Questions from College Accounting

Q: What is the primary purpose of using special journals?

What is the primary purpose of using special journals?

Q: Company’s beginning inventory and purchases during the fiscal year ended December 31

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

Q: A flood completely destroyed all the inventory of Bayside Waterworks Company on

A flood completely destroyed all the inventory of Bayside Waterworks Company on July 1, 20--. Fortunately, the accounting records were not destroyed in the flood. The following information is provided...

Q: The following information is provided by Beverly’s Basket Corner for the

The following information is provided by Beverly’s Basket Corner for the last quarter of its fiscal year ending on March 31, 20--: REQUIRED 1. Estimate the ending inventory as of M...

Q: Sandra Owens owns a business called Sandra’s Sporting Goods. Her beginning

Sandra Owens owns a business called Sandra’s Sporting Goods. Her beginning inventory as of January 1, 20--, was $33,000, and her ending inventory as of December 31, 20--, was $36,000. Set up T account...

Q: The trial balance for Oregon Bike Company, a business owned by

The trial balance for Oregon Bike Company, a business owned by Craig Moody, is shown below. Year-end adjustment information is provided below. (a and b) Merchandise inventory costing $26,000 is on han...

Q: Prepare the cost of goods sold section for Havens Gift Shop.

Prepare the cost of goods sold section for Havens Gift Shop. The following amounts are known: Beginning merchandise inventory ………………………………... $29,000 Ending merchandise inventory ………………………………………. 27,...

Q: Set up T accounts for Cash, Unearned Ticket Revenue, and

Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue. Post the following two transactions to the appropriate accounts, indicating each transaction by letter: (a) Sold 1,200 season t...

Q: The following partial work sheet is taken from Nicole’s Gift Shop for

The following partial work sheet is taken from Nicole’s Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $37,000. 1. Complete the Adjustments colum...

Q: From the following partial work sheet, indicate the dollar amount of

From the following partial work sheet, indicate the dollar amount of beginning and ending merchandise inventory.