Questions from College Accounting

Q: On March 20, 201X, the board of directors of Marshall

On March 20, 201X, the board of directors of Marshall Corporation declared $5 cash dividend per share on the 14,000 shares issued and outstanding. The dividend will be paid on April 28, 201X, to stock...

Q: On July 24, 201X, Flamingo Corporation declared a 2%

On July 24, 201X, Flamingo Corporation declared a 2% stock dividend distributable August 18 to stockholders of record on August 8. Currently Flamingo has 6,400 shares of common stock issued and outsta...

Q: Journalize the following transactions: a. Janson Co.

Journalize the following transactions: a. Janson Co. acquired 150 shares of its own $6 par-value common stock at $12 per share. b. Twenty-four of the treasury shares are reissued at $17 per share. c....

Q: Seven months after its closing, Woods Co. discovered that depreciation

Seven months after its closing, Woods Co. discovered that depreciation was understated by $19,000. Provide the journal entry to adjust the prior period error (ignore any tax effects).

Q: Journalize the following transactions: a. Set up a

Journalize the following transactions: a. Set up a bond sinking fund with an initial deposit of $6,200. b. Earned $160 interest on sinking fund balance. c. Sinking fund of $23,000 was used to pay off...

Q: On October 1, Morris Co. issued 15, $3

On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the journal entry.

Q: From Concept Check 2, record the March 31 semiannual payment and

From Concept Check 2, record the March 31 semiannual payment and amortization of the discount. Use the straight-line method. Concept Check 2: On October 1, Morris Co. issued 15, $3,000, 7%, 10-year...

Q: Redo Concept Check 2 with the straight-line method, assuming

Redo Concept Check 2 with the straight-line method, assuming that the bond sells for 104. Concept Check 2: On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the journal ent...

Q: From Concept Check 4, record the March 31 semiannual payment and

From Concept Check 4, record the March 31 semiannual payment and amortization of Premium on Bonds Payable. Concept Check 4: Redo Concept Check 2 with the straight-line method, assuming that the bond...

Q: On June 1, 201X, a telephone expense for $250

On June 1, 201X, a telephone expense for $250 was debited to Repair Expense. On June 10, 201X, this error was found. Prepare the corrected journal entry. When would a correcting entry not be needed?