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Questions and Answers of College Accounting

Sandi Alcon, the bookkeeper for New York Company, has been trying to determine the correct ?assets, liabilities, and owner?s equity for the company. Her calculations are shown
Transactions made by Haas & Co. for the month of April are shown below. Prepare a tabular summary that shows the effects of these transactions on the basic accounting equation, similar to that
Paddington’s Cleaning Service experiences the following events. Indicate if each event is considered a business transaction.a. Purchase cleaning supplies on account.b. Visit customer to provide an
Chase Company has the following accounts.Accounts Payable .......................... Accounts ReceivableCash Notes ..................................... PayableEquipment
Taylor Orlando began Taylor Roofing, his roofing business, on March 1, 2022. On March 31, the balances in the accounts were as follows. Cash $9,000, Accounts Receivable $2,000, Equipment $8,000,
Judi Salem opened a law office on July 1, 2022. On July 31, the balances in the accounts were as follows: Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable
Nick Ramon, a local golf star, opened the Chip-Shot Driving Range on March 1, 2022, by investing $25,000 of his cash savings in the business. A caddy shack was constructed for cash at a cost of
Given the basic accounting equation, answer each of the following independent questions.a. The assets of Harvick Company are $800,000, and the liabilities are $300,000. What is the amount of Harvick
The statement of owner’s equity calculates only ending withdrawals. True or false? Please explain.
What does an income statement show?
As expenses increase and revenue remains the same, they cause owner’s equity to increase. Defend or reject.
A withdrawal is a business expense. True or false? Please explain.
Into what four categories owner’s equity subdivided?
Revenue is an asset. True or false? Please explain.
A balance sheet tells a company where it is going and how well it will perform. True or false? Please explain.
From the following, calculate the total of assets on the balance sheet.B. Fleese, CapitalComputer Equipment $18,00012,000Accounts Payable 6,000Cash 12,000
Explain the concept of the accounting cycle.
The accounting records of Jordan?s Delivery Service show the following assets and liabilities as of the end of 2018 and 2019. Prepare an income statement and a statement of owner?s equity for the
Ryan Bauman opened his Construction Repair Shop in April 2020. The balance sheet at April 30, 2020 was prepared by a friend of his and is shown below. Prepare a corrected balance sheet. Bauman's
Record the following transaction in the transaction analysis chart: Sandy Pointer bought new computer equipment for $21,000, paying $5,000 down and agreeing to pay the balance in 30 days.
Complete the following: Account Category Normal Balance ↑ A. Accounts Payable B. Taxable Fees Earned C. Accounts Receivable Dr. Cr. Liability Cr. D. M. Blanc, Capital E. M. Blanc, Withdrawals F.
What do we mean when we say that a transaction analysis chart is a teaching device?
Why is the left-hand side of an account called a debit?
Howard McGraw of Windsor opened First City Surveying Service. As his accountant, analyze the transactions listed and present to Howard the following information, in proper form.1. The analysis
The following are incomplete financial statements for Good Home Hardware.Calculate the missing values and complete the statements. GOOD HOME HARDWARE Income Statement For the Year Ended July 31,
Complete the following table: Owner's Equity Liabilities Assets $ 6,000 a. $15,000 b. $8,000 $11,000 c. $14,000 $5,000 ||
Tony has decided to end the Precision Computer Centre’s first year as of July 31, 2019. Below is an updated chart of accounts. Assignment (Use the Excel templates in MyAccountingLab to
On June 2, 2020, a telephone expense for $210 was debited to Repair Expense. On July 11, 2020, this error was found. Prepare the correcting journal entry. When would a correcting entry not be needed?
A trial balance is a formal report. True or false? Please explain.
From the following trial balance of Hall?s Cleaners, prepare the following:? Income statement? Statement of owner?s equity? Balance sheet HALL'S CLEANERS TRIAL BALANCE JULY 31, 2019 Dr. Cr. 75000 6
From the following trial balance of Hugo?s Cleaners, prepare the following:? Income Statement? Statement of Owner?s Equity? Balance Sheet HUGO’S CLEANERS TRIAL BALANCE JULY 31, 2019 Cr. Dr. 60000 6
For the following trial balance, identify the statement in the following list in which each title will appear (you may have more than 1 answer):? Income Statement (IS)? Statement of Owner?s Equity
Andy Leaf is a careless bookkeeper. He is having a terrible time getting his trial balance to balance. Andy has asked for your assistance in preparing a correct trial balance. The following is the
What is the end product of the accounting process?
Holly?s Accounting Services showed the following trial balances for her first month just ended July 31, 2020. Use this information to complete an income statement, a statement of owner?s equity, and
From the trial balance of Gretchen Lyman, Barrister and Solicitor, of Winnipeg, prepare? (a) An income statement for the month of May,? (b) A statement of owner?s equity for the month ended May
From the trial balance of Grace Lantz, Barrister and Solicitor, of Winnipeg, prepare? (a) An income statement for the month of May,? (b) A statement of owner?s equity for the month ended May 31,
Footings are used in balancing all accounts. True or false? Please explain.
From the following T accounts of Barry?s Cleaning Service of Yarmouth,(a) Record and foot the balances in the appropriate Excel templates on MyAccountingLab, (b) Prepare a trial balance for May 31,
From the following T accounts of Linda?s Consulting Service of Taber, (a) Record and foot the balances, (b) Prepare a trial balance for October 31, 2020. Equipment 121 (B) 4,000 Cash 111 Accounts
From the following T accounts of Barry?s Cleaning Service of Yarmouth,? (a) Record and foot the balances on the appropriate pages in the Workbook or on MyAccountingLab, (b) Prepare a trial balance in
The total of the left-hand side of the accounting equation must equal the total of the right-hand side. True or false? Please explain.
Define capital.
From the following account balances for November 2019, prepare in proper form? (a) An income statement,? (b) A statement of owner?s equity, (c) A balance sheet for Frederick Realty. $4,800 S.
While Jon Lune was on a business trip, he asked Abby Slowe, the bookkeeper for Lune Co., to try to complete a balance sheet for the year ended December 31, 2019. Abby, who had been on the job only
John Thildore of Regina opened Thildore’s Catering Service. As his accountant, analyze the transactions listed below and present the following information in proper form.1. The analysis of the
Jill Martin of Regina opened Martin’s Catering Service. As her accountant, analyze the transactions listed below and present in proper form:1. The analysis of the transactions by utilizing the
From the following account balances for June 2019, prepare in proper form? (a) An income statement,? (b) A statement of owner?s equity, (c) A balance sheet for French Realty. S. French, Withdrawals
What is the relationship of bookkeeping to accounting?
You have just been hired to prepare, if possible, an income statement for the year ended December 31, 2019, for Roger?s Window Washing Company. The problem is that Roger kept only the following
Jane West, owner of West?s Stencilling Service in Grande Prairie, has requested that you prepare from the following balances? (a) An income statement for June 2020, (b) A statement of owner?s equity
Jane West, owner of West?s Stencilling Service in Grande Prairie, has requested that you prepare from the following balances? (a) An income statement for June 2020,? (b) A statement of owner?s equity
Identify which transaction below results in a shift in assets (S) and which transaction causes an increase in assets (I).a. Jay’s Internet Cafe bought computer equipment on
What type of businesses would you see in industry.
Bill See has asked you to prepare a balance sheet as of September 30, 2020, for See’s Internet Service of Halifax. Assist Bill.B. See, CapitalAccounts
Bill See is the accountant for See?s Internet Service. His task is to construct a balance sheet from the following information, as of September 30, 2020, in proper form. Could you help him? $20,000
Complete the following table: Liabilities Assets Owner's Equity a. $19,000 b. $4,000 $6,000 $9,000 $4,000 c. $10,000 + + +
What are the six functions of accounting?
Explain the concept of double-entry bookkeeping.
Prepare journal entries for the following transactions that occurred during October:2020Oct. 3 Janet Wills invested $70,000 cash and $6,000 worth of equipment in her new business.6 Purchased building
Prepare journal entries for the following transactions that occurred during April.2020Apr. 3 Jan Dimon invested $100,000 cash and $18,000 worth of equipmentin her new business.6 Purchased building
An accounting period is based on the balance sheet. Agree or disagree.
Record the following in the general journal of Reggie’s Auto Repair Shop.2019Jan. 4 Reggie Long invested $16,000 cash in the auto repair shop.7 Paid $7,000 for auto repair equipment.8 Bought auto
Record the following in the general journal of Reggie’s Auto Repair Shop.2019Jan. 4 Reggie Long invested $21,000 cash in the auto repair shop.7 Paid $9,000 for auto repair equipment.8 Bought auto
Compare and contrast a calendar year versus a fiscal year.
The following trial balance was prepared incorrectly. a.?Rearrange the accounts in the proper order.b. Calculate the total of the trial balance. (Small numbers are used intentionally so that you can
Why is the ledger called the book of final entry?
You have been hired to correct the following trial balance that has been recorded improperly from the ledger to the trial balance. Assume all accounts had a normal balance SUN CO. TRIAL BALANCE MARCH
You have been hired to correct the following trial balance that has been recorded improperly from the ledger to the trial balance. SUN CO. TRIAL BALANCE MARCH 31, 2018 Dr. Cr. Accounts Payable A.
How do transactions get “linked” in a general journal?
On February 5, 2019, Mike Sullivan made the following journal entry to record the purchase of office equipment priced at $1,400 on account. This transaction had not yet been posted when the error was
On February 5, 2019, Mike Sullivan made the following journal entry to record the purchase of equipment priced at $1,600 on account. This transaction had not yet been posted when the error was
What is the relationship of the chart of accounts to the general journal?
Posting means updating the journal. Agree or disagree. Please comment.
The side that decreases an account is the normal balance. True or false?
The PR column of a general journal is the last item to be filled in during the posting process. Agree or disagree.
Discuss the concept of cross-referencing.
Complete the following table. Normal Found on Which Financial Statement(s) Account Category Balance Cash Office Supplies Building Depreciation Expense B. Reel, Capital B. Reel, Withdrawals Prepaid
The following is the trial balance for Kevin?s Moving Co. of Dartmouth. Adjustment data to update trial balance:a.?Insurance expired, $600b.?Moving supplies used, $1090c.?Depreciation on moving
Worksheets are required in every company’s accounting cycle. Please agree or disagree and explain why.
To: Matt KamimskFrom: Abbey EllenRe: Accounting NeedsPlease prepare ASAP from the following information (attached) (a) a worksheet,along with (b) journalized adjusting entries. Adjustment
To: Peter GeorgeFrom: Anthony HoangRe: Accounting ProceduresPlease prepare from the following information for Eco Document Disposal Company (attached), (1) a worksheet, along with (2) journalized
Complete the following table. Normal Found on Which Financial Statement(s) Account Category Balance Accounts Payable Prepaid Rent Office Equipment Depreciation Expense B. Reel, Capital B. Reel,
Rob’s Auto Parts’ year-end is December 31. The information in (a) to (d) is available at year-end for the preparation of adjusting entries.a. Equipment costing $15,000 was purchased last year. It
Please complete a partial worksheet up to the adjusted trial balance for CJ?s Mountain Safety Training of Banff, using the following adjustment data and trial balance:a.?Supplies on hand,
What is the purpose of adjusting accounts?
Given the following trial balance and adjustment data for The Debbie Rose Art Studio of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a new
John?s Repair Service prepares adjustments monthly and showed the following Unadjusted Trial Balance as of September 30, 2019: Additional information for the month ended September 30,
Use transaction analysis charts to analyze the following adjustments:a. Depreciation on equipment, $800b. Insurance premium expired, $300
The trial balance below is for Ling?s Landscaping Service of Merritt for December 31, 2018. Adjustment data to update the trial balance:a.?Rent expired, $600b.?Landscaping supplies on hand
What is the relationship of internal transactions to the adjusting process?
Using the following trial balance and adjustment data for Vivian?s Repair Co. of Windsor, prepare1.?A worksheet for October2. An income statement for October, a statement of owner?s equity for
As the bookkeeper of Maritime Internet Access Service of Amherst, use the information that follows to prepare:1.?A worksheet for August, the end of the first quarter in the current fiscal year2. An
From the following trial balance and adjustment data, complete a worksheet for J. Revere as of December 31, 2020:a.?Depreciation expense, store equipment, $6.00b.?Insurance expired, $3.00c.?Store
From the following trial balance and adjustment data, complete a worksheet for J. Trent as of December 31, 2020:a.?Depreciation expense, store equipment, $3.00b.?Insurance expired, $2.00c.?Store
The following is a trial balance for Damon?s Repair Service of Moose Jaw Adjustment data to update the trial balance:a.?Insurance expired, $600b.?Repair supplies on hand, $2400c.?Depreciation on
Explain how an adjustment can affect both the income statement and balance sheet. Please give an example.
To: Hal Hogan, BookkeeperFrom: Pete Tennant, V. P.Re: Adjustments for year ended December 31, 2019Hal, here is the information you requested. Please supply me with the adjustments needed ASAP. Also,
From the completed worksheet in Exercise E4-3A, prepare the following:a. An income statement for Decemberb. A statement of owner’s equity for Decemberc. A balance sheet as of
From the completed worksheet in Exercise 4-4B prepare the following:a. An income statement for Decemberb. A statement of owner’s equity for Decemberc. A balance sheet as of December

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