Questions from College Accounting

Q: Debbie Mueller owns a small retail business called Debbie’s Doll House.

Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 31...

Q: Based on the information provided in Problem 11-11B,

Based on the information provided in Problem 11-11B, Problem 11-11B: Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The...

Q: Merchandise was purchased on account from Grant’s Distributors on June 12.

Merchandise was purchased on account from Grant’s Distributors on June 12. The purchase price was $5,000, less a 10% trade discount and credit terms of 3/10, n/30. 1. Calculate the net amount to recor...

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases

Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with...

Q: The following data were taken from the accounts of Burnside Bedknobs,

The following data were taken from the accounts of Burnside Bedknobs, a retail business. Determine the gross profit.

Q: Journalize the following transactions in a general journal: Jan.

Journalize the following transactions in a general journal: Jan. 3 purchased merchandise from Feng, $6,000. Invoice No. 416, dated January 1, terms 2/10, n/30. 12 Purchased merchandise from Miranda, $...

Q: Using page 3 of a general journal and the following general ledger

Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5 Returned merchandise to Tower I...

Q: Enter the following cash payments transactions in a general journal:

Enter the following cash payments transactions in a general journal: Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased March 27, $8,000, terms 2/10, n/30. Payment is made wi...

Q: What steps are followed in posting cash receipts from the general journal

What steps are followed in posting cash receipts from the general journal to the accounts receivable ledger?

Q: Crystal’s Candles, a retail business, had the following balances and

Crystal’s Candles, a retail business, had the following balances and purchases and payments activity in its accounts payable ledger during November. Prepare a schedule of accounts pa...