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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Atlas Advertising showed the following selected transactions for the month ended March 31, 2023:Mar. 1 Purchased a new portable building, paying cash of $75,000 and signing a five-year note payable
Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2023:Mar. 1 Invested $50,000 in cash and office equipment that had a fair value of
Francis Dhami, Public Accountant, completed these activities during September 2023, the first month of operations:Sept. 1 Began a public accounting practice by investing $48,000 in cash and office
Review the Recipe Unlimited Corporation balance sheet for fiscal year-end December 31, 2020, in Appendix III. Identify three accounts on the balance sheet that would carry debit balances and three
Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for several companies, she opened her own
WiCom Servicing completed these transactions during November 2023, its first month of operations:Nov. 1 Tait Unger, the owner, invested $62,000 cash and office equipment that had a fair value of
CityBnB’s records showed the following beginning balances on July 31, 2023. Using the information provided and the analysis completed in QS 2-6 and QS 2-7, complete the following:Data From
Paul Sangha began Sangha Consulting on May 1, 2023 and reported the items below at May 31, 2023. Match each numbered item with the part of the balance sheet on which it should be presented. If the
Tim Roadster began Roadster Servicing on April 1, 2023, and showed the following items after the first month of operations. Match each of these items with the financial statement or statements on
On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31, 2023, Breanne Allarie, the owner, finalized the company’s records that showed the following items.
On November 1, 2023, Jean Higgins started a wedding planning company, Extraordinary Studios. On November 30, 2023, the company’s records showed the following items. Use this information to prepare
Beyond Music provides DJ services for events such as high school dances, weddings, and corporate events. Michael Cantu started the business on June 1, 2023. The June activities resulted in totals at
Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31, 2023 (shown in
At the beginning of June 2023, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations:July 1 Purchased
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month
After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T-accounts) as at January 31, 2023.During February, the following
Dee Bell Company’s records showed the following April 30, 2023, account balances:Required1. Using the chart of accounts numbering system, assign an account number to each account.2. Using the
Binbutti Engineering, a sole proprietorship, completed the following transactions during July 2023, the third month of operations:July 1 Bob Binbutti, the owner, invested $300,000 cash, office
Prepare journal entries for the following transactions that occurred during January 2023:January 3 Stan Adams opened a landscaping business by investing $60,000 cash and equipment having a $40,000
Precision Laser Centres showed the following selected activities during the month of April 2023. Record the journal entries for the following transactions.April 5 Performed surgery on a customer
Ike Petrov started a tour company, Tour-Along, on October 1, 2023. The following activities occurred during November, the second month of operations:Nov. 1 Paid $10,000 regarding purchases made on
Prepare journal entries for each of the seven transactions posted to the following T-accounts. Provide a short description of each transaction. The first description is done as an example.(a) The
Taylor Smith is a singer who has experienced international success in her career. On May 1, 2023, Taylor started her business, Glitter and Gold Studio, where she teaches singing. The following
Ranjeet Gill is a wedding planner who is one of the best known in her area; she has a high presence at wedding shows and works closely with a wedding dress boutique. On January 1, 2023, Ranjeet
Tom Keenan is a vacation planner who specializes in outback adventures; he has a high presence at outdoor shows and gets most of his business from there. On May 1, 2023, Tom started his business
Sato Inspection Services is in its second month of operations. You have been given the following journal entries regarding its January 2023 transactions.Requireda. Set up the following accounts (use
Prepare journal entries to record the following August 2023 transactions of a new business called For the Love of Pixels.Aug. 1 Joseph Eagle, the owner, invested $20,000 cash and photography
Using the account information shown below, prepare a trial balance at January 31, 2023. Cash 5,000 6,000 2,000 4,000 3,000 1,000 8,000 Brea Vahn, 101 Withdrawals 302 1,000 Vahn Landscaping General
Wilm Schmidt, the owner of Wilm’s Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance.The following errors were discovered:1. Schmidt
Cycle Travel Tours showed the following trial balance information (in alphabetical order) for its first month just ended March 31, 2023:RequiredUse the information provided to complete an income
On January 1, 2023, Paula Fernandes started a new business called Wicked Dance. Near the end of the year, she hired a new bookkeeper without checking references or requesting an academic transcript.
Willow Window Washing Services prepares adjustments monthly and shows the following selected accounts on its December 31, 2023, unadjusted trial balance:RequiredPrepare the required monthly adjusting
Media Marketing Services has been operating for several years. It showed the following trial balance information (in alphabetical order) for the month just ended March 31, 2023:*The $122,000 balance
It’s a week before Frogbox’s October 31, 2023, year-end. You are the personnel director and are reviewing some financial information regarding the March 1, 2021, purchase of office furniture for
Camillo’s Cleaning Services is gathering information for its year-end, April 30, 2023. Selected accounts on the April 30, 2023, unadjusted trial balance are reproduced below:RequiredPrepare the
Lily Zhang started a new business on January 1, 2023, called Zhang Consulting. She develops financial investment plans for young adults. During the business’s first year of operations, the
The accounting records of Carmen Creek Gourmet Meats show the following assets and liabilities as of the end of 2023 and 2022:During 2023, Carmen Munch, the owner, purchased a small office building
The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022:During December 2023 the owner, Jess LeClaire, purchased a small office
On January 1, 2022, Dog Obedience Training Co entered its second year of operations. This year the business expanded to include doggy daycare because many customers requested the service. On December
On January 1, 2022, Dance Training Co entered its second year of operations. Dance Training Co provides elite personal training courses to dancers who want to work on cruise ships. On December 31,
On January 1, 2023, Fireworks Fantasia entered its third year of operations. On December 31, 2023, Wes Gandalf, the owner, finalized the company’s records that showed the following
On August 1, 2022, Cross Fitness entered its second year of operations. Cross Fitness provides high-performance group and personal training courses that have been derived from scientific research and
Dublin Window Cleaners began operations on January 1, 2022. The owner invested $400,000 during the first year and made no withdrawals. During 2023, the business reported profit of $192,000, owner
Blue Water Kayak began operations on January 1, 2022. The owner invested $10,000 during the first year and was able to withdraw cash of $42,000 after a successful first year. During 2023, the second
Glenrose Servicing began operations on June 1, 2023. Transactions for the first two months follow:Required1. Create two tables like the one in Exhibit 1.15 for each of June and July using the
Susan Huang began the practice of law October 1, 2023, with an initial investment of $10,500 in cash. She made no withdrawals during the month. After completing the first month of practice, the
Part A:1. Refer to Appendix III at the end of the textbook for the December 31, 2020, balance sheet for Recipe Unlimited Corporation, a Canadian food company based in Concord, Ontario. What types of
You are the accountant at Global Consulting. The marketing manager is excited about the success of their new marketing campaign. She boasts, “We spent $1 million on marketing in 2022 and we have
Jack Tasker opened his Auto Repair Shop in November 2023. The balance sheet at November 30, 2023, prepared by an inexperienced part-time bookkeeper, is shown below.RequiredPrepare a correct balance
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2023, is shown below:*Assume all accounts have a normal
Refer to Spin Master’s income statement in Appendix III at the end of the book. What journal entry was recorded as of December 31, 2020 to close the revenue account? This appendix includes
The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2023. The new bookkeeper alphabetized the accounts.*The notes payable plus interest are due
The following closing entries were prepared for Apex Architectural Designs regarding its year just ended June 30, 2023:Required1. Prepare an income statement based on the information provided.2.
You are the accountant at Indigo. Refer to Appendix III for Indigo’s Consolidated Balance Sheet as at March 2020. Your manager has assigned you the following tasks.1. Calculate the current ratio,
You are the accountant at Spin Master. Refer to Appendix III for Spin Master’s Consolidated Balance Sheets as at December 31, 2020. Your manager has asked you to do the following:1. Calculate the
The March 31, 2023, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order.1$5,000 of the long-term note payable is due during the year ended March 31,
Use the following March 31, 2023, year-end adjusted balances to prepare Jardine Servicing’s liabilities section on its March 31, 2023, classified balance sheet.*$56,000 of this amount will be paid
Jozef’s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2023:Required1. Identify the error(s) in the post-closing trial
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the
The unadjusted trial balance for Lewis Fitness Centre as of December 31, 2023, follows:Information necessary to prepare adjusting entries is as follows:a. As of December 31, employees have earned
Smart Resource Company’s unadjusted trial balance on December 31, 2023, the end of its annual accounting period, is as follows:Information necessary to prepare adjusting entries is as follows:a.
The following is selected financial information from Recipe Unlimited Corporation’s Balance Sheet as at December 31, 2020 and 2019. Calculate the debt to equity ratio for 2020 and 2019 (round to
A partial alphabetized list of adjusted account balances is shown for Dover Pacific Tours as at November 30, 2023 (all accounts have normal balances). Pat Dover, the owner, uses the following account
The December 31, 2023, unadjusted trial balance for Tucker Photographers after the first month of operations is shown below:Required1. Enter the unadjusted trial balance onto a work sheet.2. Using
After five years of operations, Svenson’s Tutoring Clinic showed the following post-closing balances at December 31, 2022.RequiredAnalysis Component:1. Explain why Leda Svenson, Withdrawals,
This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2023. The beginning balance of the owner’s capital account was $46,000 and the owner
Use the following adjusted trial balance of Hanson Trucking Company to prepare a classified balance sheet as of December 31, 2023. Account Title Cash Accounts receivable Office
The June 30, 2023, unadjusted trial balance for Trenton Consulting after its first year of operations follows:Required1. Enter the unadjusted trial balance onto a work sheet.2. Using the following
Refer to the December 31, 2020, balance sheet for Recipe Unlimited Corporation in Appendix III at the end of the book. What amount of Recipe’s long-term debt is coming due before December 31, 2021?
Presented below is the unadjusted trial balance of Webster Demolition Company as of June 30, 2023, the end of its fiscal year. The owner invested $17,500 cash in the company during the
The following information is from the work sheet for Pursley Company as of December 31, 2023. Using this information, determine the amount that should be reported for Alice Pursley, Capital on the
The following information is from the work sheet for Hascal Company as of December 31, 2023. Using this information, determine the amount for Sam Hascal, Capital that should be reported on the
The following are transactions for the month of May 2023, the first month of operations.May 2 Emily moved $5,500 from her personal bank account to a business bank account at TD Bank. She also
Colombia Textiles began operations several years ago. Its post-closing trial balance at December 31, 2023, is shown below (with accounts listed in alphabetical order):1Assume all accounts have a
The following is selected simplified information from Organic Catering’s balance sheet as at December 31, 2023 and December 31, 2024. You, business analyst at Organic Catering, have been asked to
Amuse Me Co. buys and sells new and used equipment for amusement parks, carnivals, parks, and zoos. Prepare general journal entries to record the following perpetual system merchandising transactions
Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2023 to
The following information is from the unadjusted trial balance for Journey’s End Company prepared at October 31, 2023, the end of the fiscal year:Rent and salaries expense are equally divided
Information from the unadjusted trial balance of Electric Bike on December 31, 2023, the end of the annual accounting period, is as follows:Required1. Record adjusting entries for the following
The following amounts appeared on Excel Company’s adjusted trial balance as of May 31, 2023, the end of its fiscal year:Required1. Present a classified multiple-step income statement for internal
The following amounts appeared on Davison Company’s adjusted trial balance as of October 31, 2023, the end of its fiscal year:Required1. Prepare a classified multiple-step income statement for
The following amounts appeared on Plymouth Electronics’ adjusted trial balance as of December 31, 2023.Required1. Prepare a 2023 classified multiple-step income statement for Plymouth Electronics,
On May 11, 2023, Wilson Purchasing purchased $23,000 of merchandise from Happy Sales; terms 2/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $18,000. Wilson paid $1,300 to Express
The following is account information listed in alphabetical order for Compu-Soft for the month ended November 30, 2023.RequiredPrepare a multiple-step income statement for the month ended November
The following amounts appeared on the Mendelstein Company’s adjusted trial balance as of October 31, 2023, the end of its fiscal year:A physical count shows that the cost of the ending inventory is
Westlawn Company discloses the following for the year ended May 31, 2023:RequiredCalculate (a) Net sales, (b) Total operating expenses, (c) Cost of goods sold, (d) Gross profit
The following amounts summarize Transeer Company’s merchandising activities during 2023. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the activities directly in
In comparing income statement information for the years ended December 31, 2023 and 2021, the owner noticed an increase in the gross profit. He was puzzled because he knew that inventory costs were
During 2023, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2023, the following information was available from its records:Use the retail method to estimate
Quebec Traffic Company had a fire on March 10, 2023, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information: Sales, January 1 to March
The Zeon Company had a flood on July 5, 2023, that destroyed all of its inventory. The salvaged accounting records contained the following information:RequiredDetermine the amount of inventory lost
From the following information for Russo Merchandising Co., calculate inventory turnover for 2024 and 2023 and days’ sales in inventory at December 31, 2024 and 2023. Round answers to one decimal
Belle Equipment Co. wants to prepare interim financial statements for the first quarter of 2023. The company uses a periodic inventory system but would like to avoid making a physical count of
Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of inventory. During the last five years, the company’s
Assume that in addition to estimating its ending inventory by the retail method, Harmony Co. of Exercise 6-13 also took a physical inventory at the marked selling prices of the inventory items at the
Use the following information for Palmer Co. to compute inventory turnover for Year 3 and Year 2, and its days’ sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did
The records of Earthly Goods provided the following information for the year ended December 31, 2023.Required1. Prepare an estimate of the company’s year-end inventory by the retail method. Round
The records of The Wilke Co. provided the following information for the year ended December 31, 2023:Required1. Prepare an estimate of the company’s year-end inventory by the retail method. Round
Pet Emporium had a robbery on the weekend in which a large amount of inventory was taken. The loss is covered completely by insurance. A physical inventory count determined that the cost of the
Poundmaker Company just had a fire in its warehouse that destroyed all of its merchandise inventory. The insurance company covers 80% of the loss. The following information is available regarding the

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