions:1. Invested $17,000 cash from her personal bank account into the business.2. Bought store equipment
Joe Truman, a retired army officer, opened Truman?s Catering Service. As his accountant, analyze the transactions listed next and present them in proper form. 1. The analysis of the transactions by
Jackie Wengler, owner of Wengler Home Decorating Service, has requested that you prepare from the following balances (a) An income statement for June 201X, (b) A statement of owner?s equity for
At the end of June, Rob Falco decided to open his own computer service. Analyze the following transactions he completed by recording their effects in the expanded accounting equation.a. Invested
Bob Simon is the accountant for Simon?s Internet Service. From the following information, his task is to construct a balance sheet as of November 30, 201X, in proper form. Could you help him?
Melody Abington decided to open Melody’s Nail Spa. Melody completed the following transactions:1. Invested $19,000 cash from her personal bank account into the business.2. Bought store equipment
From the following account balances, prepare in proper form for November (a) An income statement, (b) A statement of owner?s equity, (c) A balance sheet for Fairmont Realty. Cash $4,500 S.
From the following, prepare a balance sheet for Rauscher Co. Cleaners at the end of November 201X: Cash, $65,000; Equipment, $10,000; Accounts Payable, $29,000; B. Rauscher, Capital.
Record the following transactions in the basic accounting equation. Treat each one separately.Assets = Liabilities + Owner’s Equitya. Melody invests $128,000 in company.b. Bought equipment for
Complete the following table: Assets Liabilities Owner's Equity %3D а. $19,000 ? + $13,000 b. $ 4,000 $96,000 C. $45,000 $10,000
From the following account balances, prepare in proper form for June (a) An income statement, (b) A statement of owner?s equity, (c) A balance sheet for Freeman Realty. Cash $5,200 S. Freeman,
From the following, prepare a balance sheet for Rabbitt Co. Cleaners at the end of September 201X: Cash, $67,000; Equipment, $7,000; Accounts Payable, $13,000; B. Rabbitt, Capital.
Record the following transactions in the basic accounting equation. Treat each one separately.Assets = Liabilities + Owner’s Equity1. Morgan invests $124,000 in company.2. Bought equipment for
Complete the following table: Assets Liabilities + Owner's Equity а. $17,500 ? + $11,500 b. ? $5,000 + $60,000 C. $15,000 $12,000 +

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