Questions from College Accounting

Q: Based on the financial statements, shown on pages 605–606

Based on the financial statements, shown on pages 605–606, for McDonald Carpeting Co. (income statement, statement of owner’s equity, and balance sheet), prepare the following financial...

Q: From the work sheet on page 607 prepare the following:

From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.

Q: List four items of information about each sale entered in the sales

List four items of information about each sale entered in the sales journal.

Q: From the work sheet in Exercise 15-5B, identify the

From the work sheet in Exercise 15-5B, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).

Q: Prepare entries for (a), (b), and (c

Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use T-...

Q: Backlund Farm Supply completed the work sheet on page 609 for the

Backlund Farm Supply completed the work sheet on page 609 for the year ended December 31, 20--. Owner’s equity as of January 1, 20--, was $50,000. The current portion of Mortgage Payable is $1,000. R...

Q: Use the work sheet and financial statements prepared in Problem 15-

Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was $38,200. REQUIRED Prepare the following financial r...

Q: Mary Martin owns a department store that has a $65,

Mary Martin owns a department store that has a $65,200 balance in Accounts Receivable and a $5,175 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accou...

Q: An analysis of the accounts receivable of Matsushita Company as of December

An analysis of the accounts receivable of Matsushita Company as of December 31, 20--, reveals the following: REQUIRED 1. Prepare an aging schedule as of December 31, 20--, by adding the following col...

Q: Lee and Chen Distributors uses the direct write-off method in

Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. 20-1 Feb. 16 Sold merchandise on account to Biggs and Daughters, $16,000. Mar. 23 Sold merchandise...