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glencoe accounting first year course

Questions and Answers of Glencoe Accounting First Year Course

The accounts used by a business can be separated into permanent accounts and temporary accounts.Permanent accounts carry balances forward from one accounting period to the next. The following types
a. Why are temporary accounts used?b. What is the difference between a temporary account and a permanent account?
Which of the following statements is incorrect?a. The normal balance of the receivable account is a debit.b. The normal balance of the owner’s personal account is a debit.c. The normal balance of
What is the normal balance of the owner’s withdrawals account?
a. State briefly the rules of debit and credit for increasing and decreasing each of the following types of accounts:• Assets• Liabilities• Owner’s capitalb. State briefly the rules of debit
If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry toa. Debit Salary
What is the difference between owner’s equity and the owner’s capital account?
Decide what type of food and beverage you can provide in a delivery service. How much investment would you need to begin? What do you anticipate your customer base to be?
a. Which account classification contains both a permanent account and a temporary account?b. If one side of a transaction involves a revenue account, can the other side involve the owner’s capital
Use the accounts of WordService to analyze these business transactions. The beginning balance for each account is shown following the account name.On the form provided in your working papers,
Use the above table in #3 to answer this question. If the Accounts Receivable balance is $800.00 and Grooming Revenue is $600.00, what is the balance in the Accounts Payable account? a. $600.00 b.
You are analyzing transactions when you have to answer the telephone. After you finish the conversation, how can you tell whether you completed the transaction you were working on when the phone rang?
A business owned and operated by Mike Murray uses these accounts.Look at the following list of accounts, and determine the missing amount for each of the question marks. Assets Cash in
Listed here are the account names and balances for Wilderness Rentals.Using these account names and balances: 1. List and total the assets of the business.2. Determine the amount owed by the
Hot Suds Car Wash uses the following accounts:Use a form similar to the one that follows. For each transaction: 1. Identify the accounts affected.2. Classify the accounts.3. Determine the amount
After graduating from college, Abe Shultz decided to start a pet grooming service called Kits & Pups Grooming.Use a form similar to the one that follows. For each of the following
Describe a series of transactions that could result in negative owner’s equity.
Use a form similar to the one below. Complete these steps for each of the following transactions:1. Identify the accounts affected.2. Write the amount of the increase (+) or decrease (-) in the space
Assess the value of the four-step procedure for analyzing transactions.
Showbiz Video is a business owned by Greg Failla. The transactions that follow are shown as they would appear in the accounting equation.In your working papers, describe what has happened in each
The account names and balances for Job Connect are listed below.Determine the missing amount for each of the question marks. Use the form in your working papers and write in the missing
A chart of accounts is a list of all accounts that a business uses. Each account is assigned a number, and the accounts are listed in numerical order.
Your boss at Hillside Nurseries needs help understanding the double-entry accounting system. Using the key terms listed below, draft a list of definitions and illustrations that would help in your
Speedy Appliance Repair, owned by R. Lewis, uses the following accounts: In the form provided in your working papers:1. Classify each account as an asset, liability, or owner’s capital
Alice Roberts uses the following accounts in her business: Analyze each of the following transactions. In your working papers, explain the debit and the credit. Use the format shown in the
If a business purchases a calculator on account, the accounts affected by this transaction area. Cash in Bank and Accounts Payable.b. Office Equipment and Accounts Receivable.c. Office Equipment and
Which side of an account is the debit side? Which is the credit side?
Double-entry accounting is a system that recognizes the different sides of business transactions as debits and credits:• Debit: an entry on the left side of an account• Credit: an entry on the
A skeleton form of an account showing only the debit and credit columns is called a(n)a. Accounting equation.b. T account.c. Account balance.d. Work sheet.e. None of these answers.
How is the term credit in Chapter 3 different from credit in Chapter 4?
Solve: 2 3/8  1 1/2 (Reduce to lowest terms.)a. 7/8b. 14/16c. 1 2/6d. 1 1/8
What new issues would an accountant face in moving from a job at a for profit business to a job at a not-for-profit organization?
In your working papers, indicate whether each of the following businesses is a service business, a merchandising business, or a manufacturing business.1. International Business Machines (IBM)2. Gap3.
Which of the following terms can be considered assets? Which terms relate to liabilities? Which terms do not fall easily into either category? accounts payable accounts
a. Define the terms property and financial claim.b. What is the relationship between property and financial claims?
Things of value a business uses to generate income are known as a. assets. b. capital. c. expenses. d. revenue.
What term identifies the owner’s claims to assets of the business?
Determine the missing dollar amount indicated by the question mark in each equation. Write each missing amount in your working papers. ASSETS 1. $17,000 2. ? 3. $10,000 ? 4. 5. $ 8,000 6.
A company prohibits any employee from making disparaging comments about the company through any social media—including online blogs, email, tweets, and other electronic media. Violation of this
While driving his car in Virginia, Carpe Diem, a resident of North Carolina, struck Butt, a resident of Alaska. As a result of the accident, Butt suffered more than $80,000 in medical expenses. Butt
On May 5, Stewart Richardson (Seller) and Jasdip Properties SC, LLC (Buyer) entered into an agreement for the purchase of certain property in Georgetown, South Carolina, for $537,000. Buyer paid an
Kelly-Moore Paint Company, entered into a fifteen-year commercial lease with Osprey, for a property in Edmond, Oklahoma. The lease contained an option for two five-year renewals. The lease required
Adler owes Panessi, a police captain, $5,000. Adler threatens that unless Panessi discharges him from the debt, Adler will disclose the fact that Panessi has on several occasions become highly
Anna Feinberg began working for the Pfeiffer Company in 1972 at age seventeen. By 2010, she had attained the position of bookkeeper, office manager, and assistant treasurer. In appreciation for her
Ben Collins was a full professor with tenure at Wisconsin State University in 2015. In March 2015, Parsons College, in an attempt to lure Dr. Collins from Wisconsin State, offered him a written
On April 30, 2019, Barack and Donald entered into a bet on the outcome of the 2019 Kentucky Derby. On January 28, 2020, Barack, who bet on the winner, approached Donald, seeking to collect the $3,000
Makayla was a Java programmer employed with Sun Microsystems in Palo Alto, California. Upon beginning employment, Makayla signed a contract that included a noncompete clause that prevented her,
Richard Brobston was hired by Insulation Corporation of America (ICA) in 2009 as a territory sales manager but was promoted to national account manager in 2013 and to general manager in 2017. In
Between 2015 and 2020, Williams purchased a number of household items on credit from Walker-Thomas Furniture Co., a retail furniture store. Walker-Thomas retained the right in its contracts to
Jones, a minor, owned a 2019 automobile. She traded it to Stone for a 2020 car. Jones went on a three-week trip and found that the 2020 car was not as good as the 2019 car. She asked Stone to return
Ira, who in 2017 had been found innocent of a criminal offense because of insanity, was released from a hospital for the criminally insane during the summer of 2018 and since that time has been a
G.A.S. married his wife, S.I.S., on January 19, 2009. He began to suffer mental health problems in 2015, during which year he was hospitalized at the Delaware State Hospital for eight weeks. Similar
On April 29, Kirsten Fletcher and John E. Marshall III jointly signed a lease to rent an apartment for the term beginning on July 1 and ending on June 30 of the following year, for a monthly rent of
On December 1, Euphonia, a famous singer, contracted with Boito to sing at Boito’s theater on December 31 for a fee of $45,000 to be paid immediately after the performance.a. Euphonia, for value
In late 2017 or early 2018, the plaintiff, Lan England, agreed to sell 258,363 shares of stock to the defendant, Eugene Horbach, for $2.75 per share, for a total price of $710,498.25. Although the
In October 2015, Black, the owner of the Grand Opera House, and Harvey entered into a written agreement leasing the Opera House to Harvey for five years at a rental of $300,000 per year. Harvey
On February 26, 2020, William Stem purchased a used BMW from Gary Braden for $26,600. Stem’s primary purpose for buying the car was to use it to drive his child to school and various activities.
Jordan Panel Systems, Inc., ordered custom-made windows from Windows, Inc. The purchase contract provided that the windows were to be shipped properly packaged for motor freight transit and
Brian Felley purchased a used Ford Taurus from Thomas and Cheryl Singleton for $8,800. The car had one hundred and twenty-six thousand miles on it. After test driving the car, Felley discussed the
The following instrument was given to Matthew Andrea:Chapel Hill, N.C.April 15, 2021Ninety days after date pay to the order of Matthew Andrea, seven hundred and fifty dollars ($750).Value received
Kenco buys mobile homes from the factory and sells them to the consumer. Sometimes, it contracts to sell a home that the factory has not yet built. It has a virtually unlimited supply of product. On
Sam Sharpe executed and delivered to Don Dole the following instrument:Knoxville, Tennessee May 29, 2021Thirty days after date I promise to pay Don Dole or order, Five Thousand Dollars. The holder of
Explain whether the following instrument is negotiable.March 1, 2021One month from date, I, James Jimson, hereby promise to pay Edmund Edwards: Six thousand, Seven hundred Fifty ($6,750.00) dollars,
On September 2, 2015, Levine executed a mortgage bond under which she promised to pay the Mykoffs a preexisting obligation of $54,000. On October 14, 2021, the Mykoffs transferred the mortgage to
On January 2, 2021, seventeen-year-old Martin paid $2,000 for a used motorboat to use in his fishing business, after Dealer’s fraudulent misrepresentation of the condition of the boat. Martin
On June 15, 2016, Justin, for consideration, executed a negotiable promissory note for $10,000, payable to Renee on or before June 15, 2021. Justin subsequently suffered financial reverses. In
On August 10, 2019, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil O’Neil, James Hane, and their wives
In 2011, Gauldin and Corn entered into a partnership for the purpose of raising cattle and hogs. The two men were to share equally all costs, labor, losses, and profits. The business was started on
The Brazilian Equity Fund, Inc., is a nondiversified, publicly traded, closed-end investment company incorporated under the laws of Maryland. As a closed-end fund, it has a fixed number of
Freelin Conn filed a voluntary petition under Chapter 7 of the Bankruptcy Code on September 30, 2021. Conn listed BancOhio National Bank as having a claim incurred in October 2020 in the amount of
In July 2020, Edward Slater purchased a new Galaxy boat primarily for personal purposes. To finance the purchase, Slater obtained a loan from Howell State Bank, agreeing to repay the loan in
The accounting cycle is pictured below. The first three steps are highlighted:Step 1: Collect and verify source documents.Step 2: Analyze each transaction.Step 3: Journalize each transaction. Collect
a. List four source documents and describe the contents of each.b. Explain when each source document is used.
Every journal consists of four parts:a. Account title, date, post reference, amount.b. Date, debit, credit, source document.c. Date, page number, debit, credit.d. Date, post reference, debit, credit.
Source documents are evidence of business transactions. Four examples of source documents are listed below. Invoice➤ describes the buying or selling of an item on account Receipt ➤ describes cash
How is the general journal entry for a cash purchase different from the entry for a purchase on account?
Elena Rodriguez started a business offering an exer cise facility and personal physical training. Elena has hired you as a financial consultant to help her set up her accounting system. She has
The six steps for recording a business transaction in the general journal are shown below, out of order. In your working papers or on a blank sheet of paper, indicate the proper order of these
Glenda Hohn recently started a day-care center. She uses the following accounts.In your working papers or on a separate sheet of paper, for each transaction: Determine which accounts are affected.
Businesses use journals to keep records of transactions in the order they occur. The process of recording transactions in a journal is called journalizing. 250.00 November
a. Why is a journal sometimes called the book of original entry?b. What is the purpose of recording transactions in a journal?
The amount of each asset in an opening entry is recorded in a journal in thea. General Debit column.b. General Credit column.c. Both a and b.d. Neither a nor b.
It is your first day on a new job. Your task is to journalize transactions. You just sat at your desk, which is covered with papers. What do you do next?
a. Where do you get the information needed to make a journal entry?b. How do you determine the debit and credit parts of a journal entry?
Ronald Hicks owns and operates Wilderness Rentals. The following accounts are needed to journalize the month’s transactions.Record the following transactions on page 1 of the general journal in
An example of a business document that indicates a transaction has occurred is a. A journal.b. A ledger.c. A memo.d. A balance sheet.
Source documents contain the information needed for journalizing transactions. The check stub shown to the right is a source document. The highlighted information is used to make the journal entry.
Compare a general journal entry to a transaction recorded in T accounts. How is it similar? How is it different?
Regina Delgado owns a business called Hot Suds Car Wash. She uses the following chart of accounts.Record the following transactions on page 1 of the general journal in your working papers.
Follow six steps to make a general journal entry: DATE 1 (1) Date 2 3 4 GENERAL JOURNAL DESCRIPTION (4) Account to Credit (6) Source Document Reference (2) Account to Debit POST. REF. DEBIT (3) Debit
a. What six types of information are included in each general journal entry?b. In what order do you record this information?
The source document used when a customer makes a payment on his/her account owed would be aa. Sales invoice.b. Check.c. Receipt.d. Memorandum.
What items do you need to complete each of the first three steps of the accounting cycle? Include office supplies and forms as well as any information that will be needed.
Abe Shultz owns and operates a pet grooming business called Kits & Pups Grooming. The following accounts are used to journalize transactions.Record the following transactions on page 7 of the
a. How are the two amount columns of the general journal used to record dollar amounts?b. Describe the spacing of the information in the Description column.
Notice how information is applied from the source document (Check Stub 110) to the general journal. 1 2 3 4 DATE 20-- Nov. 2 Office Equipment Cash in Bank Check 110 GENERAL
What is the value of keeping the record of business transactions in chronological order?
In a manual system, never erase a general journal error. The procedure to correct an error is shown below. DATE 1 20- 2 Nov, 2 Office Equipment. Maintenence Expense 3 Cash in Bank 4 Check 110 GENERAL
Juanita Ortega is the owner of Outback Guide Service. The following accounts are used to record the transactions of her business.Record the following transactions on page 1 of the general journal in

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