Questions from College Accounting

Q: Match the following categories to each account listed. 1.

Match the following categories to each account listed. 1. Current Asset 2. Plant and Equipment 3. Current Liabilities 4. Long-Term Liabilities

Q: a. On January 1, prepare a reversing entry. On

a. On January 1, prepare a reversing entry. On January 8, journalize the entry to record the paying of Salaries Expense, $760. b. What will be the balance in Salaries Expense on January 8 (after posti...

Q: a. Complete the following transactional analysis chart when employing the direct

a. Complete the following transactional analysis chart when employing the direct write-off method: b. On which financial statement will each title be reported?

Q: Given the balance in the Allowance for Doubtful Accounts of $310

Given the balance in the Allowance for Doubtful Accounts of $310 credit, prepare adjusting entries for Bad Debts based on the following assumptions: a. Bad debts to be 4% of net credit sales or $680....

Q: Journalize entries for the following situations (assume direct write-off

Journalize entries for the following situations (assume direct write-off method). Situation 1: Wrote off Janice Lake as a bad debt 2 years after the sale of $100. Situation 2: Reinstated Janice Lake,...

Q: From the following trial balance, identify which statement each title will

From the following trial balance, identify which statement each title will appear on: • Income statement (IS) • Statement of owner’s equity (OE)...

Q: Find the maturity date of the following: a. 120

Find the maturity date of the following: a. 120-day note dated May 16. b. 90-day note dated November 9.

Q: Find the maturity value of the following: /

Find the maturity value of the following:

Q: Donny Caste discounted a $10,000, 6%, 90

Donny Caste discounted a $10,000, 6%, 90-day note at Stone Bank. He recorded the following entry: How much interest did Donny Caste lose by discounting the note?

Q: Feather Co. received a $2,700, 5%,

Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the note at Save Bank, which charged a discount rate of 7%. Calculate the following...