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Questions and Answers of College Accounting

Ashlyn Company, using the periodic inventory system, began the year with 280 units of product B in inventory with a unit cost of $35. The following additional purchases of the product were made: At
Ashley Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use (b) Assuming that the LIFO method is in
Sturebridge Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts.
The Athol Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30. 201X July 5 Purchased merchandise on account totaling $2,000;
Amy Company on November 1, 201X, had inventory costing $32,000 and during November had net purchases of $67,100. Over the years, Amy Company’s gross profit averaged 44% on sales. Given that the
Miles Company’s November 1 inventory had a cost of $59,800 and a retail value of $72,600. During November, net purchases cost $256,000 with a retail value of $405,200. Net sales at retail for Miles
From the following facts, calculate the correct cost of inventory for Bob Company.Cost of inventory on shelf, $4,300, which includes $310 of goods received on consignment.Goods in transit en route to
The Dandylion Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO,? (c) Weighted average methods. Dandylion sells
Mullen Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand
Journalize and post the preceding transactions (Exercise 15B-2 ) using a two-column journal and T accounts.Exercise 15B-2 201X 5 Purchased on account 5 units at a cost of $8 each. (Inventory on hand
The JAB Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on
The Black Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X 3 Purchased 10 Model 77 DX light fixture(s) on account from Flashing Electric
Kelly Company on April 1, 201X, had inventory costing $33,000 and during April had net purchases of $68,000. Over the years, Kelly Company’s gross profit averaged 40% on sales. Given that the
Goodman Company’s April 1 inventory had a cost of $59,500 and a retail value of $73,200. During April, net purchases cost $255,600 with a retail value of $405,000. Net sales at retail for Goodman
From the following facts, calculate the correct cost of inventory for Sam Company.Cost of inventory on shelf, $4,200, which includes $280 of goods received on consignment.Goods in transit en route to
Mannon Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure to keep the balance on hand upto- date.
The Brown Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X 3 Purchased 45 model 77 DX Light fixtures on account from Nonstop Electric at
If in Exercise 6B-2 cash on hand is $45, prepare the entry to replenish the petty cash on December 31.Exercises 6B-2 201X December 1 A $108 petty cash fund is established. At the end of the month,
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Find the Consolidated Statement of Operations. How much did Amazon’s net product sales increase or decrease from 2015
Go to https://tinyurl.com/slaterca14e to access Amazon 2016 Annual Report. Did Amazon’s Accounts Payable go up or down from 2015 to 2016? What does change mean?
Computers cannot do debits and credits—agree or disagree and explain why.
Which of the following statements are false?1. Revenue provides only outward flows of cash.2. Revenue is a subdivision of Assets.3. Revenue provides an inward flow of cash or accounts receivable.4.
Owner’s equity is subdivided into what categories?
Define capital.
How has technology affected the role of the bookkeeper?
How are businesses classified?
Why would a manager prefer the perpetual inventory system over the periodic system of inventory?
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Go to page 37 and find the balance of interest income in 2016.
Journalize the following transactions for Falcon Company: 201X Apr. 18 Received an $11,000, 90-day, 4% note from Cathy Bora in payment of account past due. 9 Wrote off the April Deacy account as
Journalize the following transactions for Jones Company: 201X June 18 Jones Company disCounted its own $49,000, 90-day note at International Bank at 16%. 16 Paid the amount due on the note of June
On May 1, 201X, Lake Company received a $26,000, 90-day, 5% note from Walker Company dated May 1. On June 20, 201X, Lake discounted the note at Reading Bank at a discount rate of 8%.1. Calculate the
Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first. Both companies use the perpetual inventory method. Assume a 360 day year. 201X June 11
Journalize the following transactions for Carney Company: 5 Received a $2,000, 90-day, 5% note dated December 5 from Thomas Haden in payment of account past due. 11 Paid principal and interest due
Journalize the following transactions for Jackson Company: 201X June 18 Jackson Company discounted its own $43,000, 90-day note at Newport Bank at 12%. Sept. 16 Paid the amount due on the note of
On May 1, 201X, Jason Company received a $30,000, 90-day, 9% note from Quincy Company dated May 1. On June 20, 201X, Jason discounted the note at Pittsfield Bank at a discount rate of 12%.a.
John Short negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for John to record the bank loan.
On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14, Silver Co. discounted the note at 12%.1. Journalize the entry for Silver to record the proceeds.2. Record the
Calculate the interest for the following. Assume a 360-day year.a.$14,0003%2 yearsb.$20,00011%10 monthsc.$10,50014%120 days
Jake Spady negotiated a bank loan for $36,000 for 150 days at a bank rate of 18%. Assuming the interest is deducted in advance, prepare the entry for Jake to record the bank loan. Assume a 360-day
On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co. discounted the note at 10%.Assume a 360-day year.1. Journalize the entry for Fuligin to record the
Calculate the interest for the following assume a 360-day year:a.$12,0002%2 yearsb.$19,0009%10 monthsc.$7,00016%90 days
Nicole Co. discounts its own note at a bank. This $58,000 note results in the bank deducting $410 interest in advance. Draw a transaction analysis box for this situation.
If Pearl Co. defaults on the note from Concept Check 5, what would be the journal entry for Dove Co., assuming a $10 protest fee?Concept check 5Dove Co. received a $6,000, 8%, 90-day note from Pearl
Dove Co. received a $6,000, 8%, 90-day note from Pearl Co. dated June 6. On June 26, Dove discounted the note at Faithful Bank, which charged a discount rate of 10%. Calculate the following:1.
Jay Munson discounted a $9,600, 7%, 90-day note at Orchid Bank. He recorded the following entry: How much interest did Jay Munson lose by discounting the note? Journal Entry Accounts PR Debit
Find the maturity value of the following:a. $4,000 3% 10 monthsb. $13,200 3% 90 days
Find the maturity date of the following:1. 120-day note dated May 14.2. 70-day note dated November 9.
How could Discount on Notes Payable be adjusted?
How is the effective interest rate calculated?
When could interest be deducted in advance by a lender?
List the four steps to arrive at proceeds in the process of discounting a note.
Explain what will happen if a maker defaults on a note. (Assume that the note has not been discounted.)
Only matured notes are listed in the Notes Receivable account. Agree or disagree? Please discuss.
Why is a subsidiary ledger not needed for notes?
Notes Receivable is a current liability on the balance sheet. Accept or reject. Why?
Explain the parts of a promissory note.
Suarez Computer Center currently has a $12,370.00 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable:Suarez Computer Center Schedule of Accounts Receivable March 31,
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Go to page 45 and find the balance in the Allowance for Doubtful Accounts in 2015 and 2016.
Simon Company completed the following transactions: From these transactions as well as the following additional data on January 1, 2018, complete a?c: 1. Journalize the transactions. The company
T. J. Rack Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $117,000 balance. Journalize the following transactions for
Given the information presented in Figure 13.13 , do the following: Aging of Accounts Receivable for Masso Co. 1. Prepare on December 31, 2018, the adjusting journal entry for Bad Debts Expense.
Lee Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2018 Dec. 31 Recorded
Seay Company completed the following transactions: From the preceding as well as the following additional data on January 1, 2018, complete a?c: 1. Journalize the transactions. The company uses
T. J. Rook Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $115,000 balance. Journalize the following transactions for
Given the information presented in Figure 13.12 , do the following: Aging of Accounts Receivable for Masse Co. 1. Prepare on December 31, 2018, the adjusting journal entry for Bad Debts Expense.
Lars Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2018 Dec. 31
Young Company had credit sales of $140,000 during 2018. The balance in Allowance for Doubtful Accounts is a $1,000 debit balance. Journalize the Bad Debts Expense for December 31 using each of the
Carol Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2018, 2019, and 2020. (Use the income statement approach under the allowance method.) 1. Journalize the
Journalize the adjusting entry on December 31, 2018, for Bad Debts Expense, which is estimated to be 4% of net credit sales. The income statement approach is used. The following information is
Hamlet.com has requested that you prepare a partial balance sheet on December 31, 2018, from the following: Cash, $130,000; Petty Cash, $64; Accounts Receivable, $71,000; Bad Debts Expense, $50,000;
Juniper Company had credit sales of $180,000 during 2018. The balance in Allowance for Doubtful Accounts is a $1,030 debit balance. Journalize the Bad Debts Expense for December 31 using each of the
Eagle Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2018, 2019, and 2020. (Use the income statement approach under the allowance method.) 1. Journalize the
Assuming that in Exercise 13A-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,200 balance in the
Journalize the adjusting entry on December 31, 2018, for Bad Debts Expense, which is estimated to be 5% of net credit sales. The income statement approach is used. The following information is given:
Kiln.com has requested that you prepare a partial balance sheet on December 31, 2018, from the following: Cash, $110,000; Petty Cash, $71; Accounts Receivable, $72,000; Bad Debts Expense, $48,000;
Given the balance in the Allowance for Doubtful Accounts of $240 credit, prepare adjusting entries for Bad Debts based on the following assumptions:1. Bad Debts to be 2.5% of net credit sales or
Explain the purpose of the Bad Debts Recovered account.
Why doesn’t net realizable value change when an account is written off in the use of the Allowance account?
Recording Bad Debts Expense is a closing entry. True or false? Defend your position.
When an account receivable is written off, Bad Debts Expense must be debited. True or false? Please discuss.
From the trial balance in Figure 11.16 and additional data, complete the worksheet for Sean?s Wholesale Clothing Company. Additional Data1. a./b. Ending merchandise inventory on December 31,
Reed Smith recently opened Reed?s Skate Shop. The company uses the periodic system. As the bookkeeper of the company, use the periodic method to journalize, record, and post when appropriate the
Liz Viera has opened Pizza and More, a wholesale grocery and pizza company. The following transactions occurred in March: Required 1. Journalize the transactions. 2. Record to the accounts
Jacob Co. had the following balances on December 31, 201X: The accountant for Jacob has asked you to make an adjustment because $360 of janitorial services has just been performed for customers who
Journalize, record, and post when appropriate the following transactions into the general journal (p. 2) for Joshua?s Clothing. All purchases discounts are 2/10, n/30. Assume the periodic inventory
Journalize, record, and post when appropriate the following transactions in the general journal (page 2) (all sales carry terms of 2/10, n/30): Use the following account numbers: Accounts
Prepare a formal income statement from the following partial worksheet for Malorie?s Dental Supply Co. MALORIE'S DENTAL SUPPLY CO. PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2018 Income
Access Amazon’s 2016 annual report at https://tinyurl.com/slaterca14e and locate the consolidated Statement of Income (Statement of Operations). How much has Selling, and General and Administrative
On December 31, 2019, $300 of salaries has been accrued. (Salary expense before the accrual adjustment totaled $26,000.) The next payroll to be paid will be on February 3, 2020, for $6,000. Do the
From the following partial worksheet, journalize the closingentries of December 31 for A. Slow Co. Partial Worksheet for A. Slow Co. A. SLOW CO. PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31,
Using Concept Check 1, calculate:1. Gross profit2. Net income or net lossConcept Check 1calculate net sales:Cost of Goods Sold$100Gross sales180Sales Returns and Allowances5Sales Discounts2Operating
From the following, calculate net sales:Cost of Goods Sold$100Gross sales180Sales Returns and Allowances5Sales Discounts2Operating Expenses15Ending Inventory, December 31, 201975
Janet Flynn, owner of Reel Company, plans to apply for a bank loan at Petro National Bank. Because the company has a lot of debt on its balance sheet, Janet does not plan to show it to the loan
Temporary accounts could appear on a post-closing trial balance. Agree or disagree?
What is the difference between Current Assets and Plant and Equipment?
Explain how operating expenses can be broken down into different categories.
Which columns of the worksheet aid in the preparation of the income statement?
From the following trial balance and additional data, completethe worksheet for Ron's Wholesale Clothing Company.From the following, complete a worksheet for Waltz Company from the following trial
As the accountant for Jim?s Hardware, you have been asked tocom-plete a worksheet from the following trial balance as well asadditional data. Additional Data 1. Physical count of inventory on
From the following accounts, calculate (a) net sales, (b) cost of goods sold (after adjustment), (c) gross profit, and (d) net income.Sales Discounts$500Physical count of Inventory, December 31,

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