Questions from College Accounting

Q: Brown Company (buyer) and Stone Corp. (seller)

Brown Company (buyer) and Stone Corp. (seller) engaged in the following transactions during February 20X1: INSTRUCTIONS 1. Open the accounts payable ledger account and accounts receivable ledger accou...

Q: The following transactions took place at Grow-Right Garden Center during

The following transactions took place at Grow-Right Garden Center during June 20X1. Grow-Right Garden Center uses a perpetual inventory system. Record the transactions in a general journal. Use 10 as...

Q: The Polynesian Gift Shop, a retail business, started business on

The Polynesian Gift Shop, a retail business, started business on April 25, 20X1. It keeps a $225 change fund in its cash register. The cash receipts for the period from April 25 to April 30, 20X1, are...

Q: The Asian Tales Gift Shop, a retail business, started a

The Asian Tales Gift Shop, a retail business, started a $250 petty cash fund on September 4. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during Sep...

Q: On October 7, 20X1, Peter Chen, attorney-at

On October 7, 20X1, Peter Chen, attorney-at-law, received his September bank statement from First Texas National Bank. Enclosed with the bank statement, which appears below, was a debit memorandum for...

Q: On July 31, 20X1, the balance in Northwest Appliance’s checkbook

On July 31, 20X1, the balance in Northwest Appliance’s checkbook and Cash account was $9,318.59. The balance shown on the bank statement on the same date was $10,442.03. NOTES a. The following checks...

Q: On December 1, 20X1, Sofia Sartori, the accountant for

On December 1, 20X1, Sofia Sartori, the accountant for Classic Appliances, downloaded the company’s November 30, 20X1, bank statement from the bank’s website. The balance shown on the bank statement w...

Q: McCormick & Company, Inc., is a global leader in the

McCormick & Company, Inc., is a global leader in the manufacture, marketing, and distribution of spices, seasoning mixes, condiments, and other products to the food industry. McCormick & Compa...

Q: Alan Johnson works for CAT Commercial Builders, Inc. His pay

Alan Johnson works for CAT Commercial Builders, Inc. His pay rate is $14.00 per hour and he receives overtime pay at one and one-half times his regular hourly rate for any hours worked beyond 40 in a...

Q: Barbara Merino operates Merino Consulting Services. She has four employees and

Barbara Merino operates Merino Consulting Services. She has four employees and pays them on an hourly basis. During the week ended November 12, 20X1, her employees worked the number of hours shown bel...