Questions from College Accounting

Q: After all revenue and expenses have been closed at the end of

After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of $45,550 and a credit of $36,520. On the same date, D. Mau, Drawing has...

Q: On March 1 of this year, Stowe Company established a Petty

On March 1 of this year, Stowe Company established a Petty Cash Fund, and the following petty cash transactions took place during the month: Mar. 1 Cashed check no. 314 for $100 to establish a Petty C...

Q: Identify whether the following accounts would be included on a post-

Identify whether the following accounts would be included on a post-closing trial balance.

Q: Roberta Felino, owner of Roberta’s Beauty Salon, makes bank deposits

Roberta Felino, owner of Roberta’s Beauty Salon, makes bank deposits in the night depository at the close of each business day. The following information for the first four days of A...

Q: Rather than going directly to college, some students take time off

Rather than going directly to college, some students take time off to travel abroad, learn new skills, or volunteer. This period is known as a “gap year.” Real Gap Experience provides hundreds of gap...

Q: Jim’s Fitness Center deposits all receipts in the bank each evening and

Jim’s Fitness Center deposits all receipts in the bank each evening and makes all payments by check. On April 30, its ledger balance of cash is $1,515.10. The bank statement balance of cash as of Apri...

Q: Your uncle owns a small sole proprietorship. He does his own

Your uncle owns a small sole proprietorship. He does his own bookkeeping, although he didn’t finish the chapter on closing entries before he opened his business. He mentions to you that closing entrie...

Q: BDO USA, LLP and Grant Thornton, LLP are full-

BDO USA, LLP and Grant Thornton, LLP are full-service consulting and forensic accounting firms. These firms offer services ranging from determining contract damages to overseeing fraud examination. Th...

Q: The post-closing trial balance submitted to you by the bookkeeper

The post-closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company is shown below. Assume that the debit total ($41,048) is correct. a. Analyze the work and prepare a respo...

Q: As the new bookkeeper for a small business, you find that

As the new bookkeeper for a small business, you find that several people access the Petty Cash Fund, usually without anyone leaving a written explanation of what the money was used for. The amount of...