Questions from College Accounting

Q: The accounts that will be used by Metro Moving Company follow.

The accounts that will be used by Metro Moving Company follow. Prepare a chart of accounts for the firm. Classify the accounts by type, arrange them in an appropriate order, and assign suitable accoun...

Q: Selected accounts from the general ledger of Martin Consulting Services follow.

Selected accounts from the general ledger of Martin Consulting Services follow. Record the general journal entries that would be made to record the following transactions. Be sure to include dates and...

Q: Post the journal entries that you prepared for Exercise 4.2

Post the journal entries that you prepared for Exercise 4.2 to the general ledger. Use the account names shown in Exercise 4.2.

Q: The following transactions took place at the Pimental Employment Agency during November

The following transactions took place at the Pimental Employment Agency during November 20X1. Record the general journal entries that would be made for these transactions. Use a compound entry for eac...

Q: Determine the necessary end-of-June adjustments for Conner Company

Determine the necessary end-of-June adjustments for Conner Company. 1. On June 1, 20X1, Conner Company, a new firm, paid $16,800 rent in advance for a seven-month period. The $16,800 was debited to th...

Q: For each of the following situations, determine the necessary adjustments.

For each of the following situations, determine the necessary adjustments. 1. A firm purchased a three-year insurance policy for $27,000 on July 1, 20X1. The $27,000 was debited to the Prepaid Insuran...

Q: Within a company’s annual report, a section called “Notes to

Within a company’s annual report, a section called “Notes to Consolidated Financial Statements” offers general information about the company along with detailed notes related to its financial statemen...

Q: A company is developing objectives for paying bills on account. Some

A company is developing objectives for paying bills on account. Some possible objectives follow: ■ Stretch cash flow as much as possible. ■ Develop a good reputation as a company that always pays bill...

Q: On January 31, 20X1, the general ledger of Johnson Company

On January 31, 20X1, the general ledger of Johnson Company showed the following account balances. Prepare the worksheet through the Adjusted Trial Balance section. Assume that every account has the no...

Q: Assume that a firm reports net income of $135,000

Assume that a firm reports net income of $135,000 prior to making adjusting entries for the following items: expired rent, $10,500; depreciation expense, $12,300; and supplies used, $5,400. Assume tha...