Questions from College Accounting

Q: Precision Electronics began operations September 1, 20X1. The firm sells

Precision Electronics began operations September 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. The terms for all sales on credit are...

Q: 1. Open the general ledger accounts and accounts receivable ledger accounts

1. Open the general ledger accounts and accounts receivable ledger accounts indicated below. 2. Post the entries from the general journal in Problem 7.2A to the appropriate accounts in the general led...

Q: Incredible Sounds is a wholesale business that sells musical instruments. Transactions

Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 20X1 follow. The firm sells its merchandise for cash...

Q: 1. Open the general ledger accounts and accounts receivable ledger accounts

1. Open the general ledger accounts and accounts receivable ledger accounts shown below. Enter the balances as of April 1, 20X1. 2. Post the entries from the general journal in Problem 7.4A to the app...

Q: Royal Gift Shop sells cards, supplies, and various holiday greeting

Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers are subject to an 8 percent sales tax. The firm sells its merchandise for cash; to customers using...

Q: Lens Queen Photo Shop is a retail store that sells cameras and

Lens Queen Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 20X1. The firm purchases its merchandise for cash and on open account. During...

Q: High Country Ski Shop is a retail store that sells ski equipment

High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm&a...

Q: The Home Depot, Inc., reported the following data in its

The Home Depot, Inc., reported the following data in its Form 10-K filing (for the fiscal year ended February 3, 2019): Analyze: Assume all employees receive contributions to their retirement plan. Wh...

Q: 1. Open the general ledger accounts and accounts payable ledger accounts

1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balance of Cash as of September 1, 20X1. 2. Post the entries in Problem 8.2A from the general journa...

Q: NewTech Medical Devices is a medical devices wholesaler that commenced business on

NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The company purchases merchandise for cash and on open account. In June 20X1, NewTech Medical Devices e...