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Questions and Answers of College Accounting

On Friday, Harry Swag?s boss asks him to prepare a special report that is due on Monday at 8 a.m. Harry gathers the following material in his briefcase: As his best friend, you want to help Harry
Depreciation expense goes on the balance sheet. True or false? Why?
From the following balance sheet (which was made from the worksheet and other financial statements), explain why the lettered numbers were not found on the worksheet. Laze Co. Balance Sheet December
Each month the cost of accumulated depreciation grows while the cost of equipment goes up. Agree or disagree. Defend your position.
When a worksheet is completed, what balances are found in the general ledger?
Complete this table by placing an X in the correct column for each item. Will Be Closed Example: Accounts Receivable 1. Store Supplies on Hand Temporary Permanent 2. Accrued Salaries 3. Jon
The adjusted trial balance at April 30, 2019, for Tyler’s Plumbing Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name Dr. Cr. $ 8,200 24,000
The adjusted trial balance at June 30, 2020, for Alex’s Electrical Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name Dr. Cr. 101 Cash $
Why must adjusting entries be journalized even though the formal reports have already been prepared?
From the following T accounts, journalize the four closing entries on December 31, 2018 J. King, Capital 14,000 Rent Expense 5,000 | Wages Expense 7,000 J. King, Withdrawals 4,000 Income
From the following T accounts, journalize the four closing entries on December 31, 2019. J. Kohl, Capital Rent Expense 10,000 7,500 J. Kohl, Withdrawals Salaries Expense 3,000 8,200 Income
As the bookkeeper for Potter Cleaning Service, (a) from the trial balance columns of the worksheet on page 224, enter the beginning balance of each account in your working papers, (b)
From the following transactions as well as additional data, please complete the entire accounting cycle for Mike’s Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem
Kyle’s Gaming Services showed the following post-closing trial balance after the posting of the closing entries on September 30, 2019. Required 1. Identify the error(s) in the
As the bookkeeper of Pete’s Plowing of Fredericton, you have been asked to complete the entire accounting cycle for Pete from the following information (see the chart of accounts below): 2018
This March 31, 2019, adjusted trial balance for RJ’s Baseball Academy has been alphabetized as follows. Prepare the closing entries and the post-closing trial balance for the company Account
What is the difference between temporary and permanent accounts?
The accounts listed below are from the adjusted trial balance columns in a company’s 10-column worksheet. In the blank space beside each account, write the letter of the appropriate financial
From the following accounts (not in order), prepare a post-closing trial balance for Washington Co. on December 31, 2020. Note: These balances are before closing. P. Washington, Capital P.
What are the two major goals of the closing process?
From the following accounts (not in order), prepare a post-closing trial balance for Wey Co. on December 31, 2020. Note: These balances are before closing. Accounts Receivable 18,875 14,250 P.
What is the purpose of the Income Summary and where is it located?
How can a worksheet aid the closing process?
What accounts are usually listed on a post-closing trial balance?
Closing entries are always prepared once a month. Agree or disagree. Why?
Complete the following table for Sales, Sales Returns and Allowances, Sales Discounts, Inventory, and Cost of Goods Sold Accounts Affected Category Rules Temporary or Permanent
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
Kylie Henderson owns Henderson’s Home Improvement Shop in London. (In your working papers, balances as of May 1 are provided for the accounts receivable and general ledger accounts.) The following
Amy Jak is the National Sales Manager of Rowe Co. In order to get sales up to the projection for the old year, a verbal agreement was made in mid December and the contract signed in late December.
Sara?s Cupcakes of Cold Lake uses a purchases journal (page 10) and a general journal (page 2) to record the following transactions. 2019May 8 Purchased merchandise on account from Stanton Co.,
As the accountant of Sara’s Cupcakes of Cold Lake, (a) journalize the following transactions in the purchases journal (page 10) or the general journal (page 2), (b) record and post as appropriate,
Amy Burke recently opened a gift store in Shelburne. As the bookkeeper of her shop, journalize, record, and post when appropriate the following transactions (account numbers are Store Supplies, 124;
Super Sweets of Edmonton, owned and operated by Jennifer Blanca, uses a purchases journal (page 15) and a general journal (page 3) to record the following transactions (use separate columns for
Several source documents from RJ’s Tax Services are presented below. Additional information is as follows. a. The PMT on September 29 was a loan payment taken out of RJ’s Tax Services
The bank reconcilation prepared by Ballantyne Company on May 31, 2020 appeared as follows: The Cash account in the general ledger appeared as follows on June 30 (Ballantyne uses only a general
A bank statement is sent twice a month. True or false? Please explain.
From the following, construct a bank reconciliation with heading for Woody Co. as of May 31, 2019. $1,869.60 Outstanding cheques Bank service charge GL Cash balance 427.80 Bank statement
If, in exercise E8-2B, cash on hand was $17, prepare the entry to replenish the petty cash on July 31. Data From Exercise E8-2BIn general journal form, prepare journal entries to establish a
An NSF cheque results in a bank’s issuing the depositor a credit memorandum. Agree or disagree. Support your response.
Petty cash is a liability. Accept or reject this statement.
Explain how overtime is usually calculated.
For each of the six items listed below, indicate which of these three descriptions applies: a. Total of gross pay—comes from distribution of expense accounts b. A deduction c. Net
Indicate for each of the accounts listed below which of the following apply: (Note: you can chose more than 1 option.) a. An asset b. A liability c. An expense d. Appears on the
Bauman Corporation is a major distributor of school portables. All sales have terms 1/10, n/15. During July, the following select transactions occurred. For each transaction, identify into which
The following transactions occurred for Food on the Go of Edmonton for the month of June. 2019 June 3 Sold merchandise to Joe Kase Co. on account, $800, invoice No. 1. Cost of inventory was
The following transactions occurred for Lodge Co. of St. Albert for the month of July.2019 July 2 Sold merchandise to Joan Timkins Co. on account, $1,600, invoice No. 115, terms: net 30 days.
Explain the terms (a) 2/10, n/30; (b) n/10, EOM (End of Month).
This chapter will require you to record and post the sales and cash receipts transactions shown below. A month has elapsed since Precision Computer Centre’s year-end. Tony Freedman will use four
Explain the purpose of a contra-revenue account.
Given the following, calculate net sales. Gross sales.........................................$30 Sales returns and allowances..............8 Sales
From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of
Rita Hayle has opened Food on the Go, a wholesale grocery and pizza company, in Edmonton. The following transactions occurred in June. 2019 June 1 Sold merchandise to Joe Kase Co. on
The following transactions occurred for Peaker’s Sneaker Shop of Dartmouth. The cost of goods sold for all merchandise is 75% of the sale price. This 75% also applies to inventory items
The following transactions occurred for Bedford Sausage Supply Co. 2020 Sept. 2 Karen Blum, owner, invested an additional $15,000 in the business. 3 Sold $1,850 worth of merchandise on
What is the normal balance of sales discounts?
Beside each of the transactions (a) through (c), below enter the number of any of the following six treatments that apply. (More than one number will be used for each.) 1. Journalize into the
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2018. The total was $3,200 and terms are 3% 15 days,
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2018. The total was $4,600; the cost of inventory was
Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan’s Imported Technology (CIT for short)
Give two examples of contra-revenue accounts.
Enter each of the following invoices from Karen’s Delivery Service into a sales journal. Total the entries and place appropriate general ledger account numbers below to show where the total would
On January 11, 2019, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $4,600 (cost: $1,100). This customer receives
On January 11, 2019, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $3,800, and this customer receives a trade
Please refer to problem P6-3A. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2019. 2019 Aug. 3 W. Chan
Ashley Murray opened Ashley’s Cosmetic Market on December 1. Ashley offers no sales discounts. The following transactions occurred in December. 2020 Dec.1 Ashley Murray invested $6,000 in the
Refer to the information contained in exercise 4, above. During May 2020, Karen’s Delivery Service deposited four cheques as follows. May 5 Karen Good wrote a personal cheque for $10,000
Identify all the journals in which the following accounts would be debited or credited. Use SJ for sales journal, CRJ for cash receipts journal, and GJ for general journal. Some accounts may be used
From the following, prepare a schedule of accounts receivable for AVE Co. for May 31, 2020. Accounts Receivable Subsidiary Ledger Partial General Ledger Bliss Co. Accounts Receivable 1200 5/12
If special journals are used, what purpose will a general journal serve?
How does the Accounts Receivable control account work with the Accounts Receivable Subsidiary Ledger?
Explain how to calculate net sales.
Why is the accounts receivable subsidiary ledger usually organized in alphabetical order?
When a seller issues a credit memorandum, which three accounts will be affected?
Explain the purpose of a schedule of accounts receivable.
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are
From the purchases journal below, record in the accounts payable subsidiary ledger and post to the general ledger accounts as appropriate. PURCHASES JOURNAL Page 1 Dr. Inventory Cr. Accounts
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts payable. Use the same journal headings (all page 1) and chart of accounts
For each of the three transactions below, indicate which of these procedures should be used (more than one number can be used). 1. Journalize in purchases journal. 2. Record immediately in
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts payable. Use the same journal headings (all page 1) and chart of accounts
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2019,
Peter Daly operates a photo printing centre in Whitehorse. Peter has hired you as his bookkeeper to record the following transactions in the cash payments journal. He would like you to record and
If special journals are used, what purpose will a general journal serve?
Indicate in which of these five journals each transaction described below will be journalized: 1. SJ 2. PJ 3. CRJ 4. CPJ 5. GJ _______a. Issued credit memo No. 2,
On July 10, 2020, Huston Co. issued debit memorandum No. 1 for $600 to Park Co. for merchandise returned from invoice No. 731. Your task is to journalize, record, and post this transaction as
Explain the use of the controlling account Accounts Payable with the accounts payable subsidiary ledger.
From the following, prepare a schedule of accounts payable for AVE Co. for May 31, 2018. Accounts Payable Subsidiary Ledger General Ledger Accounts Payable 10 5/31 PJ1 Bloss Co. 5/25 CPJ1 10
On July 8, 2020, Huston Co. issued debit memorandum No. 1 for $400 to Park Co. for merchandise returned from invoice No. 709. Your task is to journalize, record, and post this transaction as
Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art?s Clothing Company. Use the same headings as found in the text (page 306). All
Why is the accounts payable subsidiary ledger often organized in alphabetical order?
Lois Long received $300 of merchandise from Blue Co. What would be the journal entry on the books of both the buyer and the seller? The cost of the inventory sold was $225.
Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art’s Clothing Company. Use the same headings as found in the text (page 306). All
From exercise E7-5B, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account. E7-5B Journalize, record, and post when
When is a purchases journal used?
From exercise E7-5A, prepare a schedule of accounts payable, and verify that the total of the schedule equals the amount in the controlling account. Data From exercise E7-5A Accounts Payable
Explain the difference between F.O.B. shipping point and F.O.B. destination.
When a company issues a debit memorandum, which three accounts will be affected?
Explain the main difference between a cash receipts journal and a cash payments journal.
When is the Sundry column of the cash payments journal posted?
Why would the purchaser issue a debit memorandum?

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