Questions from College Accounting

Q: In Exercise 5, if the custodian decided to raise the level

In Exercise 5, if the custodian decided to raise the level of petty cash to $30.75, what would be the journal entry to replenish? (Use a general journal entry.)

Q: Match the following: 1. Total gross pay 2

Match the following: 1. Total gross pay 2. A deduction 3. Net pay

Q: Identify which of the following taxes are paid by the employee (

Identify which of the following taxes are paid by the employee (EE) and which are paid by the employer (ER):

Q: Calculate Net Purchases from the following: Purchases, $27;

Calculate Net Purchases from the following: Purchases, $27; Purchases Returns and Allowances, $9; Purchases Discounts, $5.

Q: Explain under which method the balance in the Allowance account is ignored

Explain under which method the balance in the Allowance account is ignored. Give an example.

Q: Pete Robinson wants to have a one-third interest in a

Pete Robinson wants to have a one-third interest in a law practice that has two partners with capital balances as follows: Ricky Slade, Capital …………………………………….. $5,300 Alan Pool, Capital ………………………………...

Q: What do we mean when we say that a transaction analysis chart

What do we mean when we say that a transaction analysis chart is a teaching device?

Q: What are the five steps of the transaction analysis chart?

What are the five steps of the transaction analysis chart?

Q: Computers cannot do debits and credits—agree or disagree and explain

Computers cannot do debits and credits—agree or disagree and explain why.

Q: A trial balance is a formal statement. True or false?

A trial balance is a formal statement. True or false? Please explain.