Questions from Financial Accounting

Q: Prepare a journal entry for the purchase of office supplies on November

Prepare a journal entry for the purchase of office supplies on November 2 for $1,600, paying $500 cash and the remainder on account.

Q: Financial statement data for years ended December 31, 20Y3 and 20Y2

Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison Company follow: a. Determine the asset turnover ratio for 20Y3 and 20Y2. b. Is the change in the asset turnover ratio...

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as

Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold o...

Q: Beginning inventory, purchases, and sales for Item 88-HX

Beginning inventory, purchases, and sales for Item 88-HX are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on...

Q: During the taking of its physical inventory on December 31, 20Y3

During the taking of its physical inventory on December 31, 20Y3, Waterjet Bath Company incorrectly counted its inventory as $728,660 instead of the correct amount of $719,880. Indicate the effect of...

Q: The following data were gathered to use in reconciling the bank account

The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank ………………………………………………………………… $25,750 Balance per company records ………………………………………………… 19,140 Ba...

Q: Prepare journal entries for each of the following: a.

Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund,...

Q: Financial statement data for years ending December 31 for Newton Company follow

Financial statement data for years ending December 31 for Newton Company follow: Determine the days’ cash on hand for 20Y8 and 20Y9. Round all calculations to one decimal place.

Q: Journalize the following transactions, using the direct write-off method

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:

Q: Journalize the following transactions, using the allowance method of accounting for

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: