Questions from College Accounting

Q: Ann Benton, owner of Benton’s Galleria, made the following purchases

Ann Benton, owner of Benton’s Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2 Purchase Invoice No. 321, $1,950, from Boggs Distributors. 7 Purchase...

Q: Assume that in year 1, the ending merchandise inventory is understated

Assume that in year 1, the ending merchandise inventory is understated by $40,000. If this is the only error in years 1 and 2, indicate which items will be understated, overstated, or correctly stated...

Q: The purchases journal of Ryan’s Rats Nest, a small retail business

The purchases journal of Ryan’s Rats Nest, a small retail business, is as follows: REQUIRED 1. Post the total of the purchases journal to the appropriate general ledger accounts. U...

Q: Kay Zembrowski operates a retail variety store. The books include a

Kay Zembrowski operates a retail variety store. The books include a cash payments journal and an accounts payable ledger. All cash payments (except petty cash) are entered in the cash payments journal...

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

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. 314 for J...

Q: Amy Douglas owns a business called Douglas Distributors. The following transactions

Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic i...

Q: Doreen Woods owns a small variety store. The following transactions took

Doreen Woods owns a small variety store. The following transactions took place during March of the current year. Journalize the transactions in a general journal using the perpetual inventory method....

Q: Danny Steele owns a small specialty store, named Steele’s Storeroom,

Danny Steele owns a small specialty store, named Steele’s Storeroom, whose year-end is June 30. Determine the total amount that should be included in Steele’s Store...

Q: Bouie Company’s beginning inventory and purchases during the fiscal year ended December

Bouie Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: 1. Calculate the total amount to be assigned to the ending invent...

Q: Boyce Company’s beginning inventory and purchases during the fiscal year ended September

Boyce Company’s beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: REQUIRED Calculate the total amount to be assigned to the cost of...