Questions from College Accounting

Q: Prepare general journal entries for the following transactions: May 1

Prepare general journal entries for the following transactions: May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account...

Q: Describe four possible types of comparisons that may be made in financial

Describe four possible types of comparisons that may be made in financial statement analysis.

Q: What is a franchise? Name a franchise you have visited.

What is a franchise? Name a franchise you have visited.

Q: Prepare general journal entries for the following transactions: July 15

Prepare general journal entries for the following transactions: July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13 p...

Q: At the end of the year, the following interest is payable

At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on $5,000, 60-day, 7% note (for 12 days) $11.67 Interest on $...

Q: Consider the following list of expenditures and indicate whether each would be

Consider the following list of expenditures and indicate whether each would be debited to Land, Building, or Equipment as part of the cost to purchase these assets. Place a check mark in the appropr...

Q: On January 1, 20-1, two flight simulators were

On January 1, 20-1, two flight simulators were purchased by a space camp for $77,000 each with a salvage value of $5,000 each and estimated useful lives of eight years. On January 1, 20-2, the hydraul...

Q: A light truck is purchased on January 1 at a cost of

A light truck is purchased on January 1 at a cost of $35,000. It is expected to serve for eight years and have a salvage value of $5,000. Calculate the depreciation expense for the first and third yea...

Q: The truck purchased in Exercise 18-2A is expected to be

The truck purchased in Exercise 18-2A is expected to be used for 100,000 miles over its eight-year useful life. Exercise 18-2A: A light truck is purchased on January 1 at a cost of $35,000. It is e...

Q: Prepare the entries for the following transactions for Stepanski’s Food Mart using

Prepare the entries for the following transactions for Stepanski’s Food Mart using a general journal: 1. Replaced the checkout computer in Checkout Stand A for $3,500 cash. The computer is part of the...