Questions from Financial Accounting

Q: On the basis of the following data, (a)

On the basis of the following data, (a) Journalize the adjusting entries at June 30, the end of the current fiscal year, and (b) Journalize the reversing entries on July 1, the first day of the follow...

Q: The unadjusted trial balance of Lakota Freight Co. at March 31

The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at March 31...

Q: Portions of the wages expense account of a business follow:

Portions of the wages expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the...

Q: Portions of the salaries expense account of a business follow:

Portions of the salaries expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize t...

Q: The balances for the accounts that follow appear in the Adjusted Trial

The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement o...

Q: Balances for each of the following accounts appear in an adjusted trial

Balances for each of the following accounts appear in an adjusted trial balance. Identify each as (a) Asset, (b) Liability, (c) Revenue, or (d) Expense. 1. Accounts Receivable 2. Equipment 3. Fees Ear...

Q: Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019: Based on the preceding spreadsheet, pr...

Q: For the past several years, Jolene Upton has operated a part

For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which wa...

Q: Beacon Signals Company maintains and repairs warning lights, such as those

Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-of-period spreadsheet at December 31...

Q: The unadjusted trial balance of PS Music as of July 31,

The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the two months ended July 31, 2019, are shown in Chapter 3. Based upon the adjustment data, the followi...