Questions from College Accounting


Q: When the bank statement is received on July 3, it shows

When the bank statement is received on July 3, it shows a balance, before reconciliation, of $5,200 as of June 30. After reconciliation, the adjusted balance is $3,100. If one deposit in transit amoun...

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Q: Basga Company uses the periodic inventory system. Beginning inventory amounted to

Basga Company uses the periodic inventory system. Beginning inventory amounted to $241,072. A physical count reveals that the latest inventory amount is $256,339. Record the adjusting entries, using T...

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Q: For the third quarter of the year, Barney Construction, 715

For the third quarter of the year, Barney Construction, 715 Red Rock Boulevard, San Francisco, California 94121, received Form 941 from the District Office of the Internal Revenue Service. The identif...

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Q: Jim Moss, an employee of Jones International, worked 49 hours

Jim Moss, an employee of Jones International, worked 49 hours during the week of April 4 through 10. His rate of pay is $15 per hour, and he receives time and a half for work in excess of 40 hours per...

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Q: Explain the calculation of net sales and net purchases.

Explain the calculation of net sales and net purchases.

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Q: On December 31, Marchant Company took a physical count of its

On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to $185,294. The Merchandise Inventor...

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Q: Erin Chang, an employee of Solutions Company, worked 48 hours

Erin Chang, an employee of Solutions Company, worked 48 hours during the week of October 12 through 18. Her rate of pay is $17.50 per hour, and she receives time-and-a-half for all work in excess of 4...

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Q: Describe the procedure for posting each of the following: a

Describe the procedure for posting each of the following: a. From the sales journal to the accounts receivable ledger b. From the purchases journal to the accounts payable ledger

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Q: Describe the posting procedure for a cash payments journal with an Other

Describe the posting procedure for a cash payments journal with an Other Accounts Debit column and several special columns, including an Accounts Payable Debit column.

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Q: What is the difference between a periodic inventory system and a perpetual

What is the difference between a periodic inventory system and a perpetual inventory system?

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