Questions from College Accounting

Q: Why doesn’t net realizable value change when an account is written off

Why doesn’t net realizable value change when an account is written off in the use of the Allowance account?

Q: James Tanson, a retired army officer, opened Tanson’s Catering Service

James Tanson, a retired army officer, opened Tanson’s Catering Service. As his accountant, analyze the transactions listed next and present them in proper form. a. The analysis of t...

Q: Brett Pillows opened a consulting company, and the following transactions resulted

Brett Pillows opened a consulting company, and the following transactions resulted: A. Brett invested $20,000 in the consulting agency. B. Bought office equipment on account, $8,000. C. Agency receiv...

Q: From the trial balance of Girtie Lillis, Attorney-at-

From the trial balance of Girtie Lillis, Attorney-at-Law given in Figure 2.7 (40 min) on page 62, prepare (a) an income statement for the month of May, (b) a statement of owner’s equ...

Q: The chart of accounts for Adler’s Delivery Service is as follows:

The chart of accounts for Adler’s Delivery Service is as follows: Chart of Accounts Assets …………………………………….…..………………….………………………… Revenue Cash 111 ………………………………………………….………… Delivery Fees Earned 411 Acco...

Q: Jason Lang operates Jason’s Cleaning Service. As the bookkeeper, you

Jason Lang operates Jason’s Cleaning Service. As the bookkeeper, you have been requested to journalize the following transactions: The chart of accounts for Jason’...

Q: On June 1, 201X, Brenda Rennicke opened Brenda’s Art Studio

On June 1, 201X, Brenda Rennicke opened Brenda’s Art Studio. The following transactions occurred in June: Your tasks are to do the following: a. Set up the ledger based on the foll...

Q: The following transactions occurred in June 201X for A. One’s Placement

The following transactions occurred in June 201X for A. One’s Placement Agency: The chart of accounts for A. One Placement Agency is as follows: Your tasks are to do the followin...

Q: Update the trial balance for Kent’s Moving Co. (Figure 4

Update the trial balance for Kent’s Moving Co. (Figure 4.23) for December 31, 201X. Figure 4.23: Adjustment Data to Update Trial Balance a. Insurance expired, $200. b. Moving supp...

Q: The trial balance for Damon’s Repair Service appears in Figure 4.

The trial balance for Damon’s Repair Service appears in Figure 4.24. Figure 4.24: Adjustment Data to Update Trial Balance a. Insurance expired, $600. b. Repair supplies on hand, $...