Questions from College Accounting

Q: Wendy Drew operates a wholesale computer center and has hired you as

Wendy Drew operates a wholesale computer center and has hired you as her bookkeeper to record the following transactions. She would like you to (1) journalize the following transactions, (2) record to...

Q: Abby Gray opened Abby’s Toy House. As her newly hired accountant

Abby Gray opened Abby’s Toy House. As her newly hired accountant, your tasks are to do the following: 1. Journalize the transactions for the month of December. Use the periodic metho...

Q: Jackie’s Toy Shop completed the following merchandise transactions in the month of

Jackie’s Toy Shop completed the following merchandise transactions in the month of April: Jackie’s Toy Shop accounts included the following: Cash 101; Accounts Re...

Q: Prepare a formal income statement from the partial worksheet for Nelson Company

Prepare a formal income statement from the partial worksheet for Nelson Company in Figure 12.13. Figure 12.13:

Q: Complete the following using the gross profit method. Assume a normal

Complete the following using the gross profit method. Assume a normal gross profit rate of 27% of net sales.

Q: Prepare a statement of owner’s equity and a classified balance sheet from

Prepare a statement of owner’s equity and a classified balance sheet from the worksheet for James Company in Figure 12.14. (Note: Of the Mortgage Payable, $240 is due within 1 year.)...

Q: From the partial worksheet for Josh’s Supplies in Figure 12.15

From the partial worksheet for Josh’s Supplies in Figure 12.15, do the following: 1. Complete the worksheet. 2. Prepare an income statement, a statement of owner’s...

Q: Using the ledger balances and additional data given, do the following

Using the ledger balances and additional data given, do the following for Cullen Lumber for the year ended December 31, 201X: 1. Prepare the worksheet. 2. Prepare the income statement, statement of o...

Q: Lambert Co. has requested that you prepare journal entries from the

Lambert Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach):

Q: Given the information presented in Figure 13.12, do the

Given the information presented in Figure 13.12, do the following: a. Prepare on December 31, 2015, the adjusting journal entry for Bad Debts Expense. Balances: Cash, $26,000; Accounts Receivable, $21...