Questions from College Accounting

Q: The Mark Electric Company uses the perpetual inventory system. Record these

The Mark Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal.

Q: Restrictions on retained earnings have to be updated in the ledger.

Restrictions on retained earnings have to be updated in the ledger. Agree or disagree? Why?

Q: Journalize and post the preceding transactions (for Exercise 15A-2

Journalize and post the preceding transactions (for Exercise 15A-2) using a two-column journal and T accounts. Exercise 15A-2: The RJM Company uses the perpetual inventory system with a subsidiary l...

Q: Milton Sales uses the FIFO method with the perpetual inventory system.

Milton Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date....

Q: From the following, prepare depreciation schedules for the first 2 years

From the following, prepare depreciation schedules for the first 2 years for (a) straight-line, (b) units-of-production, and (c) double declining-balance at twice the straight-line rate methods. • Mac...

Q: August Co., whose accounting period ends on December 31, purchased

August Co., whose accounting period ends on December 31, purchased a machine for $6,780 on January 1 with an estimated residual value of $790 and an estimated useful life of 4 years. Prepare depreciat...

Q: A machine that cost $9,080 with $3,

A machine that cost $9,080 with $3,920 of accumulated depreciation was traded in for a similar machine having a $5,850 cash price. An $835 trade-in was offered by the seller. a. Calculate the book va...

Q: Paula Corporation was authorized to issue 28,000 shares of common

Paula Corporation was authorized to issue 28,000 shares of common stock. Record the journal entry for each of the following independent situations, assuming Paula issues 5,600 shares at $9 on July 20,...

Q: On January 1, 201X, Dandy Corporation issued on a subscription

On January 1, 201X, Dandy Corporation issued on a subscription basis 950 shares of $53 par-value common stock at $93 per share. Two equal installments were to be made on July 1 and December 31. Prepar...

Q: Peterson Corporation began its business on January 1, 201X. It

Peterson Corporation began its business on January 1, 201X. It sold at $35 per share 5,600 shares of no-par common stock with a stated value of $15 per share. The charter of Peterson indicated that 36...