Questions from College Accounting

Q: The following information is provided by Raynette’s Pharmacy for the last quarter

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

Q: Matt Henry owns a business called Henry’s Sporting Goods. His beginning

Matt Henry owns a business called Henry’s Sporting Goods. His beginning inventory as of January 1, 20--, was $45,000, and his ending inventory as of December 31, 20--, was $57,000. Set up T accounts f...

Q: The trial balance for Cascade Bicycle Shop, a business owned by

The trial balance for Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing $22,000 is on hand...

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

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

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 Kevin’s Gift Shop for

The following partial work sheet is taken from Kevin’s Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $50,000. 1. Complete the Adjustments column...

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:

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

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

Q: The following partial work sheet is taken from the books of Kelly’s

The following partial work sheet is taken from the books of Kelly’s Kittens, a local pet kennel, for the year ended December 31, 20--. Journalize the adjustments in a general journal...

Q: Bhushan Building Supplies entered into the following transactions. Prepare journal entries

Bhushan Building Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. June 1 purchased merchandise on account from Brij Builder’s Materials,...