Questions from College Accounting

Q: a. Describe the entries that have been posted to the following

a. Describe the entries that have been posted to the following accounts after the Change Fund was established. b. How will the balance of Cash Short and Over be reported on the income statement?

Q: Classify the following accounts as real (permanent) or nominal (

Classify the following accounts as real (permanent) or nominal (temporary) and indicate with an X whether the account is closed. Also indicate the financial statement in which each account will appear...

Q: Arthur’s Men’s Shop deposits all receipts in the bank each evening and

Arthur’s Men’s Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,375.05. The bank statement balance of cash as of No...

Q: The ledger accounts after adjusting entries for Cruz Services are presented below

The ledger accounts after adjusting entries for Cruz Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of A. Cruz, C...

Q: On May 1 of this year, Ellsworth and Company established a

On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash transactions took place during the month: May 1 Cashed check no. 956 for $150 to establish a Petty...

Q: As of December 31, the end of the current year,

As of December 31, the end of the current year, the ledger of Harris Company contained the following account balances after adjustment. All accounts have normal balances. Journalize the closing entrie...

Q: The Quilt Shop deposits all receipts in the bank each evening and

The Quilt Shop deposits all receipts in the bank each evening and makes all payments by check. On July 31, its ledger balance of cash is $2,830.15. The bank statement balance of cash as of July 31 is...

Q: The Income Statement columns of the work sheet of Dunn Company for

The Income Statement columns of the work sheet of Dunn Company for the fiscal year ended June 30 follow. During the year, K. Dunn withdrew $4,000. Journalize the closing entries.

Q: Merkle Company deposits all receipts in the bank each evening and makes

Merkle Company deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $3,219.72. The bank statement balance of cash as of Novembe...

Q: The Ledger Balance of Cash section of the bank reconciliation for Virtual

The Ledger Balance of Cash section of the bank reconciliation for Virtual Net Company for August 31 follows. Journalize the entries required to bring the general ledger up to date as of August of th...