Century 21 Accounting Multicolumn Journal 9th Edition Claudia Bienias Gilbertson, Mark W. Lehman - Solutions

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2. Why is a bank credit card sale treated the same as a cash sale?
1. What are two reasons why a customer might prefer online shopping?
5. How does a trade acceptance differ from a draft?
4. Why do many companies dealing in international sales rely upon letters of credit from banks?
3. How does a sight draft differ from a time draft?
2. What two purposes does a bill of lading serve?
1. What are some of the issues that must be considered before making international sales?
2. What accounts are debited when distributing remaining cash to partners during liquidation?
1. What is meant by the term “realization”?
3. What is the procedure for calculating an owner’s end-of-year capital?
2. What information used to prepare an owners’ equity statement is obtained from the partners’ capital and drawing accounts?
1. What information used to prepare an owners’ equity statement is obtained from the distribution of net income statement?
3. What accounts are debited and credited when a partner withdraws cash from the partnership?
2. List at least three items that should be included in a partnership agreement.
1. What two financial statements prepared by a partnership are similar to those prepared by a proprietorship?
3. What accounts are closed to Retained Earnings?
2. What are the four closing entries for a corporation?
1. What is used to prove the equality of debits and credits in the general ledger?
3. Why is the current ratio a useful measure of financial strength?
2. What is working capital?
1. What is an example of a long-term liability?
2. What information is shown by component percentages on an income statement?
1. Why are other revenue and other expenses reported separately from sales, cost of merchandise sold, and operating expenses on the income statement?
2. What accounts are affected, and how, by the reversing entry for accrued interest expense?
1. Why should accrued expenses be recorded by an adjusting entry before financial statements are prepared at the end of a fiscal period?
2. Why does a business use reversing entries as part of its procedures for accounting for accrued interest income?
1. Which accounting concept is being applied when an adjusting entry is made at the end of the fiscal period to record accrued revenue?
4. Why is interest income recorded at the time a note is dishonored even though cash has not been received?
3. What accounts are affected, and how, when a customer dishonors a note receivable?
2. In which chart of accounts classification is Interest Income listed?
1. When a business asks a customer to sign a note receivable for an extension of time on the customer’s account receivable, how do the amount and form of the business asset change?
2. What accounts are affected, and how, when a business signs a note payable for an extension of time on an account payable?
1. Why are notes payable generally classified as current liabilities?
3. What amount is used for beginning inventory for a month that is not the first month of a fiscal period?
2. What amounts are needed to estimate ending merchandise inventory?
1. When neither a perpetual system is maintained nor a periodic inventory is taken, how can an ending merchandise inventory be determined that is accurate enough for a monthly income statement?
4. Why should a business select one inventory costing method and use that same method continuously for each fiscal period?
3. In a period of rising prices, which inventory costing method gives the highest cost of merchandise sold?
2. On what idea is the lifo method based?
1. When the fifo method is used, how is the cost of each kind of ending merchandise inventory determined?
5. How is the accuracy of a perpetual inventory checked?
4. How do inventory levels affect the period a business selects for its fiscal year? Why?
3. When are periodic inventories normally taken?
2. Identify four reasons why a merchandise inventory that is larger than needed may decrease the net income of a business.
1. Why do successful businesses need an effective inventory system?
4. An asset is never depreciated below what amount?
3. What change occurs in the annual depreciation expense calculated using the declining-balance method?
2. What is the declining-balance method that uses twice the straight-line rate?
1. When calculating depreciation expense using the declining-balance method, what number stays constant each fiscal period?
2. How does an adjusting entry for depreciation expense change the balance of the asset account?
1. What method is used to record accumulated depreciation while also retaining original cost information for plant assets?
2. What three amounts are used to calculate a plant asset’s annual depreciation expense using the straight-line method of depreciation?
1. Which accounting concept is being applied when depreciation expense is recorded for plant assets?
3. Who determines the assessed value of plant assets?
2. What items are included in real property?
1. What accounts are affected, and how, when cash is paid for office equipment?
3. Why is a customer account reopened when the account is paid after being previously written off?
2. Does the book value of accounts receivable differ before and after writing off an account? Explain.
1. Why is Allowance for Uncollectible Accounts debited when a customer account is written off?
3. How is the account Accounts Receivable affected by the estimate of uncollectible accounts?
2. Explain why an adjustment for uncollectible accounts is an application of the Matching Expenses with Revenue concept.
1. How are uncollectible accounts recorded?
3. In what order should accounts be listed on a post-closing trial balance?
2. What is the purpose of preparing a post-closing trial balance?
1. Which accounts are listed on a post-closing trial balance?
2. What is the name of the temporary account that is used to summarize the closing entries for revenue, cost, and expenses?
1. Where is the information obtained for journalizing closing entries for revenue, cost, and expenses?
3. What balance sheet account is increased from a zero balance after adjusting entries are journalized and posted?
2. What adjusting entry is recorded for a merchandising business that is not recorded for a service business?
1. When adjusting entries are journalized, why is no source document recorded?
6. Where is the amount of dividends found?
5. How does a corporation distribute a portion of income to stockholders?
4. Where is the beginning balance of retained earnings found?
3. Where is the information found to prepare the capital stock section of a statement of stockholders’ equity?
2. What are the two major sections of a statement of stockholders’ equity?
1. What financial information does a statement of stockholders’ equity report?
3. How can the amount of net income calculated on the income statement be verified?
2. How is the cost of merchandise sold calculated?
1. What is the major difference between the income statement for a merchandising business and a service business?
3. What extra step is required when a 10-column work sheet is prepared instead of an 8-column work sheet?
2. To which Balance Sheet column is a net loss amount extended?
1. In what column is the Income Summary amount extended?
2. What three factors are used to calculate a plant asset’s annual depreciation expense?
1. What are the two categories of assets?
5. How is the book value of accounts receivable calculated?
4. Why is Allowance for Uncollectible Accounts called a contra account?
3. What two objectives will be accomplished by recording an estimated amount of uncollectible accounts expense?
2. When do businesses normally estimate the amount of their uncollectible accounts expense?
1. Why is an uncollectible account recorded as an expense rather than a reduction in revenue?
4. When is the temporary account Income Summary used?
3. What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
2. What accounts are used for the adjustment for merchandise inventory?
1. In what order should general ledger accounts be listed on a work sheet?
2. What accounts are used for the adjustment to prepaid insurance?
1. What accounts are used for the adjustment to office supplies?
4. What action is required before a corporation can distribute income to its stockholders?
3. What account does a corporation use to record earnings not yet distributed to stockholders?
2. How many accounts are kept for the investment of all owners of a corporation?
1. Under what major chart of accounts division are the owners’ equity accounts for a corporation normally listed?
4. What action is required before a corporation can distribute income to its stockholders?

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Century 21 Accounting Multicolumn Journal 9th Edition Claudia Bienias Gilbertson, Mark W. Lehman - Solutions

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