Questions from Financial Accounting

Q: Drake Designs reported the following transactions in November: Nov 8

Drake Designs reported the following transactions in November: Nov 8 Sold merchandise on account to Jennifer Grant, $500, terms 2/10, n/30. 15 Sold merchandise on account to Art Glass, $1,200, terms 2...

Q: At December 31, 2012, Get Away Travel has an Accounts

At December 31, 2012, Get Away Travel has an Accounts Receivable balance of $89,000. Allowance for Doubtful Accounts has a credit balance of $810 before the year-end adjustment. Service Revenue for 20...

Q: On September 30, Premier Party Planners had a $28,

On September 30, Premier Party Planners had a $28,000 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Uncollectible Accounts. During October, the store made credit sales of...

Q: Newfield Corp. holds a portfolio of trading securities. Suppose that

Newfield Corp. holds a portfolio of trading securities. Suppose that on October 15, Newfield paid $85,000 for an investment in Turok shares to add to its portfolio. At December 31, the market value of...

Q: Refer to Exercise 5-37B. In Exercise 5

Refer to Exercise 5-37B. In Exercise 5-37B On September 30, Premier Party Planners had a $28,000 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Uncollectible Accounts. Du...

Q: At December 31, 2012, before any year-end adjustments

At December 31, 2012, before any year-end adjustments, the Accounts Receivable balance of TM Manufacturing is $130,000. The Allowance for Doubtful Accounts has a $8,000 credit balance. TM Manufacturin...

Q: Assume Beech Tree Foods, Inc., experienced the following revenue and

Assume Beech Tree Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Beech Tree estimates that 4% of revenues will become uncollectible. Requirement Journali...

Q: Record the following note receivable transactions in the journal of Coral Realty

Record the following note receivable transactions in the journal of Coral Realty. How much interest revenue did Coral earn this year? Use a 365-day year for interest computations, and round interest a...

Q: Assume Thrifty-One Credit Union completed these transactions: 2012

Assume Thrifty-One Credit Union completed these transactions: 2012 Sep 1 Loaned $75,000 to Lily Heart on a one-year, 11% note. Dec 31 Accrued interest revenue on the Heart note. 2013 Sep 1 Collected t...

Q: If a bookkeeper mistakenly recorded a $72 deposit as $27

If a bookkeeper mistakenly recorded a $72 deposit as $27, the error would be shown on the bank reconciliation as a a. $45 deduction from the book balance. b. $27 deduction from the book balance. c. $2...