Questions from College Accounting


Q: In June 20X1, Chan Lee opened a photography studio that provides

In June 20X1, Chan Lee opened a photography studio that provides services to public and private schools. His firm’s financial activities for the first month of operations and the cha...

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Q: Several transactions that occurred during December 20X1, the first month of

Several transactions that occurred during December 20X1, the first month of operation for Wells’ Accounting Services, follow. The company uses the general ledger accounts listed belo...

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Q: The trial balance of Lazo Company as of February 28, 20X1

The trial balance of Lazo Company as of February 28, 20X1, appears below. INSTRUCTIONS 1. Record the trial balance in the Trial Balance section of the worksheet. 2. Complete the worksheet by making th...

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Q: The adjusted trial balance of Sergio Mendez, Attorney-at-

The adjusted trial balance of Sergio Mendez, Attorney-at-Law, as of November 30, 20X1, after the company had completed the first month of operations, appears below. Appropriate adjustments have been m...

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Q: Christopher Foster owns Estate Planning and Investments Company. The trial balance

Christopher Foster owns Estate Planning and Investments Company. The trial balance of the firm for June 30, 20X1, the first month of operations, is shown below. INSTRUCTIONS 1. Complete the worksheet...

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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...

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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. INSTRUCTIONS 1. Record the balances in the ledger accounts as of December...

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Q: 1. Why should management be concerned about the efficiency of the

1. Why should management be concerned about the efficiency of the end-of-period procedures? 2. Spectrum Company had an increase in sales and net income during its last fiscal year, but cash decreased...

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Q: OfficePro Business Supplies began operations October 1, 20X1. The firm

OfficePro Business Supplies began operations October 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 5 percent sales tax. During October, OfficePro Busines...

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Q: Appliances Unlimited began operations November 1, 20X1. The firm sells

Appliances Unlimited began operations November 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During November, Appliances Unlimited e...

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