Questions from Accounting Principles


Q: Blair Natt Company discovered the following errors made in January 2020.

Blair Natt Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700. 2. A collectio...

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Q: Patel Company has an inexperienced accountant. During the first 2 weeks

Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment...

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Q: The adjusted trial balance for Carter Bowling Alley at December 31,

The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts. Instructions a. Prepare a classified balance sheet; assume that $30,000 of the note payabl...

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Q: The following are the major balance sheet classifications. /

The following are the major balance sheet classifications. Instructions Classify each of the following accounts taken from Faust Company’s balance sheet. ________ Accounts payable...

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Q: The following items were taken from the financial statements of P.

The following items were taken from the financial statements of P. Jimenez Company. (All amounts are in thousands.) Long-term debt $ 1,000 Accumulated depreciation—equipment $ 5,655 Prepaid insuran...

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Q: These financial statement items are for Basten Company at yearend, July

These financial statement items are for Basten Company at yearend, July 31, 2020. Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800 Salaries and wages expense 48,700 Cash 14,200...

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Q: Krantz Company pays salaries of $15,000 every Monday for

Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz’s employees have worked 2 days without being...

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Q: On December 31, the adjusted trial balance of Shihata Employment Agency

On December 31, the adjusted trial balance of Shihata Employment Agency shows the following selected data. Accounts Receivable $24,500 Service Revenue $92,500 Interest Expense 7,700 Interest Paya...

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Q: Worksheet data for Auburn Company are presented in E4.2.

Worksheet data for Auburn Company are presented in E4.2. The owner did not make any additional investments in the business in April. Instructions Prepare an income statement, an ownerâ€...

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Q: Worksheet data for Auburn Company are presented in E4.2.

Worksheet data for Auburn Company are presented in E4.2. Instructions a. Journalize the closing entries at April 30. b. Post the closing entries to Income Summary and Owner’s Capita...

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