Questions from College Accounting

Q: The following accounts appear in the ledger of Celso and Company as

The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. Cash …………………………………………………………………………. $ 15,349 Accounts Receivable …………………………………………………….. 13,8...

Q: A partial work sheet for McKnight Music Store is presented here.

A partial work sheet for McKnight Music Store is presented here. The merchandise inventory at the beginning of the fiscal period was $48,473. W. J. McKnight, the owner, withdrew $40,000 during the yea...

Q: Record entries in general journal form to record the following:

Record entries in general journal form to record the following: a. Established a Petty Cash Fund, $100. Issued Ck. No. 587. b. Reimbursed the Petty Cash Fund for expenditures of $89: Store Supplies, $...

Q: The following partial work sheet covers the affairs of Ketcher and Company

The following partial work sheet covers the affairs of Ketcher and Company for the year ended June 30. Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journal...

Q: The following accounts appear in the ledger of Sheldon Company on January

The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. Cash ………………………………………………………………………… $ 16,400 Accounts Receivable …………………………………………………….. 15,100...

Q: Costco is the largest chain of membership warehouse clubs in the world

Costco is the largest chain of membership warehouse clubs in the world, based on sales volume, and it is the fifth largest general retailer in the United States. Costco focuses on selling products at...

Q: A music store sells new instruments. The store also sells used

A music store sells new instruments. The store also sells used instruments for people who are willing to give the store part of the sales price. The sales of used instruments, called commissions, amou...

Q: What if the freight charges on a new desk for the owner

What if the freight charges on a new desk for the owner were journalized and posted to the Freight In account? Would this affect the Cost of Goods Sold section? If so, how?

Q: Mahoney Company has the following financial statements for 2017 and 2018.

Mahoney Company has the following financial statements for 2017 and 2018. Assume that the purchase of equipment and the withdrawals were in the form of cash. Required Prepare a statement of cash fl...

Q: The financial statements for Romeo and Company follow. Assume that the

The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year en...