Questions from Financial Accounting


Q: During December, Desimone Auction Co.completed the following transactions:

During December, Desimone Auction Co.completed the following transactions: Dec 1 Desimone received $23,000 cash and issued common stockto the stockholders. 5 Paid monthly rent, $1,900. 9 Paid $7,000 c...

See Answer

Q: During the first month of operations, Cloutier Heating and Air Conditioning

During the first month of operations, Cloutier Heating and Air Conditioning, Inc., completed the followingtransactions: Mar 2 Cloutier received $37,000 cash and issued common stockto the stockholders....

See Answer

Q: During the first month of operations (October 2012), SelfMusic Services

During the first month of operations (October 2012), SelfMusic Services Corporation completed the following selected transactions: a. The business received cash of $25,000 and a building valued at $51...

See Answer

Q: The trial balance of FamousSpecialties, Inc., follows:

The trial balance of FamousSpecialties, Inc., follows: Rachel Sill, your best friend, is considering making an investment in Famous Specialties, Inc.Rachel seeks your advice in interpreting the comp...

See Answer

Q: Show the impact of business transactions on the accounting equation; analyze

Show the impact of business transactions on the accounting equation; analyze the impact of business transactions on accounts) The following amounts summarize the financial position of Davis Resources...

See Answer

Q: Jones RealEstate Co. experienced the following events during the organizing phase

Jones RealEstate Co. experienced the following events during the organizing phase and its first month ofoperations. Some of the events were personal for the stockholders and did not affect the busines...

See Answer

Q: In a bank reconciliation, an outstanding check is a.

In a bank reconciliation, an outstanding check is a. Deducted from the bank balance. b. Deducted from the book balance. c. Added to the bank balance. d. Added to the book balance.

See Answer

Q: Farmore Medical Service reported the following items (amounts in thousands):

Farmore Medical Service reported the following items (amounts in thousands): Requirements 1. Classify each item as (a) Income statement or balance sheet and as (b) Debit balance or credit balance. 2...

See Answer

Q: During December, Blanton Auction Co. completedthe following transactions:

During December, Blanton Auction Co. completedthe following transactions: Dec 1 Blanton received $25,000 cash and issued common stockto the stockholders. 5 Paid monthly rent, $1,600. 9 Paid $8,500 cas...

See Answer

Q: During the first month of operations, Johnson Plumbing, Inc.,

During the first month of operations, Johnson Plumbing, Inc., completed the following transactions: Mar 2 Johnson received $35,000 cash and issued common stockto the stockholders. 3 Purchased supplies...

See Answer