Questions from College Accounting

Q: Prepare a balance sheet for Jay Pembroke as of April 30,

Prepare a balance sheet for Jay Pembroke as of April 30, 20--.

Q: Match the following users with the information needed. /

Match the following users with the information needed.

Q: List the six major steps of the accounting process in order (

List the six major steps of the accounting process in order (1–6) and define each.

Q: Using the accounting equation, compute the missing elements. /

Using the accounting equation, compute the missing elements.

Q: Identify the sources of the information needed to prepare the balance sheet

Identify the sources of the information needed to prepare the balance sheet.

Q: John Sullivan started a business. During the first month (February

John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Ow...

Q: Assume John Sullivan completed the following additional transactions during February. Show

Assume John Sullivan completed the following additional transactions during February. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilitie...

Q: Label each of the following accounts as an asset (A),

Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs&a...

Q: Ray started an accounting service on June 1, 20--, by

Ray started an accounting service on June 1, 20--, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owner’s equity for the month of June....

Q: Prepare a statement of owner’s equity assuming Ray had a net loss

Prepare a statement of owner’s equity assuming Ray had a net loss of $3,000.