Questions from College Accounting

Q: The partial work sheet shown on page 561 is taken from the

The partial work sheet shown on page 561 is taken from the books of Diamond Music Store, a business owned by Ned Diamond, for the year ended December 31, 20- . REQUIRED 1. Analyze the work sheet and...

Q: For each journal entry shown below, indicate the accounting method(

For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the...

Q: Louie Long started a business called Louie’s Lawn Service. The trial

Louie Long started a business called Louie’s Lawn Service. The trial balance as of March 31, after the first month of operation, is as follows: REQUIRED 1. Analyze the following adj...

Q: What steps are followed in posting from the sales journal to the

What steps are followed in posting from the sales journal to the general ledger?

Q: Nicole’s Neckties has total credit sales for the year of $380

Nicole’s Neckties has total credit sales for the year of $380,000 and estimates that 2% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general j...

Q: Charlie’s Chevy Sales and Service estimates the amount of uncollectible accounts using

Charlie’s Chevy Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that $3,935 will not be collec...

Q: Raynette Ramos, owner of Ramos Rentals, uses the allowance method

Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 9 Wrote off $6,040 owed by S...

Q: At the end of the current year, the accounts receivable account

At the end of the current year, the accounts receivable account of Parker’s Nursery Supplies has a debit balance of $350,000. Credit sales are $2,300,000. Record the end-of-period adjusting entry on D...

Q: Brent Mussellman, owner of Brent’s Barbells, uses the direct write

Brent Mussellman, owner of Brent’s Barbells, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 19 Wrote off $1,...

Q: Madonna’s Music Store uses the direct write-off method in accounting

Madonna’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: 20-1 May 5 Wrote off $2,360 owed by Neal Dam...