Questions from Financial Accounting

Q: The actual cash received from cash sales was $315,280

The actual cash received from cash sales was $315,280, and the amount indicated by the cash register total was $315,150. Journalize the entry to record the cash receipts and cash sales.

Q: Using the data for Sacajawea Mercantile Co. in Exercise 5-

Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize th...

Q: Identify each of the following reconciling items as: (a)

Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an...

Q: Which of the reconciling items listed in Exercise 7-16 require

Which of the reconciling items listed in Exercise 7-16 require an entry in the company’s accounts? Exercise 7-16: Identify each of the following reconciling items as: (a) an addition to the cash bal...

Q: Selected accounts from the ledger of Restoration Arts for the fiscal year

Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows: Prepare a statement of stockholders’ equity for the year.

Q: Using the data presented in Exercise 7-18, journalize the

Using the data presented in Exercise 7-18, journalize the entry or entries that should be made by the company. Exercise 7-18: The following data were accumulated for use in reconciling the bank acco...

Q: The total assets and total liabilities (in millions) of McDonald’s

The total assets and total liabilities (in millions) of McDonald’s Corporation (MCD) and Starbucks Corporation (SBUX) follow: Determine the stockholders’ equity o...

Q: For (a) through (e), identify the items designated

For (a) through (e), identify the items designated by X and Y. a. Purchases - (X + Y) = Net purchases b. Net purchases + X = Cost of inventory purchased c. Inventory (beginning) + Cost of inventory pu...

Q: Accompanying a bank statement for Borden Company is a credit memo for

Accompanying a bank statement for Borden Company is a credit memo for $21,200 representing the principal ($20,000) and interest ($1,200) on a note that had been collected by the bank. The company had...

Q: Journalize the entries to record the following: a. Check

Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is now $40. Check No. 12-476 is issue...