Questions from College Accounting

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 balances as of June 1, 20X1. 2. Post the transactions in Problem 8.4A to the appropriate accounts in...

Q: Bennington Company (buyer) and Sanchez, Inc. (seller

Bennington Company (buyer) and Sanchez, Inc. (seller), engaged in the following transactions during January 20X1: INSTRUCTIONS 1. Open the accounts payable ledger account and accounts receivable ledge...

Q: Candy’s Cupcakes, a retail business, started business on June 25

Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20...

Q: Florence’s Florals, a retail business, started a $350 petty

Florence’s Florals, a retail business, started a $350 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash duri...

Q: On May 2, 20X1, HPF Vacations received its April bank

On May 2, 20X1, HPF Vacations received its April bank statement from First City Bank and Trust. Enclosed with the bank statement, which appears below, was a debit memorandum for $160 that covered an N...

Q: On August 31, 20X1, the balance in the checkbook and

On August 31, 20X1, the balance in the checkbook and the Cash account of the Sonoma Creek Bed and Breakfast was $13,031. The balance shown on the bank statement on the same date was $13,997. NOTES a....

Q: Wages and payroll tax expense are the largest costs that a company

Wages and payroll tax expense are the largest costs that a company incurs. At times, a company has a problem paying wages and cash deposits for payroll taxes. Your company has a cash flow problem. In...

Q: On August 1, 20X1, the accountant for Midwest Imports downloaded

On August 1, 20X1, the accountant for Midwest Imports downloaded the company’s July 31, 20X1, bank statement from the bank’s website. The balance shown on the bank statement was $28,750. The July 31,...

Q: Alex Wilson operates On-Time Courier Service. The company has

Alex Wilson operates On-Time Courier Service. The company has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 20X1, employees worked t...

Q: Metro Media Company pays its employees monthly. Payments made by the

Metro Media Company pays its employees monthly. Payments made by the company on October 31 follow. Cumulative amounts for the year paid to the persons prior to the October 31 payroll are also given. 1...