Questions from Financial Accounting


Q: The income statement for California Communications follows. Assume California Communications signed

The income statement for California Communications follows. Assume California Communications signed a 3-month, 9%, $3,000 note on June 1, 2018, and that this was the only note payable for the company....

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Q: The general ledger of Prompt Ship at June 30, 2018,

The general ledger of Prompt Ship at June 30, 2018, the end of the company’s fiscal year, includes the following account balances before payroll and adjusting entries. Accounts Payable ……………………………………...

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Q: Liam Wallace is general manager of Moonwalk Salons. During 2018,

Liam Wallace is general manager of Moonwalk Salons. During 2018, Wallace worked for the company all year at a $13,400 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary....

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Q: The following transactions of Philadelphia Pharmacies occurred during 2017 and 2018:

The following transactions of Philadelphia Pharmacies occurred during 2017 and 2018: Journalize the transactions in Philadelphia’s general journal. Explanations are not required....

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Q: The following transactions of Belkin Howe occurred during 2018:

The following transactions of Belkin Howe occurred during 2018: Requirements: 1. Journalize required transactions, if any, in Howe’s general journal. Explanations are not required....

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Q: The income statement for Vermont Communications follows. Assume Vermont Communications signed

The income statement for Vermont Communications follows. Assume Vermont Communications signed a 3-month, 3%, $6,000 note on June 1, 2018, and that this was the only note payable for the company. Req...

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Q: What are the three main characteristics of liabilities?

What are the three main characteristics of liabilities?

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Q: Exercise World began January with merchandise inventory of 90 crates of vitamins

Exercise World began January with merchandise inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Exercise World purchased and sold merchandise on account as follows: R...

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Q: How do unearned revenues arise?

How do unearned revenues arise?

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Q: What do short-term notes payable represent?

What do short-term notes payable represent?

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