Questions from College Accounting

Q: Identify the six major steps of the accounting process and explain each

Identify the six major steps of the accounting process and explain each step.

Q: J. K. Pratt Co. had the following transactions:

J. K. Pratt Co. had the following transactions: 20-1 July 20 received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest....

Q: Marienau Suppliers had the following transactions: Mar. 1 Sold

Marienau Suppliers had the following transactions: Mar. 1 Sold merchandise on account to G. Perez $5,000. 20 G. Perez gave a $5,000, 90-day, 6% note to extend time for payment. 30 G. Perez’s note is d...

Q: The following is a list of outstanding notes receivable as of December

The following is a list of outstanding notes receivable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal...

Q: Milo Radio Shop had the following notes payable transactions: Apr

Milo Radio Shop had the following notes payable transactions: Apr. 1 Borrowed $5,000 from Builder’s Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co. for purchase...

Q: Using 360 days as the denominator, calculate interest for the following

Using 360 days as the denominator, calculate interest for the following notes using the formula I = P × R × T.

Q: Determine the due date for the following notes. (Assume there

Determine the due date for the following notes. (Assume there are 28 days in February.)

Q: Prepare general journal entries for the following transactions: Jan.

Prepare general journal entries for the following transactions: Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of $20,000. Feb. 15 Received $100 (interest) on the old (January 16)...

Q: Prepare general journal entries for the following transactions: Apr.

Prepare general journal entries for the following transactions: Apr. 6 Received a 120-day, 6% note in payment for accounts receivable balance of $3,000. 26 Discounted the note at a rate of 7%. May 3 R...

Q: At the end of the year, the following interest is earned

At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on $4,000, 90-day, 7% note (for 15 days) Interest on $7,000,...