Questions from College Accounting

Q: For each of the following independent situations, prepare the adjusting entry

For each of the following independent situations, prepare the adjusting entry that must be made at December 31, 20X1. Omit descriptions. a. During the year 20X1, Alenikov Company had net credit sales...

Q: For each of the following independent situations, prepare the adjusting entry

For each of the following independent situations, prepare the adjusting entry that must be made on December 31, 20X1. Omit descriptions. a. On December 31, 20X1, the Notes Payable account at Tsang Man...

Q: On December 1, 20X1, Jenny’s Java Joint borrowed $50

On December 1, 20X1, Jenny’s Java Joint borrowed $50,000 from its bank in order to expand its operations. The firm issued a four-month, 9 percent note for $50,000 to the bank and received $48,500 in c...

Q: On December 31, 20X1, the Notes Payable account at Cherie’s

On December 31, 20X1, the Notes Payable account at Cherie’s Boutique Shop had a balance of $72,000. This amount represented funds borrowed on a six-month, 6 percent note from the firm’s bank on Decemb...

Q: For each of the following independent situations, prepare the adjusting entry

For each of the following independent situations, prepare the adjusting entry that must be made at December 31, 20X1. Omit descriptions. a. On December 31, 20X1, the Notes Receivable account at Sufen...

Q: The accounts listed below appear on the worksheet of Commonwealth Crafts.

The accounts listed below appear on the worksheet of Commonwealth Crafts. Indicate the section of the classified income statement in which each account will be reported. SECTIONS OF CLASSIFIED INCOME...

Q: Tsang Company reports the following in its most recent year of operations

Tsang Company reports the following in its most recent year of operations: - Net sales, $2,000,000 (all on account) - Cost of goods sold, $977,500 - Gross profit, $1,022,500 - Accounts receivable, beg...

Q: Selected accounts and other information from the records of Calderone Company for

Selected accounts and other information from the records of Calderone Company for the year ended December 31 follow: Merchandise Inventory, January 1 $ 20,000 Merchandise Inventory, December 31 22,000...

Q: During September 20X1, Interior Designs Specialty Shop, a retail store

During September 20X1, Interior Designs Specialty Shop, a retail store, had the transactions listed below. The general ledger accounts used to record these transactions are also provided below. INSTRU...

Q: The following accounts appear on the worksheet of Commonwealth Crafts at December

The following accounts appear on the worksheet of Commonwealth Crafts at December 31, 20X1. Indicate the section of the classified balance sheet in which each account will be reported. SECTIONS OF CLA...