Questions from College Accounting

Q: Sam Santiago operates a retail variety store. The books include a

Sam Santiago 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: Flint owns a small retail business called Flint’s Fantasy. The cash

Flint owns a small retail business called Flint’s Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 414 in payment...

Q: Paul Nasipak owns a business called Diamond Distributors. The following transactions

Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic...

Q: Joan Ziemba owns a small variety store. The following transactions took

Joan Ziemba 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. M...

Q: Sandy Chen owns a small specialty store, named Chen’s Chattel,

Sandy Chen owns a small specialty store, named Chen’s Chattel, whose year-end is June 30. Determine the total amount that should be included in Chen’s Chattel’s year-end inventory. A physical inventor...

Q: Stalberg Company’s beginning inventory and pur chases during the fiscal year ended

Stalberg Company’s beginning inventory and pur chases during the fiscal year ended December 31, 20--, were as follows: There are 10 units of inventory on hand on December 31. 1. Ca...

Q: Explain when revenues are recorded under the cash basis, modified cash

Explain when revenues are recorded under the cash basis, modified cash basis, and accrual basis of accounting.

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

Swing 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 cost of go...

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

Douglas 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 end...

Q: A fire completely destroyed all the inventory of Glisan Lumber Yard on

A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20--. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glis...