Questions from Financial Accounting

Q: MGM Resorts International owns and operates hotels and casinos including the MGM

MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of $570,348,000 and...

Q: Journalize the following transactions in the accounts of Champion Medical Co.,

Journalize the following transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. S...

Q: The following items may appear on a bank statement: 1

The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer’s check (disbursement) to the company’s account 2....

Q: Abbe Co. is a small merchandising company with a manual accounting

Abbe Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had be...

Q: Journalize the following transactions in the accounts of Sedona Interiors Company,

Journalize the following transactions in the accounts of Sedona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold m...

Q: Quantum Solutions Company, a computer consulting firm, has decided to

Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Journalize the entry to record the write-off, assumi...

Q: Trophy Fish Company supplies flies and fishing gear to sporting goods stores

Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following p...

Q: Call Systems Company, a telephone service and supply company, has

Call Systems Company, a telephone service and supply company, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the entir...

Q: Flush Mate Co. wholesales bathroom fixtures. During the current fiscal

Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Instructions 1. Determine for each note (a) The due date and (b) The amount...

Q: The following data relate to notes receivable and interest for CGH Cable

The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Apr. 10. Received a $144,000, 5%...