Questions from College Accounting

Q: 1. Use the final balances of the customer accounts after completing

1. Use the final balances of the customer accounts after completing Exercise 7.9 to prepare a schedule of accounts receivable for Valentino Company at January 31, 20X1. 2. Should the total of your acc...

Q: W. Tsang Distributors operates in a state with no sales tax

W. Tsang Distributors operates in a state with no sales tax. Record the following transactions in a general journal:

Q: The following transactions took place at Animal World Amusement Park during May

The following transactions took place at Animal World Amusement Park during May. Animal World Amusement Park must charge 8 percent sales tax on all sales.

Q: Record the following transactions of Divine Divas Fashions in a general journal

Record the following transactions of Divine Divas Fashions in a general journal. Fashion Park must charge 8 percent sales tax on all sales.

Q: Record the following transactions of Urban Star Sporting Goods in a general

Record the following transactions of Urban Star Sporting Goods in a general journal. Urban Star Sporting Goods must charge 8 percent sales tax on all sales.

Q: Rivera Company made sales using the following list prices and trade discounts

Rivera Company made sales using the following list prices and trade discounts. What amount should be recorded for each sale? 1. List price of $900 and trade discount of 25 percent. 2. List price of $2...

Q: Johnson Distributors, a wholesale firm, made sales using the following

Johnson Distributors, a wholesale firm, made sales using the following list prices and trade dis- counts. What amount should be recorded for each sale? 1. List price of $7,000 and trade discounts of 3...

Q: On April 1, Moloney Musical Instruments sold merchandise on account to

On April 1, Moloney Musical Instruments sold merchandise on account to Fronke’s Flutes for $7,000 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Flutes, less discount, o...

Q: Alec Rubino is the sole owner of Spectra Medical Instruments (Spectra

Alec Rubino is the sole owner of Spectra Medical Instruments (Spectra), a small but successful distributor of medical supplies. Alec inherited the business from his father and is not really interested...

Q: Post the entries in the general journal below to the Accounts Receivable

Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Valentino Company. Assume t...