Questions from Financial Accounting

Q: Cactus Company’s annual accounting year ends on June 30. Assume it

Cactus Company’s annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: a. The company earned service r...

Q: Indicate the accounting equation effects (amount and direction) of

Indicate the accounting equation effects (amount and direction) of each adjusting journal entry. Use + for increase, − for decrease, and NE for no effect. Provide an appropriate acc...

Q: Learn to Play, Inc., is a one-person company

Learn to Play, Inc., is a one-person company that provides private piano lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Required:...

Q: The following procedures are used by Complete Wholesale Incorporated.

The following procedures are used by Complete Wholesale Incorporated. a. All sales are made on account, with each sale being indicated on a sequentially numbered sales invoice. b. Customer payments...

Q: The bookkeeper at Tony Company has asked you to prepare a bank

The bookkeeper at Tony Company has asked you to prepare a bank reconciliation as of February 29. The February bank statement and the February T-account for cash showed the following (summarized): Ton...

Q: The September bank statement and cash T-account for Terrick Company

The September bank statement and cash T-account for Terrick Company follow: There were no deposits in transit or outstanding checks at August 31. Required: 1. Identify and list the deposits in tra...

Q: The following amortization schedule indicates the interest and principal that Chip’s Cookie

The following amortization schedule indicates the interest and principal that Chip’s Cookie Corporation (CCC) must repay on an installment note established January 1, 2018. CCC has a...

Q: Service World maintains a petty cash fund. The fund custodian encountered

Service World maintains a petty cash fund. The fund custodian encountered the following events. a. The fund was established when a check for $300 was cashed and deposited into a locked cash box. b....

Q: The transactions listed below are typical of those involving Southern Sporting Goods

The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of...

Q: If you deposit $1,000 at the end of each

If you deposit $1,000 at the end of each period for 10 interest periods and you earn 8 percent interest, how much would you have at the end of period 10? Use a convenient format to display your comput...