Questions from Financial Accounting

Q: The supplies account had a beginning balance of $4,085

The supplies account had a beginning balance of $4,085 and was debited for $7,810 for supplies purchased during the year. Journalize the adjusting entry (include an explanation) required at the end of...

Q: The estimated amount of depreciation on equipment for the current year is

The estimated amount of depreciation on equipment for the current year is $14,400. Journalize the adjusting entry (include an explanation) to record the depreciation.

Q: The estimated amount of depreciation on a building for the current year

The estimated amount of depreciation on a building for the current year is $8,120. Journalize the adjusting entry (include an explanation) to record the depreciation.

Q: For the year ending April 30, Safeguard Medical Services Co.

For the year ending April 30, Safeguard Medical Services Co. mistakenly omitted adjusting entries for (1) $1,700 of supplies that were used, (2) Unearned revenue of $8,000 that was earned, and (3) Ins...

Q: For the year ending August 31, Solstice Medical Co. mistakenly

For the year ending August 31, Solstice Medical Co. mistakenly omitted adjusting entries for (1) Depreciation of $8,400, (2) Fees earned that were not billed of $64,400, and (3) Accrued wages of $10,6...

Q: For each of the following errors, considered individually, indicate whether

For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance t...

Q: For each of the following errors, considered individually, indicate whether

For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance t...

Q: Pauline Emm is the owner and operator of Power Thoughts, a

Pauline Emm is the owner and operator of Power Thoughts, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Power Thoughts has assets of $382,000 and liabiliti...

Q: Two income statements for Upward Company follow: /

Two income statements for Upward Company follow: a. Prepare a vertical analysis of Upward Company’s income statements. b. Does the vertical analysis indicate a favorable or an unfav...

Q: Two income statements for Versatile Company follow: /

Two income statements for Versatile Company follow: a. Prepare a vertical analysis of Versatile Company’s income statements. b. Does the vertical analysis indicate a favorable or an...