Questions from Financial Accounting


Q: The following revenue transactions occurred during April: Apr. 6

The following revenue transactions occurred during April: Apr. 6. Issued Invoice No. 78 to Lemon Co. for services provided on account, $1,240. 11. Issued Invoice No. 79 to Hitchcock Inc. for services...

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Q: The balances for the accounts that follow appear in the Adjusted Trial

The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement o...

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Q: Sage Learning Centers was established on July 20 to provide educational services

Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: July 21. Issued Invoice No. 1 to J. Dunlop for...

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Q: The following accounts were taken from the unadjusted trial balance of Legislative

The following accounts were taken from the unadjusted trial balance of Legislative Results Inc., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting...

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Q: The debits and credits from two transactions are presented in the following

The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.

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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, 2019, are as follows: Prepare a statement of owner’s equity for the year.

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Q: Marcie Davies owns and operates Gemini Advertising Services. On January 1

Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $618,500. During the year, Marcie invested an additional $40,000 and withdrew $...

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Q: The debits and credits from two transactions are presented in the following

The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.

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Q: Blake Knudson owns and operates Grab Bag Delivery Services. On January

Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Blake Knudson, Capital had a balance of $918,000. During the year, Blake made no additional investments and withdrew $15...

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Q: Guardian Security Services was established on January 15 to provide security services

Guardian Security Services was established on January 15 to provide security services. The services provided during the remainder of the month are as follows: Jan. 18. Issued Invoice No. 1 to Murphy C...

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