Questions from Accounting Principles

Q: For each of the following, (1) identify the account

For each of the following, (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit or credit to identify the k...

Q: Assume that you are Jolie Company’s accountant. Company owner Mary Jolie

Assume that you are Jolie Company’s accountant. Company owner Mary Jolie has reviewed the 2021 financial statements you prepared and questions the $6,000 loss reported on the sale of its investment in...

Q: Gore Co. bills a client $62,000 for services

Gore Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) $80,000 of equipment, and (3) $28,000 note payable owed on t...

Q: Prepare general journal entries for the following transactions of Sustain Company.

Prepare general journal entries for the following transactions of Sustain Company. June 1 T. James, owner, invested $11,000 cash in Sustain Company. 2 The company purchased $4,000 of furniture made fr...

Q: Open a ledger account for Cash in balance column format. Post

Open a ledger account for Cash in balance column format. Post general journal entries that impact cash from Exercise 2-9 to the ledger account for Cash, and enter the balance after each posting.

Q: Analyze each transaction in Exercise 2-9 by showing its effects

Analyze each transaction in Exercise 2-9 by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction.

Q: On March 1, Year 1, a company paid an $

On March 1, Year 1, a company paid an $18,000 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table.

Q: For each of the following separate situations, determine how much revenue

For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis accounting). a. On December 7, Oklahoma City Thunder sold a $90 ticket to a bas...

Q: For journal entries 1 through 6, identify the explanation that most

For journal entries 1 through 6, identify the explanation that most closely describes it. A. To record this period’s depreciation expense. D. To record accrued interest revenue. B. T...

Q: Determine the missing amounts in each of these four separate situations a

Determine the missing amounts in each of these four separate situations a through d.