Questions from College Accounting

Q: Preston Company sells candy wholesale, primarily to vending machine operators.

Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sale...

Q: MacDonald Bookshop had the following transactions that occurred during February

MacDonald Bookshop had the following transactions that occurred during February of this year:Feb. 3 Issued Ck. No. 4312, $892, to Kent Company for invoice no. 68172, recorded previously for $910.20, l...

Q: The following transactions relate to Hawkins, Inc., an office store

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California.June 1 Sold me...

Q: C. R. McIntyre Company sells candy wholesale, primarily to vending

C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts a...

Q: Patterson Appliance uses a three-column purchases journal. The company is

Patterson Appliance uses a three-column purchases journal. The company is located in Fresno, California. In addition to a general ledger, Patterson Appliance also uses an accounts payable ledger. Tran...

Q: Jacobs Company had the following transactions that occurred during February

Jacobs Company had the following transactions that occurred during February of this year:Feb. 1 Issued Ck. No. 4311, $637, to Barker Company for invoice no. 3113E, recorded previously for $650, less c...

Q: The following transactions relate to Khan, Inc., a sporting goods

The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado.Nov. 3 Sold merchan...

Q: West Bicycle Shop uses a three-column purchases journal. The company

West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for J...

Q: Following is the chart of accounts of the C. Lucern

Following is the chart of accounts of the C. Lucern Clinic:Assets111 Cash113 Accounts Receivable115 Supplies117 Prepaid Insurance124 EquipmentRevenue411 Professional FeesExpenses511 Salary Expense512...

Q: Complete Accounting Services has the following payroll information for the

Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax.Assumed tax rates are as follows:a. F...