Questions from College Accounting

Q: Assume Jon Wallace completed the following additional transactions during March. Show

Assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + O...

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: Efran Lopez started a financial consulting service on June 1, 20

Efran Lopez started a financial consulting service on June 1, 20--, by investing $15,000. His net income for the month was $6,000, and he withdrew $7,000 for personal use. Prepare a statement of owner...

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

Prepare a statement of owner’s equity assuming Lopez had a net loss of $2,000.

Q: Dr. Patricia Parsons is a dentist. As of January 31

Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice: Cash ……â€&brvba...

Q: David Segal started a business. During the first month (October

David Segal started a business. During the first month (October 20--), the following transactions occurred. (a) Invested cash in the business, $15,000. (b) Bought office supplies for $3,800: $1,800 in...

Q: Foot and balance the accounts payable T account shown below.

Foot and balance the accounts payable T account shown below.

Q: What is the purpose of the post-closing trial balance?

What is the purpose of the post-closing trial balance?

Q: From the information in the trial balance presented above, prepare an

From the information in the trial balance presented above, prepare an income statement for Bill’s Delivery Service for the month ended September 30, 20--.

Q: From the information in the trial balance presented above, prepare a

From the information in the trial balance presented above, prepare a statement of owner’s equity for Bill’s Delivery Service for the month ended September 30, 20--.