Questions from Financial Accounting

Q: Connie Young, an architect, opened an office on October 1

Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a persona...

Q: On January 1, 20Y5, Fahad Ali established Mountain Top Realty

On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: a. Fahad Ali transferred cash from a personal bank account to an account to...

Q: Elite Realty acts as an agent in buying, selling, renting

Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y7, follows: The following business transactions were completed by Eli...

Q: On December 31, the following data were accumulated for preparing the

On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty: • The supplies account balance on December 31 is $1,585. The supplies on hand on December 3...

Q: Milbank Repairs & Service, an electronics repair store, prepared the

Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the follow...

Q: Good Note Company specializes in the repair of music equipment and is

Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 20Y5, the end of the current year, the accountant for Good Note prepared the fo...

Q: Emerson Company is a small editorial services company owned and operated by

Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company’s accounting clerk prepared the unadjusted trial bal...

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

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

Q: Finders Investigative Services is an investigative services firm that is owned and

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 20Y3, the end of the fiscal year, the accountant for Finders Investigative Serv...

Q: The unadjusted trial balance of Epicenter Laundry at June 30, 20Y3

The unadjusted trial balance of Epicenter Laundry at June 30, 20Y3, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand...