Questions from College Accounting

Q: You gathered the following data from time cards and individual employee earnings

You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 201X, prepare a payroll register for this biweekly payroll. 2. Ca...

Q: The following is the monthly payroll of White Company, owned by

The following is the monthly payroll of White Company, owned by Dana White. Employees are paid on the last day of each month. White Company is located at 2 Square Street, Marblehead, Massachusetts...

Q: The following is the monthly payroll for the last three months of

The following is the monthly payroll for the last three months of the year for Allen’s Sporting Goods Shop, 2 Boat Road, Lynn, Massachusetts 01945. The shop is a sole proprietorship...

Q: Porter Morse returned $275 (selling price) of merchandise to

Porter Morse returned $275 (selling price) of merchandise to Labrie Co. The cost of the merchandise to Labrie Co. is $100. What would be the journal entry on the books of both the buyer and seller?

Q: Kate Collins has opened Fontina and Stuff, a wholesale grocery and

Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February: Required: 1. Journalize the transactions. 2. Record to the account...

Q: The following transactions of Jeff’s Auto Supply occurred in February (Balances

The following transactions of Jeff’s Auto Supply occurred in February (Balances as of February 1 are given for general ledger and accounts receivable ledger accounts: Dick, $1,100 Dr...

Q: Jared Payne owns Payne’s Sneaker Shop. (Balances as of March

Jared Payne owns Payne’s Sneaker Shop. (Balances as of March 1 are provided for the accounts receivable and general ledger accounts as follows: Durant, $250 Dr.; Lanham, $550 Dr.; Pr...

Q: Chevy Canton opened Chevy’s Cosmetic Market on May 1. A 16

Chevy Canton opened Chevy’s Cosmetic Market on May 1. A 16% sales tax is calculated and added to all cosmetic sales. Chevy offers no sales discounts. The following transactions occur...

Q: Robert Chase recently opened Robert’s Skate Shop. As the bookkeeper of

Robert Chase recently opened Robert’s Skate Shop. As the bookkeeper of the company, use the periodic method to journalize, record, and post when appropriate the following transaction...

Q: As the accountant for Riley’s Natural Food Store, (1)

As the accountant for Riley’s Natural Food Store, (1) journalize the following transactions into the general journal (p. 2), (2) record and post as appropriate, and (3) prepare a sch...