Questions from Accounting Principles


Q: The bookkeeper for Abduli Company asks you to prepare the following accrued

The bookkeeper for Abduli Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $400 is accrued. 2. Services performed but not recorded to...

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Q: The adjustments columns of the worksheet for Becker Company are shown below

The adjustments columns of the worksheet for Becker Company are shown below. Instructions a. Prepare the adjusting entries. b. Assuming the adjusted trial balance amount for each account is normal,...

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Q: Selected worksheet data for Bonita Company are presented below.

Selected worksheet data for Bonita Company are presented below. Instructions a. Fill in the missing amounts. b. Prepare the adjusting entries that were made.

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Q: Victoria Lee Company had the following adjusted trial balance.

Victoria Lee Company had the following adjusted trial balance. Instructions a. Prepare closing entries at June 30, 2020. b. Prepare a post-closing trial balance.

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Q: Phoebe Company ended its fiscal year on July 31, 2020.

Phoebe Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Instructions a. Prepare the closing entr...

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Q: The adjusted trial balance for Phoebe Company is presented in E4.

The adjusted trial balance for Phoebe Company is presented in E4.8. Instructions a. Prepare an income statement and an owner’s equity statement for the year. Phoebe did not make any...

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Q: Mr. McKenzie has prepared the following list of statements about service

Mr. McKenzie has prepared the following list of statements about service companies and merchandisers. 1. Measuring net income for a merchandiser is conceptually the same as for a service company. 2. F...

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Q: Financial Statement In its income statement for the year ended December 31

Financial Statement In its income statement for the year ended December 31, 2020, Anhad Company reported the following condensed data. Operating expenses $ 725,000 Interest revenue $ 2...

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Q: An inexperienced accountant for Stahr Company made the following errors in recording

An inexperienced accountant for Stahr Company made the following errors in recording merchandising transactions. 1. A $210 refund to a customer for faulty merchandise was debited to Sales Revenue $210...

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Q: Financial Statement In 2020, Laquen Company had net sales of $

Financial Statement In 2020, Laquen Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Laquen prepares a multiple...

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