Questions from College Accounting

Q: From Exercise 10B-3, prepare a schedule of accounts payable

From Exercise 10B-3, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account. Exercise 10B-3: Journalize, record, and post when...

Q: Record the following transaction in a transaction analysis chart for the buyer

Record the following transaction in a transaction analysis chart for the buyer: Bought merchandise for $8,900 on account. Shipping terms were F.O.B. destination. The cost of shipping was $510. Assume...

Q: Steve Wilson bought merchandise with a list price of $3,

Steve Wilson bought merchandise with a list price of $3,700. Steve was entitled to a 32% trade discount as well as a 5% cash discount. What was Steve’s actual cost of buying this merchandise after the...

Q: Journalize the adjusting entry on December 31, 2015, for Bad

Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 3% of net credit sales. The income statement approach is used. The following information is given:...

Q: Assuming that in Exercise 13B-2 the balance sheet approach is

Assuming that in Exercise 13B-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,600 balance in the Allo...

Q: Calculate the interest for the following: /

Calculate the interest for the following:

Q: On May 15, 201X, Radford Co. gave Brown Co

On May 15, 201X, Radford Co. gave Brown Co. a 180-day, $8,600, 8% note. On July 14, Brown Co. discounted the note at 10%. a. Journalize the entry for Brown to record the proceeds. b. Record the entry...

Q: In December 200B, Glenda is trying to find out whether she

In December 200B, Glenda is trying to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxe...

Q: Jamie Smith negotiated a bank loan for $27,000 for

Jamie Smith negotiated a bank loan for $27,000 for 150 days at a bank rate of 16%. Assuming the interest is deducted in advance, prepare the entry for Jamie to record the bank loan.

Q: From the following, prepare a chart of accounts.

From the following, prepare a chart of accounts. Apple iPad …………………………….………………… Legal Fees Earned Salary Expense ………………….………………………… L. Jones, Capital Accounts Payable …………………………………………………………… Cash Acc...