Questions from Accounting Principles

Q: Caesar Company uses a sales journal, purchases journal, cash receipts

Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a sales journal like the one in Exhibit 7.5. Journalize the following...

Q: Li Company uses a sales journal, purchases journal, cash receipts

Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the follo...

Q: Refer to QS 7-8 and for each of the transactions

Refer to QS 7-8 and for each of the transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash payments jo...

Q: Greenleaf Company uses a sales journal, purchases journal, cash receipts

Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash payments journal like the one in Exhibit 7.11. Journalize t...

Q: Following are (1) two transactions involving a customer as reported

Following are (1) two transactions involving a customer as reported in the accounts receivable subsidiary ledger and (2) two transactions involving a supplier as reported in the accounts payable subsi...

Q: The following T-accounts show postings of selected transactions. Indicate

The following T-accounts show postings of selected transactions. Indicate the journal used in recording each of these postings a through e.

Q: Choose from the following list of terms and phrases to best complete

Choose from the following list of terms and phrases to best complete the following statements. a. Cash b. Cash equivalents c. outstanding check d. Liquidity e. Cash over...

Q: Nolan Company’s Cash account shows a $22,352 debit balance

Nolan Company’s Cash account shows a $22,352 debit balance and its bank statement shows $21,332 on deposit at the close of business on June 30. Prepare a bank reconciliation using the following inform...

Q: Using the information in QS 8-12, prepare any necessary

Using the information in QS 8-12, prepare any necessary journal entries that Organic Food Co. must record as a result of preparing the bank reconciliation.

Q: Use the following information to prepare the current assets section of Lima

Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31.