Questions from College Accounting

Q: Carter Wilson is a painting contractor who specializes in painting commercial buildings

Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabiliti...

Q: Oil Field Equipment Repair Service is owned by Jack Phillips.

Oil Field Equipment Repair Service is owned by Jack Phillips. INSTRUCTIONS Use the following figures to prepare a balance sheet dated February 28, 20X1. (You will need to compute the owner’s equity.)...

Q: The following equation shows the transactions of Cotton Cleaning Service during May

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. INSTRUCTIONS Analyze each transaction carefully. Prepare an income statemen...

Q: The accountant for the firm owned by Vincent Sutton prepares financial statements

The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. INSTRUCTIONS Use the figures in the T accounts for Problem 3.4A to prepare a trial balance,...

Q: The following transactions occurred at several different businesses and are not related

The following transactions occurred at several different businesses and are not related. INSTRUCTIONS Analyze each of the transactions. For each, decide what accounts are affected and set up T account...

Q: The following transactions took place at Willis Counseling Services, a business

The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. INSTRUCTIONS For each transaction, set up T accounts from this list: Cash; Office Furnitu...

Q: What is the difference between a purchase invoice and a sales invoice

What is the difference between a purchase invoice and a sales invoice?

Q: The following transactions took place at Aircraft Maintenance Company. INSTRUCTIONS

The following transactions took place at Aircraft Maintenance Company. INSTRUCTIONS For each transaction, set up T accounts from the following list: Cash; Shop Equipment; Store Equipment; Truck; Accou...

Q: The following transactions took place at P and W Capital Investments.

The following transactions took place at P and W Capital Investments. INSTRUCTIONS Analyze each of the transactions. For each transaction, decide what accounts are affected and set up T accounts. Reco...

Q: The accounts and transactions of Brian Carter, Counselor and Attorney at

The accounts and transactions of Brian Carter, Counselor and Attorney at Law, follow. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in fron...