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Questions and Answers of College Accounting

Nixa Office Supply uses a perpetual inventory system. On September 12, Nixa Office Supply sold 26 calculators costing $23 for $31 each to Sura Book Store, terms n/30. InstructionsJournalize the
On October 5, Wang Company sells merchandise to Davis Company for $4,800, terms 1/10, n/30. The cost of the merchandise sold is $3,100. Wang paid the freight charges of $200. Record the transactions
On May 3, Dinh Company sold $500,000 of merchandise to Thao Company, terms 2/10, n/30. The cost of the merchandise sold was $325,000. Prepare the journal entry to record this transaction on Dinh
On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Damaged goods totaling $300 are
Information related to Kerberos Co. is presented below 1. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 2. On April
Record journal entries for the following transactions for Captain Harry Outfitters. 1. Captain Harry Outfitters returned 3 damaged tents for $300 to Camp Supplies, Inc. The purchase was on
Information related to Kerberos Co. is presented below 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid
Record journal entries for the following transactions for Captain Harry Outfitters. 1. Captain Harry Outfitters purchased 100 tents for $10,000 on account. 2. Captain Harry Outfitters
Mr. Etihad has prepared the following list of statements about service companies and merchandisers. 1. Measuring net income for a merchandiser is conceptually the same as for a service
Match the following words to their definitions: a. Perpetual inventory system. b. Periodic inventory system. c. Gross profit. d. Sales revenue.1. The primary source of revenue in
Jackie wants to start a business selling skateboards. She doesn’t have a lot of money to purchase much other than the skateboards themselves. She doesn’t plan to rent a building or even an offi
Renner Hardware Store completed the following merchandising transactions in the month of May. May 1 Purchased merchandise on account from Braun’s Wholesale Supply $4,200, terms 2/10,
Identify, in the sequence in which they are prepared, the three trial balances that are often used to prove the equality of the account balances.
What is shown on an adjusted trial balance?
One part of the adjusting entry is given below. Indicate the account title for the other part of the entry.a. Salaries and Wages Expense is debited.b. Depreciation Expense is debited.c. Supplies is
On December 31, employees have earned $5,000 but payday is not until January 9. Record the adjusting entry at December 31.
The adjusted trial balance for Turnquist Company is provided. InstructionsPrepare the income and owner?s equity statements for the year and the balance sheet at August 31. Turnquist Company
A partial adjusted trial balance of Frangesch Company at January 31, 2022, shows the following. InstructionsAnswer the following questions, assuming the year begins January 1.a. If the amount in
The income statement of Montee Co. for the month of July shows net income of$1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense
The adjusted trial balance of Wilder Company at December 31, 2022, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $39,000, Salaries and Wages
The adjusted trial balance of Wilder Company at December 31, 2022, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $39,000, Salaries and Wages
Meghan Lindh, D.D.S., opened a dental practice on January 1. During the first month of operations, the following transactions occurred.1. Purchased dental equipment on January 1 for $80,000. The
The ledger of Passehl Rental Agency on March 31 of the current year includes thefollowing selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the
Have you ever babysat children? When did you get paid? You probably went to the family’s house, watched the children, and were paid when the parents returned home. Businesses, however, do not pay
On November 1, 2022, the account balances of Hamm Equipment Repair were asfollows. During November, the following summary transactions were completed.Nov. 2 Paid $700 for salaries due employees.10
On July 1, Major Co. pays $15,120 to Cruz Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Major Co., journalize and post the entry on July 1
Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Russell’s chemical pesticides. In the coming
Macy?s Motel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for
In reviewing the accounts of Kelli Taylor Co. at the end of the year, you discover that adjusting entries have not been made.InstructionsWrite a memo to Kelli Taylor, the owner of Kelli Taylor Co.,
Yang Co. was organized on April 1. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. a. Determine the net income for the quarter
The ledger of Jahnke Inc. on March 31 includes the following selected accounts before adjusting entries. An analysis of the accounts shows the following.1. Insurance expires at the rate of $300 per
?Happy Camper Park was organized on April 1, 2021, by Erica Hatt. Erica is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Erica prepared the
A review of the ledger of Remina Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $10,340. The company has
Several timing concepts are discussed in this chapter. A list of concepts is provided below in the left column, with a description of the concept in the right column. Match each concept to the
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2022.The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of
The ledger of Althukair Company includes the following accounts. Explain why each account may require adjustment.a. Supplies.b. Prepaid Insurance. c. Depreciation Expense.d. Salaries and Wages
Nelson Company provides the following information for the month ended October 31, 2022: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and allowances $11,000.
Describe strong internal control policies related to cash receipts and cash payments.
Jessica Mahan is the new owner of Penny Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Jessica the purposes of internal control over
Listed below are three procedures followed by Gary’s Sporting Goods, owned by Gary Stanten. Indicate whether each procedure is an example of a strong internal control or a weak internal
On May 31, 2022, Reber Company had a cash balance per books of $6,781.50. The bank statement from New York State Bank on that date showed a balance of $6,404.60. A comparison of the statement with
On December 1, 2022, Fullerton Company had the following account balances. During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in
Indicate whether each of the following statements is true or false. If false, indicate how to correct the statement. a. Only deposits can be made at an ATM. b. The routing number is a
The bank portion of the bank reconciliation for Langer Company at November 30, 2022, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The
Describe the various transactions that may be completed using an ATM.
Match the following banking terms with the correct definition 1. Automated teller machine (ATM). 2. Bank statement. 3. Canceled check. 4. Check. 5. Credit memorandum. 6.
On April 30, the bank reconciliation of Westbrook Company shows three outstanding checks: No. 254, $650; No. 255, $620; and No. 257, $410. The May bank statement and the May cash payments journal
Rodriguez Company maintains a checking account at Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Analysis of the bank data reveals that the
As a new staff accountant for the CPA firm of Eaton, Quayle, and Hale, you have been assigned to review the internal controls over mail cash receipts of Pritchard Company. Your review reveals the
FUTA stands for Federal Unemployment Tax Act; and SUTA stands for State Unemployment Tax Act.
Which payroll tax is required to be paid by both employers and employees?
You are the bookkeeper in charge of general ledger accounting at Linbarger Bottling Company. Your company has a large loan from an insurance company. The loan agreement requires that the company’s
Describe the three types of endorsements made on checks.
Chase Company, an auto repair shop, established a $200 change fund on March 1. On March 2, the cash on hand at the end of the day was $856.75. Prepare the necessary journal entries for March 1 and
Is using a debit card the same as using a check? Explain.
How can businesses incorporate strong internal controls related to banking?
On March 20, Dody’s petty cash fund of $100 is replenished when the fund contains $12 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to
What are the five steps involved in finding differences between the balance per books and balance per bank?
Heather Kemp asks your help concerning an NSF check. Explain to Heather (a) What an NSF check is, (b) How it is treated in a bank reconciliation, (c) Whether it will require a journal
Describe a change fund. What are the three activities for a change fund?
What is the difference between gross pay and net pay? Which amount should a company record as wages and salaries expense?
Mann Hardware has four employees who are paid on an hourly basis plus timeand-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 are presented
What does FICA stand for?
Given the following data from the payroll register of Johnson Construction, prepare the journal entry to record payroll for the week ending May 20. Then, prepare the journal entry to pay payroll on
Mayberry Company has a fringe benefit plan for its employees. It grants employees 2 days’ vacation for each month worked. Ten employees worked the entire month of March at an average daily wage of
Podsednik Corporation has 20 employees who each earn $140 a day. The following information is available. 1. At December 31, Podsednik recorded vacation benefits. Each employee earned 5 vacation
Match the four functions of payroll activities with their related internal controls: 1. Hiring employees. 2. Timekeeping. 3. Preparing the payroll. 4. Paying the
Ramirez Company has the following data for the weekly payroll ending January 31. Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. The
At Harmon Company, the following activities occurred on January 31. 1. Completed monthly payroll register, which shows salaries and wages $58,000, FICA taxes withheld $4,437, federal income
Imel Company just began operations on the first of the month. As the owner, Phillip, prepares the first payroll, he would like to inform his two employees of the amount of take-home
Identify three types of employee payroll taxes.
In January, gross earnings in Tuyen Company were $40,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of
What are three types of paid absences?
Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Beth works 45 hours. Beth’s federal income tax
Medical costs are substantial and rising. But will they be the most substantial expense over your lifetime? Not likely. Will it be housing or food? Again, not likely. The answer is taxes. On average,
The following control procedures are used at Newton Company for payroll. 1. The human resources department requires a background check for each employee. 2. Wage employees arrive to work
When federal and state income taxes are withheld from employee paychecks, are these payroll tax expenses for the employer? Explain your answer.
Shelly Eckert has prepared the following list of statements about internal control related to payroll. 1. Supervisors monitor hours worked through time cards and time reports. 2. Payroll
Your friend Morgan has been running his own landscaping business for a few years. Now, he plans to hire two employees to help him as the business grows. He asks you for advice on how to set up the
What information is shown in Form W-2?
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 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
Alex Yeoman Painting Co. of Yellowknife uses a purchases journal (page 21) and a general journal (page 32) to record the following transactions. The GST rate is 5%. 2018 Aug. 3 Purchased paint
From the following, prepare a schedule of accounts receivable for Blue Co. for May 31, 2018. Accounts Receivable Subsidiary Ledger General Ledger Bon Co. Accounts Receivable 5/6 SJ1 105 5/31
From the accompanying purchases journal, record in the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. PURCHASES JOURNAL Page 1 Sundry-Dr. Accounts
From the accompanying purchases journal, post to general ledger accounts as appropriate. PURCHASES JOURNAL Page 1 Prepaid GST Dr. Accounts Sundry-Dr. Date of Account Credited Payable Cr.
Abbey Joy owns Abbey’s Toy House in Halifax. As her newly hired accountant, your task is to a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post
As the new accountant for Monique’s Toy House in Halifax, your task is to a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post to the general
On July 8, 2020, Aster Co. issued debit memorandum No. 1 for $400 to Reel Co. for merchandise returned from invoice No. 312, which originally included GST at 5%. Your task is to journalize, record,
On July 7, 2020, Aster Co. issued debit memorandum No. 3 for $250 to Reel Co. for merchandise returned from invoice No. 632, which originally included GST at 5%. Your task is to journalize, record,
Ronald Howard has been hired by Green Company to help reconstruct the sales journal, general journal, and cash receipts journal, which were recently destroyed in a fire. The owner of Green has
Journalize, record, and post when appropriate the following transactions into the cash payments journal (page 2) for Morgan’s Clothing. Use the same headings as found in the text for Art’s
Journalize, record, and post when appropriate the following transactions into the cash payments journal (page 2) for Jackie’s Clothing. Use the same headings as found in the text for Art’s
From exercise E11-7A, prepare a schedule of accounts payable, and verify that the total of the schedule equals the amount in the controlling account. Data From Exercise E11-7A.Journalize,
From exercise E11-7B, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account. Data From Exercise E11-7BJournalize, record,
Indicate the normal balance and category of each of the following accounts: a. Cost of Goods Sold b. Inventory c. Payroll Tax Expense d. Sales Discount e. CPP Payable f.
Indicate the normal balance and category of each of the following accounts: a. Sales Returns and Allowances b. Inventory c. Miscellaneous Income d. Payroll Tax Expense e.
From the following, calculate (a) Net sales, (b) Gross profit, (c) Net income. Data Sales, $35,000; Sales Discounts, $800; Sales Returns and Allowances, $5,000; Cost of Goods
From the following, calculate (a) Net sales, (b) Gross profit, (c) Net income. Data Sales, $22,000; Sales Discounts, $500; Sales Returns and Allowances, $250; Cost of Goods Sold,
From the following trial balance, complete a worksheet for Jim’s Hardware of Halifax: Assumptions a. Physical count of inventory on December 31, $615 b. Insurance expired,

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