Questions from Accounting Principles

Q: Renner Hardware Store completed the following merchandising transactions in the month of

Renner Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Renner showed Cash of $5,000 and Owner’s Capital of $5,000. May 1...

Q: Big Box Store is located in midtown Madison. During the past

Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal yea...

Q: Yolanda Hagen, a former disc golf star, operates Yolanda’s Discorama

Yolanda Hagen, a former disc golf star, operates Yolanda’s Discorama. At the beginning of the current season on April 1, the ledger of Yolanda’s Discorama showed Cash $1,800, Inventory $2,500, and Own...

Q: The trial balance of Gaolee Fashion Center contained the following accounts at

The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. Adjustment data: 1. Supplies on hand totaled $2,60...

Q: At the end of Donaldson Department Store’s fiscal year on November 30

At the end of Donaldson Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Additional facts: 1. Merchandise inventory on No...

Q: Kayla Inc. operates a retail operation that purchases and sells home

Kayla Inc. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise inventory on credit and uses a periodic inventory system. The Account...

Q: At the beginning of the current season on April 1, the

At the beginning of the current season on April 1, the ledger of Gage Pro Shop showed Cash $3,000, Inventory $4,000, and Owner’s Capital $7,000. These transactions occurred during April 2020. Apr. 5...

Q: The adjusted trial balance for Renfro Company is given in E3.

The adjusted trial balance for Renfro Company is given in E3.17. Instructions Prepare the income and owner’s equity statements for the year and the balance sheet at August 31. Data...

Q: Anya Clark opened Anya’s Cleaning Service on July 1, 2020.

Anya Clark opened Anya’s Cleaning Service on July 1, 2020. During July, the following transactions were completed. July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,0...

Q: The following data are taken from the comparative balance sheets of Bundies

The following data are taken from the comparative balance sheets of Bundies Billiards Club, which prepares its financial statements using the accrual basis of accounting. Members are billed based up...