Questions from College Accounting

Q: The account balances for the Pittman International Company on January 31,

The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations. INSTRUCTIONS 1. Prepare the Trial Balance section of...

Q: On January 31, 20X1, the general ledger of Johnson Company

On January 31, 20X1, the general ledger of Johnson Company showed the following account balances. Prepare the worksheet through the Adjusted Trial Balance section. Assume that every account has the no...

Q: Assume that a firm reports net income of $135,000

Assume that a firm reports net income of $135,000 prior to making adjusting entries for the following items: expired rent, $10,500; depreciation expense, $12,300; and supplies used $5,400. Assume that...

Q: Lancaster Company must make three adjusting entries on December 31, 20X1

Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $11,000 (supplies totaling $18,000 were purchased on December 1, 20X1, and debited to the Supplies account)....

Q: On December 31, 20X1, the ledger of Hunter Company contained

On December 31, 20X1, the ledger of Hunter Company contained the following account balances: Cash $33,000 Jessica Hunter, Drawing $26,000 Accounts Receivable 2,900 Fees Income 53,750 Supplies 2,100...

Q: Following are the steps in the accounting cycle. Arrange the steps

Following are the steps in the accounting cycle. Arrange the steps in the proper sequence. 1. Prepare a worksheet. 2. Journalize and post adjusting entries. 3. Analyze transactions. 4. Journalize the...

Q: From the following list, identify the accounts that will appear on

From the following list, identify the accounts that will appear on the postclosing trial balance. ACCOUNTS 1. Cash 2. Accounts Receivable 3. Supplies 4. Equipment 5. Accumulated Depreciation 6. Accoun...

Q: Managers often consult financial statements for specific types of information. Indicate

Managers often consult financial statements for specific types of information. Indicate whether each of the following items would appear on the income statement, the statement of owner’s equity, or th...

Q: The Income Summary and Violante Autro, Capital accounts for Autro Production

The Income Summary and Violante Autro, Capital accounts for Autro Production Company at the end of its accounting period follow. Complete the following statements: 1. Total revenue for the period is _...

Q: The ledger accounts of Aveeno Company appear as follows on March 31

The ledger accounts of Aveeno Company appear as follows on March 31, 20X1: All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general journal...