Questions from College Accounting


Q: A completed worksheet for Elegant Lawn Nursery and Landscape is shown below

A completed worksheet for Elegant Lawn Nursery and Landscape is shown below. INSTRUCTIONS 1. Record the balances as of December 31 in the ledger accounts. 2. Journalize (use 3 as the page number) and...

See Answer

Q: On December 31, after adjustments, The Pollock Family Farm’s ledger

On December 31, after adjustments, The Pollock Family Farm’s ledger contains the following account balances. 101 Cash $21,374 Dr. 111 Accounts Receivable 5,400 Dr. 121 Supplies 2,750...

See Answer

Q: A partially completed worksheet for Rissa Potter, CPA, for the

A partially completed worksheet for Rissa Potter, CPA, for the month ending June 30, 20X1, is shown below. INSTRUCTIONS 1. Record the balances as of June 30 in the ledger accounts. 2. Prepare the work...

See Answer

Q: Awesome Appliances is a retail store that sells household appliances. Merchandise

Awesome Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm’s credit sales for June are listed below Instr...

See Answer

Q: On what financial statement do the accounts related to purchases of merchandise

On what financial statement do the accounts related to purchases of merchandise appear? In which section of this statement are they reported?

See Answer

Q: The Furniture Lot is a retail store that specializes in modern living

The Furniture Lot is a retail store that specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firm’s credit sales...

See Answer

Q: Wine Country Gift Shop sells cards, supplies, and various holiday

Wine Country Gift Shop sells cards, supplies, and various holiday gift items. All sales are subject to a sales tax of 8 percent. The shop uses a sales journal and general journal. All customers have c...

See Answer

Q: The Vintage Nursery is a wholesale shop that sells flowers, plants

The Vintage Nursery is a wholesale shop that sells flowers, plants, and plant supplies. The transactions shown below took place during February. All customers have credit terms of n/30. INSTRUCTIONS 1...

See Answer

Q: Mountain Ski Shop is a retail store that sells ski equipment and

Mountain Ski Shop is a retail store that sells ski equipment and clothing. The firm’s credit purchases and purchases returns and allowances during May 20X1 follow, along with the gen...

See Answer

Q: 1. Set up an accounts payable subsidiary ledger for Mountain Ski

1. Set up an accounts payable subsidiary ledger for Mountain Ski Shop. Open an account for each of the creditors listed below and enter the balances as of May 1, 20X1. Arrange the accounts payable led...

See Answer