Questions from Financial Accounting

Q: Assuming the use of a two-column (all-purpose

Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following tra...

Q: The debits and credits from three related transactions are presented in the

The debits and credits from three related transactions are presented in the following customer’s account taken from the accounts receivable subsidiary ledger: Describe each transac...

Q: Horizon Consulting Company had the following transactions during the month of October

Horizon Consulting Company had the following transactions during the month of October: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $595. 3. Issued Invoice No. 322 t...

Q: The following data are taken from recent financial statement of Nike,

The following data are taken from recent financial statement of Nike, Inc. (in millions): a. Determine the amount of change (in millions) and percent of change in net income from Year 1 to Year 2. R...

Q: The revenue journal for Sapling Consulting Inc. follows. The accounts

The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $625 consisting of an amount due from Aladdin Co. There were no coll...

Q: The following is an excerpt from a telephone conversation between Ben Simpson

The following is an excerpt from a telephone conversation between Ben Simpson, president of Main Street Co., and Tami Lundgren, owner of Reliable Employment Co.: Ben: Tami, you’re going to have to do...

Q: The revenue and cash receipts journals for Polaris Productions Inc. follow

The revenue and cash receipts journals for Polaris Productions Inc. follow. The accounts receivable control account has a January 1, 20Y4, balance of $3,790 consisting of an amount due from Clear Poin...

Q: At the end of August, the first month of operations,

At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August …&aci...

Q: Transactions related to revenue and cash receipts completed by Sycamore Inc.

Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $905. 4. Received cash from...

Q: How are revenues and expenses reported on the income statement under

How are revenues and expenses reported on the income statement under (a) The cash basis of accounting and (b) The accrual basis of accounting?