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college accounting
College Accounting A Practical Approach 13th Canadian edition Jeffrey Slater, Debra Good - Solutions
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 Building Accounts Payable Cash 18,000 Equipment 14,000 15,000 B. See, Capital 37,000
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 for $40,000 on account.13 Purchased a truck from Lowell Co. for $16,000 cash.17 Bought supplies
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 for $40,000 on account.13 Purchased a truck from Leominster Co. for $11,000 cash.17 Bought supplies
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 repair equipment for $6,000 on account from Lowell Co.15 Received $900 for repair fees earned.18
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 repair equipment for $5,000 on account from Lowell Co.15 Received $1,200 for repair fees earned.18
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 do the calculations in your head.) Assume that each account has a normal balance. Lee Company Trial
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 31, 2018 Cr. Dr. Accounts Payable 300000 6 50000 A. Sun, Capital 30000 A. Sun, Withdrawals Services
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. Sun, Capital 300000 650000 30000 A. Sun, Withdrawals Services Earned 570000 Concessions Earned 250000
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 discovered. Make the appropriate correction. GENERAL JOURNAL Account Titles and Description Dr.
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 discovered. Make the appropriate correction. GENERAL JOURNAL Account Titles and Description Dr. Cr. Date
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 Insurance Accrued Salaries
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 truck, $580d.?Wages earned but unpaid, $410 Required1.?Complete a worksheet for Kevin?s Moving Co. for
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 Dataa.?Insurance expired, $100b.?Dance supplies on hand, $20c.?Depreciation on dance equipment, $200d.
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 adjusting entries for the year ending May 31, 2019. Adjustment Dataa.?Insurance expired,
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, Withdrawals Office Supplies Accumulated Depreciation
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 will be used for 5 years and then donated to charity after that time (assume a zero residual
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, $1,605b.?Depreciation taken on equipment, $265 CJ'S MOUNTAIN SAFETY TRAINING TRIAL BALANCE DECEMBER 31, 2020
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 fiscal year. Adjustment Data a. Painting supplies on hand, $595. b. Prepaid rent represents the
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, 2019:a.?Interest of $150 had accrued on the loan payable for the month of September.b. The office furniture was
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 (remaining), $200c.?Depreciation expense, landscaping equipment, $300d.?Wages earned by workers but not paid
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 October, and a balance sheet as of October 31, 2019 Adjustment Dataa.?One-quarter of the prepaid
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 income statement for August, a statement of owner?s equity for August, and a balance sheet as of
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 supplies on hand, $5.00d.?Wages owed but not paid, $8.00 (they are an expense in the old year) J.
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 supplies on hand, $2.00d.?Wages owed but not paid, $6.00 (an expense of year 2020) J.TRENT TRIAL BALANCE
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 repair equipment, $600d.?Wages earned but not yet paid, $200 Required1.?Complete a worksheet for
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, please put in writing why we need to do these adjustments.ThanksAttached to memo:a. b. Rent data:
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 December 31, 2020 J. REVERE TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. Cash 400 1000 700 10 00 2000
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 31, 2020 J.TRENT TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. 8 00 900 6 00 600 24 00 Cash Accounts
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 show the amounts that are to be reported on the 2020 income statement for? (a) Advertising
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 31, 2018 Liabilities and Owner's Equity Assets $ 6 Cash Liabilities Accounts Payable Accounts
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 Rich, Withdrawals 4. Income Summary 5. Commissions Earned 6. Accounts Payable 7. Accumulated
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 41,000 101 Cash 103 Accounts Receivable Equipment Accumulated Depreciation, Equipment Land 110 111
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 $ 7,550 105 Accounts Receivable 14,000 6,000 4,500 106 Prepaid Rent Office Equipment Accumulated
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 Summary Insurance Expense 1,200 Fees Earned Depreciation Expense, Office Equipment 33,000 900
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 Summary Insurance Expense 3,100 Fees Earned Depreciation Expense, Office Equipment 41,000 900
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) journalize and post adjusting entries, (c) journalize and post closing entries, and (d) from
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 P5-1A on page 222). 2019 May 1 To open the business, Mike Quinlan invested $10,000 cash
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 post-closing trial balance. 2. What entry is required to correct the error(s)? 3. Calculate 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 Jan. 3 Pete invested $7,000 cash and $6,000 worth of snow equipment in the plowing company. 3
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 Name Dr. Cr. Accounts Payable $ 40,700 Accounts Receivable $ 27,750 Accumulated Depreciation,
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 statement column to which a normal account balance should be extended. Use the following letters: A.
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. Washington, Withdrawals Accounts Receivable 8,750 20,610 Legal Library 6,830 2,500 Accum. Depn., O.E.
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. Wey, Capital P. Wey, Withdrawals Legal Fees Earned Accounts Payable 63,450 1,500 Legal Library
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 accounts that Art’s Clothing used in the text (use Edna Cares, Capital). You will have to set up a Cash
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 transactions occurred in May: 2018 May 1 Kylie Henderson invested an additional $12,000
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. Goods shipped January 3rd. Amy recorded the sale as December 31st. Amy told the accountant that this
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., invoice No. 1416, dated May 6, terms 2/10, n/60, $900.11 Purchased merchandise on account from Kenn 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, and (c) prepare a schedule of accounts payable. (Beginning balances are given in problem
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; Inventory, 130; Store Equipment, 150; Accounts Payable, 211):2019Mar. 2 Bought merchandise on
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 merchandise and supplies purchases in the purchases journal):2019Aug. 5 Purchased merchandise on account
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 account in error due to a bank clerk’s mistake. b. Cheque No. 674 was a payment for insurance to B.
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 journal to record transactions). The following bank statement is available for
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 balance 1,951.20 13.80 Deposits in transit 271.20 NSF cheque 61.20
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 petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $104 petty cash fund is
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 pay 1. Office Salaries Expense and Wages Expense 2. CPP Payable 3. EI Payable 4.
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 income statement e. Appears on the balance sheet 1. CPP Payable 2. Office Salaries
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 special journal it should be journalized. Use SJ for sales journal, CRJ for cash receipts journal, and
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 $600. 4 Sold merchandise to Sue Moore Co. on account, $550, invoice No. 2. Cost of inventory
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. Cost of inventory was $1,120. 5 Sold merchandise to Chris Cowan Co. on account, $825, invoice No.
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 specialized journals for recording business transactions in the month of September—two in this
Explain the purpose of a contra-revenue account.
Given the following, calculate net sales. Gross sales.........................................$30 Sales returns and allowances..............8 Sales discounts......................................2
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 accounts that Art’s Clothing used in the text (use Maggie G., Capital). You will have to set up your
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 account, $400, invoice No. 702. Cost of inventory was $280. 4 Sold merchandise to Sue Moore 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 returned. 2018 May 1 Mark Peaker invested an additional $14,000 in the sneaker store. 3 Sold
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 account to Petra’s Meat Market, sales invoice No. 460, terms 1/10, n/30. Cost of inventory was
What is the normal balance of sales discounts?
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