Questions from Accounting Principles

Q: Brueser Company has the following account balances: Sales Revenue $195

Brueser Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of the...

Q: Financial Statement Nelson Company provides the following information for the month ended

Financial Statement Nelson Company provides the following information for the month ended October 31, 2020: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and...

Q: The ledger of Althukair Company includes the following accounts. Explain why

The ledger of Althukair Company includes the following accounts. Explain why each account may require adjustment. a. Prepaid Insurance. b. Depreciation Expense. c. Unearned Service Revenue. d. Interes...

Q: Gee Company accumulates the following adjustment data at December 31. Indicate

Gee Company accumulates the following adjustment data at December 31. Indicate (a) the type of adjustment (prepaid expense, accrued revenue, and so on), and (b) the status of accounts before adjustmen...

Q: Schramel Advertising Company’s trial balance at December 31 shows Supplies $6

Schramel Advertising Company’s trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand. Prepare the adjusting entry at December...

Q: At the end of its first year, the trial balance of

At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year...

Q: On July 1, 2019, Major Co. pays $15

On July 1, 2019, Major Co. pays $15,120 to Mesa Insurance Co. for a 4-year insurance contract. Both companies have fi scal years ending December 31. For Major Co., journalize and post the entry on Jul...

Q: Using the data in BE3.5, journalize and post the

Using the data in BE3.5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Mesa Insurance Co. Mesa uses the accounts Unearned Service Revenue and Service Revenue.

Q: Financial Statement The adjusted trial balance of Miller Company at December 31

Financial Statement The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner’s Capital $16,400, Owner’s Drawings $7,000, Service Revenue $39,000, Salar...

Q: Financial Statement Partial adjusted trial balance data for Miller Company is presented

Financial Statement Partial adjusted trial balance data for Miller Company is presented in BE3.9. The balance in Owner’s Capital is the balance as of January 1. Prepare an owner’s equity statement for...