Questions from College Accounting

Q: On June 30 the general ledger of Newport Clothiers, a clothing

On June 30 the general ledger of Newport Clothiers, a clothing store, showed a balance of $65,895 in the Purchases account, a balance of $2,125 in the Freight In account, and a balance of $1,280 in th...

Q: The following errors were made in recording transactions in posting from the

The following errors were made in recording transactions in posting from the purchases journal. How will these errors be detected? a. A credit of $2,000 to the Thomastown Furniture Company account in...

Q: Complete the following schedule by supplying the missing information. /

Complete the following schedule by supplying the missing information.

Q: The following transactions took place at Nickie’s Sports Gear during the first

The following transactions took place at Nickie’s Sports Gear during the first week of October 20X1. Record these transactions in a cash receipts journal. Use 12 as the page number f...

Q: Matrix Toy Company sells toys and games to retail stores. The

Matrix Toy Company sells toys and games to retail stores. The firm offers a trade discount of 40 percent on toys and 30 percent on games. Its credit sales and sales returns and allowances transactions...

Q: Identify the normal balance of the following accounts. Use “Dr

Identify the normal balance of the following accounts. Use “Dr.” for debit or “Cr.” for credit. 1. _____ Merchandise Inventory 2. _____ Sales Tax Payable 3. _____ Sales 4. _____ Sales Discounts 5. ___...

Q: Rubino Corporation engaged in the following transactions during June. The company

Rubino Corporation engaged in the following transactions during June. The company uses the perpetual inventory system. Record these transactions in a general journal.

Q: Record the following transactions of Evelyn’s Designs in a general journal.

Record the following transactions of Evelyn’s Designs in a general journal. The company uses the perpetual inventory system.

Q: Wang Corporation operates in a state with no sales tax. The

Wang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system. Record the following transactions in a general journal. Use 1 as the page number for the genera...

Q: Record the following transactions of Fashion Park in a general journal.

Record the following transactions of Fashion Park in a general journal. Use 1 as the page number for the general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses th...