Questions from Financial Accounting

Q: Sandra Kristof sells furniture for McKinney Furniture Company. Kristof is having

Sandra Kristof sells furniture for McKinney Furniture Company. Kristof is having financial problems and takes $650 that she received from a customer. She rang up the sale through the cash register. Wh...

Q: Review the internal controls over cash receipts by mail presented in the

Review the internal controls over cash receipts by mail presented in the chapter. Exactly what is accomplished by the final step in the process, performed by the controller?

Q: Prepare the journal entries for the following petty cash transactions of Everly

Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies:

Q: What is the effect on cost of goods sold, gross profit

What is the effect on cost of goods sold, gross profit, and net income if ending merchandise inventory is understated?

Q: Restaurants do a large volume of business by credit and debit cards

Restaurants do a large volume of business by credit and debit cards. Suppose summer, Sand, and Castles Resort restaurant had these transactions on January 28, 2018: National Express credit card sales...

Q: For each timing difference listed, identify whether the difference would be

For each timing difference listed, identify whether the difference would be reported on the book side of the reconciliation or the bank side of the reconciliation. In addition, identify whether the di...

Q: Review your results from preparing Guard Dog Security System’s bank reconciliation in

Review your results from preparing Guard Dog Security System’s bank reconciliation in Short Exercise S7-9. Journalize the company’s transactions that arise from the bank reconciliation. Include an exp...

Q: Smythe Banners reported the following figures in its financial statements:

Smythe Banners reported the following figures in its financial statements: Cash ……………………………………………………………………………..…………….. $ 26,500 Cash Equivalents ………………………………..………………………………………………5,000 Total Current Li...

Q: The Cash account of Guard Dog Security Systems reported a balance of

The Cash account of Guard Dog Security Systems reported a balance of $2,540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank sta...

Q: A purchasing agent for Franklin Office Supplies receives the goods that he

A purchasing agent for Franklin Office Supplies receives the goods that he purchases and also approves payment for the goods. Requirements: 1. How could this purchasing agent cheat his company? 2. Ho...