Questions from College Accounting

Q: The trial balance after one month of operation for Mason’s Delivery Service

The trial balance after one month of operation for Mason’s Delivery Service as of September 30, 20--, is shown below. Data to complete the adjustments are as follows: (a) Supplies in...

Q: Rossin’s Racers has total credit sales for the year of $280

Rossin’s Racers has total credit sales for the year of $280,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general jou...

Q: Brito’s Hundai Sales and Service estimates the amount of uncollectible accounts using

Brito’s Hundai Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that $4,500 will not be collect...

Q: Julia Alvarez, owner of Alvarez Rentals, uses the allowance method

Julia Alvarez, owner of Alvarez Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 7 wrote off $5,350 owed by...

Q: At the end of the current year, the accounts receivable account

At the end of the current year, the accounts receivable account of Glenn’s Nursery Supplies has a debit balance of $390,000. Credit sales are $2,800,000. Record the end-of-period adjusting entry on De...

Q: Maria Rivera, owner of Rivera Pharmacy, uses the direct write

Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 20 Wrote off $2,325 o...

Q: Como’s Music Store uses the direct write-off method in accounting

Como’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: 20-1 May 8 wrote off $1,745 owed by Vickie Lawr...

Q: Pyle Nurseries used the allowance method to record the following transactions,

Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Feb. 9 Received 60% of the $4,000 balance...

Q: At the completion of the current fiscal year ending December 31,

At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang’s Gift Shop was $30,000. Credit sales for the year were $355,200. REQUIRED Make the necess...

Q: Calculate total time in days for the following notes. (Assume

Calculate total time in days for the following notes. (Assume there are 28 days in February.)