Questions from Accounting Principles

Q: Hanson Company has an inexperienced accountant. During the first month on

Hanson Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. The purcha...

Q: The following accounts were taken from the financial statements of Giles Company

The following accounts were taken from the financial statements of Giles Company. ________ Interest revenue ________ Owner’s capital ________ Utilities payable ________ Accumulated depreciation—eq...

Q: The completed financial statement columns of the worksheet for Bray Company are

The completed financial statement columns of the worksheet for Bray Company are shown as follows. Instructions a. Prepare an income statement, an owner’s equity statement, and a cl...

Q: Tim Jarosz Company had the following account balances at year-end

Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales...

Q: Presented below is information related to Hoerl Co. for the month

Presented below is information related to Hoerl Co. for the month of January 2020. Instructions a. Prepare the necessary adjusting entry for inventory. b. Prepare the necessary closing entries.

Q: Financial Statement Presented below is information for Kaila Company for the month

Financial Statement Presented below is information for Kaila Company for the month of March 2020. Cost of goods sold $215,000 Rent expense $ 30,000 Freight-out 7,000 Sales discounts 8,0...

Q: Chloe Davis has prepared the following list of statements about the time

Chloe Davis has prepared the following list of statements about the time period assumption. 1. Adjusting entries would not be necessary if a company’s life were not divided into artifi cial time perio...

Q: The adjusted trial balance columns of the worksheet for Auburn Company are

The adjusted trial balance columns of the worksheet for Auburn Company are as follows. Instructions Complete the worksheet.

Q: Carillo Industries collected $108,000 from customers in 2020.

Carillo Industries collected $108,000 from customers in 2020. Of the amount collected, $25,000 was for services performed in 2019. In addition, Carillo performed services worth $36,000 in 2020, which...

Q: Luong Corporation encounters the following situations: 1. Luong collects

Luong Corporation encounters the following situations: 1. Luong collects $1,300 from a customer in 2020 for services to be performed in 2021. 2. Luong incurs utility expense which is not yet paid in c...