Questions from College Accounting

Q: Brenda Jo Smith is an architect who operates her own business.

Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for the business follow. INSTRUCTIONS (1) Analyze the transactions for January 20X1. Record each in the app...

Q: On June 1, 20X1, Jenna Davis opened the Leadership Coaching

On June 1, 20X1, Jenna Davis opened the Leadership Coaching Agency. She plans to use the chart of accounts given below. INSTRUCTIONS 1. Journalize the transactions. Be sure to number the journal pages...

Q: Assume you are the accountant for Catalina Industries. John Catalina,

Assume you are the accountant for Catalina Industries. John Catalina, the owner of the company, is in a hurry to receive the financial statements for the year ended December 31, 20X1, and asks you how...

Q: Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished

Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances: Ashley knows that these...

Q: Sports Junction began operations March 1, 20X1. The firm sells

Sports Junction began operations March 1, 20X1. The firm sells its merchandise for cash; on open account; to customers using bank credit cards, such as MasterCard and Visa; and to customers using Amer...

Q: A good system of internal control requires business entities to have well

A good system of internal control requires business entities to have well-documented (written) policies and procedures on accounts receivables. These policies and procedures should cover segregation o...

Q: Benjamin Ocampo is the owner of In Style Housewares, a housewares

Benjamin Ocampo is the owner of In Style Housewares, a housewares store that sells a wide variety of items for the kitchen, bathroom, and home. In Style Housewares offers a company credit card to its...

Q: Bill Evans began Evans Distributors, a sporting goods distribution company,

Bill Evans began Evans Distributors, a sporting goods distribution company, in January 20X1 and engaged in the transactions below. Assume Evans Distributors and its customers take advantage of all cas...

Q: Celeste Renard, owner of Sensual Linens Shop, was preparing checks

Celeste Renard, owner of Sensual Linens Shop, was preparing checks for payment of the current month’s purchase invoices when she realized that there were two invoices from Passionate Linens Company, e...

Q: John Saldanha is the owner and manager of The Car Spa.

John Saldanha is the owner and manager of The Car Spa. The Car Spa provides various car wash and car detailing services. The Car Spa also sells snacks and gift items in its waiting area. The Car Spa h...