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Questions and Answers of College Accounting

From the following trial balance and additional data, complete a worksheet for Corocan Tile Company of Cranbrook for the 12-month period ending October 31, 2019. Additional Data a. Physical
A low-volume, high-unit-price inventory requires a company to use a periodic inventory system. Accept or reject this statement and support your answer.
Match each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column
The owner of Waltz Company in Fairview has asked you to prepare a worksheet from the following trial balance and additional data: Additional Data a. Physical count of inventory on December
From the following, complete a worksheet for Waltz Company of Fairview. Additional Data a. Physical count of inventory on December 31, $5,000 b. Office supplies on hand, $470 c.
Explain why unearned revenue is a liability account.
Prepare a worksheet from the following information: (A) Inventory physical count........................$13 (B) Store supplies on hand..............................4 (C) Depreciation
Prepare a worksheet from the following information: (A) Inventory physical count........................$11 (B) Store supplies on hand..............................5 (C) Depreciation
From the following trial balance and additional data, complete the worksheet for Ron’s Wholesale Clothing Company of Winnipeg.Additional Data a. Physical count of inventory on December 31,
From the following trial balance and additional data, complete the worksheet for Ron’s Wholesale Clothing Company of Winnipeg Additional Data a. Physical count of inventory on December
Kim Andrews prepared the following income statement on a cash basis for Ed Sloan, M.D.: Ed Sloan has requested information from Kim as to what his professional fees earned would be under the
What is the purpose of an inventory physical count?
Why do many unearned revenue accounts have to be adjusted?
The Candy Co. of Lethbridge pays its workers twice each month. Data for the two pay periods on June are shown below: First half of June: Second half of June: Union dues must be remitted to
For the first two weeks of March, the Star Company had payroll details as shown below: Prepare the general journal entry to record the employee benefits expense for the two-week period.
For the last two weeks in March, the Star Company had the following payroll details. Prepare the general journal entry to record the employee benefits expense for the last two-week period.
For the last two weeks in March, the Star Company had the following payroll details: Prepare the general journal entry to record the employee benefits expense for the last two-week period.
Fred Blake has agreed to work for the Cummings Foundation at a total annual salary of $55,000. He is uncertain whether he should be paid bi-weekly or semimonthly and has asked for your assistance.
The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February 2018 are shown below. Assumptions Employees pay
Gibraltor Co. of Sussex recorded the following payroll details in its payroll journal for the month of March: Union dues are remitted by the end of the following month to the employees’ union
Gibraltor Co. of Sussex recorded the following payroll details in its payroll journal for the month of March. Union dues are remitted by the end of the following month to the employees’ union
From the following information, prepare a general journal entry to record the employee benefits expense of Windsor Company for the monthly payroll for April. Deductions Employee Total Salary
From the following information, prepare a general journal entry to record the employee benefits expense for Jones Company for the weekly payroll of July 9. Deductions Net Pay Employee Troy Ness
The Fisher Company had two employees for the week ended July 24. On the basis of the following information, prepare a general journal entry to record the employee benefits expense for that
This Mini Practice Set will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register,
Because it is the end of the calendar year, Tony Freedman knows that, in addition to recording the normal entries for December 2019, he will need to complete certain tasks that relate to payroll.
From the following transactions for Lowe Company for the month of July, (a) Prepare journal entries (assume that it is page 1 of the journal), (b) Post to the ledger (use three-column
a. Given the following, journalize the adjusting entry. By December 31, 2020, $210 worth of the unearned dog-walking fees were earned. b. What is the account category of unearned dog-walking
When would a company consider using a perpetual inventory system?
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold c. Gross profit d. Net income Accounts
From the following accounts, calculate(a) Net sales,(b) Cost of goods sold,(c) Gross profit,(d) Net income. Sales Discounts.....................................................................$
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold c. Gross profit d. Net income Accounts
When would a company consider using a periodic inventory system?
Why does GST/HST on a debit note act to increase the net amount of GST/HST payable?
State why it is so important for firms to keep track of the GST/HST that they pay each period.
Why would a purchaser issue a debit memorandum? Would it include any PST?
Sales discounts are taken on GST or PST amounts. Agree or disagree and say why.
Sudbury Outdoor Wear sells a line of specialized clothing to customers in its local area. For the calendar year 2019, the company sold $280,000 worth of clothing before taxes. HST in Ontario is 13%.
Sudbury Outdoor Wear sells a line of specialized clothing to customers in its local area. For the calendar year 2019, the company sold $325,000 worth of clothing including HST. HST in Ontario is 13%.
When a seller issues a credit memorandum with both PST and GST included, what accounts are affected?
What effect on the liability account “PST Payable” does a credit memorandum have?
Explain why a retail business includes a column for PST in its sales journal, but does not include a similar column in its purchases journal.
Why doesn’t the purchase requisition generally mention GST/HST?
What is a value-added tax?
Draw a transaction analysis box for the following credit memorandum: Issued credit memorandum to North Corp. for defective merchandise—$315, including GST. Inventory was not returned.
Complete the following table for Sales, Sales Returns and Allowances, Sales Discounts, PST Payable, and HST Payable. Accounts Affected Category Rules Temporary or Permanent
A remittance form (PD7A) must be sent to the federal government once every pay period. True or false?
Which of the following accurately summarizes the correct formula for determining the monthly remittance to the CRA? (IT = income tax) a. (2 * IT) + (2.4 * CPP) + (2 * EI)b. (1 * IT) + (2 * CPP)
Each employer matches the amount of income tax deducted from employees each month when remitting to the CRA. True or false?
Why could failure to remit employees’ deductions on time be costly?
What amount will the Windsor Company send to the CRA in the month of May (for the April payroll)? See exercise E10-2A above. Data From Exercise E10-2A From the following information,
List at least two items that make up employee benefits expense?
The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February are shown below:Assumptions Employees pay 100% of the
The payroll register for Rice Company of Sackville is summarized below for the month of April. The union dues are remitted to the treasurer of the union by the 10th day of the next month. Rice
The payroll register for Rice Company of Sackville is summarized below for the month of April, 2018. The union dues are remitted to the treasurer of the union by the 10th day of the next month.
From the following information, prepare a general journal entry to record the employee benefits expense for Jones Company for the weekly payroll of July 9. Deductions Total Salary Net Pay
From the following transactions for Lowe Company for the month of July,(a) Prepare journal entries (assume that it is page 1 of the journal),(b) Post to the ledger (use three-column account
Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month.Transactions on May 1:1. Jay Bradford invested $40,000 cash in the company, as its sole
The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations. Instructionsa. Prepare the complete general journal (including explanations)
The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2022. Accounts Receivable Accounts Payable Cash Prepaid Insurance Maintenance and Repairs Expense
Selected transactions from the journal of June Feldman, investment broker, are presented below. Instructions a. Post the transactions to T-accounts. b. Prepare a trial balance at August 31, 2022.
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Cappshaw Company Trial Balance December 31, 2022 Debit
From the following ledger balances, prepare a trial balance for the Amaro Company at June 30, 2022. Accounts Payable $8,100, Cash $5,800, Owner’s Capital $15,000, Owner’s Drawings $1,200,
Companies record transactions in journals and then post to the ledger. How do you keep track of your personal finances? Do you record your everyday transactions in a journal? Or, do you have an app
Mallory Rice owns a small dog-walking service. Because she has taken an accounting class, she understands the importance of maintaining accounting records. She has been recording transactions in the
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested $20,000 cash in her business.1 Hired a
Marc Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $3,100 cash for a computer.3. Purchased $850 of supplies on account.InstructionsJournalize
M. Williams has the following transactions during February of the current year. Journalize the transactions. (You may omit explanations.)Feb. 2 Begins a business as a tennis coach with a cash
M. Gonzales has the following transactions during August. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis as shown in the chapter.Aug. 1 Opens an office as a
Tom Rasta engaged in the following activities in establishing his photography studio, Picture This! Indicate the accounts to be debited and credited for each transaction.1. Opened a bank account in
Complete the following chart. The first row has been completed for you. Equation Element: Asset, Liability, Owner's Equity, Liabilities Asset Company Pays Effect on Owner's Equity: Increase,
Selected transactions for Allie Mane, an interior decorator, in her first month of business, are as follows:Jan. 2 Invested $10,000 cash in business.3 Purchased used car for $3,000 cash for use in
The following accounts are from Cortland Company. Prepare a chart of accounts. List the accounts in the order shown in the chapter. Do not include account numbers.Notes Payable
The accounts of Overnite Delivery Service are presented below.Accounts Receivable .......................................................... CashAccounts Payable
Describe some examples of business documents.
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested $20,000 cash in her business.1 Hired an
Ancelmo Molina just opened Mo’s Repairs, a home repairs service company. A friend has advised Ancelmo to set up a double-entry set of accounting records in which to record all of his business
Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2022. The following transactions occurred during the month of May.May 1 Trixie invested $7,000 cash in the business.2 Paid
The following accounts come from the ledger of Sports to Go at May 31, 2022. Prepare a trial balance in good form. Account title Acct # Balance $ 5,200 157 306 201 732 400 101 Equipment Owner's
DeQuan Matthews of Sports to Go recorded the following transactions in a general journal during the month of May. Post these entries to the Cash account of the general ledger (three-column format)
DeQuan Matthews started a sports travel business to help college students travel to out of town sporting events. He engaged in the following activities to establish Sports to Go.1. Deposited $10,000
Complete the following chart. In this transaction: In this transaction: In this transaction: Does it increase or increase or increase or decrease Cash? Does it Does it Transaction A Does it
Match the following terms with their respective definition.a. Chart of accounts.b. Credit.c. Credit balance.d. Crediting.e. Debit.f. Debit balance.g. Debiting.h. Double-entry system.i. Normal
Tom Rasta has just rented space in a strip mall. In this space, he will open a photography studio to be called “Picture This!” A friend has advised Tom to set up a double-entry set of accounting
Companies should have a chart of accounts that accurately reflects the business. Your friend has started his own landscaping business and developed a chart of accounts. He told you that his chart of
Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month. 1. Jay Bradford invested $40,000 cash in the company, as its sole owner.2. Hired two
Kay Marie opened her interior design firm, KM Designs. Transactions made by KM Designs for the month of August are shown below.1. The owner invested $10,000 cash in the business.2. The company
For the accounts listed below, prepare a chart of accounts for Amaro Company at June 30, 2022. List the accounts in the order shown in the chapter. Do not include account numbers.Accounts Payable,
Presented below are three business transactions. List the letters (a), (b), and (c) with columns for assets, liabilities, and owner’s equity. For each column, indicate whether the transactions
Presented below is information related to the cybersecurity consulting firm of Erica Thompson. Instructionsa. Calculate the balance in owner?s equity for Erica Thompson?s cybersecurity consulting
Presented below is financial information related to the 2022 operations of Elliott Auto Repair. InstructionsCompute net income in 2022 for Elliott Auto Repair. Maintenance and repairs expense
Indicate the following items as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E).________ a. Notes Payable.________ b. Advertising Expense.________ c. Owner’s
At Mead National Recreation Area, Loren has compiled the following financial information as of December 31, 2022. Instructionsa. Determine Mead?s net income for 2022.b. Determine Mead?s total
Two items are omitted from each of the following summaries of accounting equation data for the year 2022 for two businesses, Greene?s Goods and Solar Enterprises. InstructionsDetermine the missing
Finch Company had the following assets and liabilities on the dates indicated. Finch began business on January 1, 2022, with an investment of $100,000. InstructionsFrom an analysis of the change in
Falske Computer Timeshare Company entered into the following transactions during May 2022.1. Purchased computers for $20,000 from Digital Equipment on account.2. Paid $4,000 cash for May rent on
Julia Rollins started her own business, Coach Julia, on September 1, 2022, to coach young children in basketball. The following transactions occurred during the month of September.Sept. 1 Julia
Accounting transactions happen all around you, every day. Meet with one classmate somewhere that provides good opportunities for some casual “people watching” (e.g., the mall, the coffee shop,
Classify the following items as investment by owner (I), owner’s drawings (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases owner’s equity.a. Drawings.b.
Selected transactions for Erin’s Events, a conference-planning business, are listed below.1. Made a cash investment in the business.2. Purchased a one-year insurance policy.3. Purchased computer

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