Questions from Financial Accounting

Q: At the end of the current year, $59,500

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the...

Q: The following purchase transactions occurred during October for K-Town Inc

The following purchase transactions occurred during October for K-Town Inc.: Oct. 6. Purchased office supplies for $190, on account from U-Save Supply Inc. 14. Purchased office equipment for $2,100, o...

Q: The following accounts appear in an adjusted trial balance of Waterloo Consulting

The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the (a) Current asset; (b) Property, plant, and equipment; (c) Cur...

Q: The following purchase transactions occurred during March for Celebration Catering Service:

The following purchase transactions occurred during March for Celebration Catering Service: Mar. 11. Purchased party supplies for $610, on account from Party Hearty Supplies Inc. 14. Purchased party s...

Q: The following accounts appear in an adjusted trial balance of Kangaroo Consulting

The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether each account would be reported in the (a) Current asset; (b) Property, plant, and equipment; (c) Cur...

Q: Transactions related to revenue and cash receipts completed by Crowne Business Services

Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4...

Q: Classify the following items as (a) Accrued revenue,

Classify the following items as (a) Accrued revenue, (b) Accrued expense, (c) Unearned revenue, or (d) Prepaid expense: 1. Bill for ads that appeared in prior month’s local newspaper. 2. Fees received...

Q: Identify each of the following as (a) A current

Identify each of the following as (a) A current asset or (b) Property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash 4. Land 5. Prepaid Insurance 6. Supplies

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 creditor’s (supplier’s) account: Describe each transaction and the source of each post...

Q: After the accounts have been adjusted at December 31, the end

After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital …………………………....