Questions from Financial Accounting

Q: A select list of transactions for Anuradha’s Goals follows:

A select list of transactions for Anuradha’s Goals follows: For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adj...

Q: Resort Travel borrowed $33,000 on September 1, 2018

Resort Travel borrowed $33,000 on September 1, 2018, by signing a one-year note payable to State One Bank. Resort’s interest expense on the note payable for the remainder of the fiscal year (September...

Q: At the end of June, Gerber Dental had performed $9

At the end of June, Gerber Dental had performed $9,000 of dental services but has not yet billed customers. Record the adjusting entry for accrued revenue.

Q: In recording adjusting entries, Reagan Financial Advisors failed to record the

In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand, $100. b. Accrued revenues, $5,000. c. Accrue...

Q: On September 1, 2018, Salem Landscaping collected $24,

On September 1, 2018, Salem Landscaping collected $24,000 in advance from Customers for landscaping services. The service revenue will be earned monthly over the 12-month period ending August 31, 2019...

Q: The Pink Peonies Law Firm prepays for advertising in the local newspaper

The Pink Peonies Law Firm prepays for advertising in the local newspaper. On January1, the law firm paid $3,000 for 10 months of advertising. How much advertising expense should Pink Peonies Law Firm...

Q: Seacoast Magazine sells subscriptions for $36 for 18 issues. The

Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to...

Q: On September 1, Big Fan of Toledo prepaid six months of

On September 1, Big Fan of Toledo prepaid six months of rent, $3,300. Requirements: 1. Record the journal entry for the September 1 payment. 2. Record the adjusting entry required at September 30. 3....

Q: Wizco Advertising’s balance sheet data at May 31, 2018, and

Wizco Advertising’s balance sheet data at May 31, 2018, and June 30, 2018, follow: For each of the following situations that occurred in June, 2018 with regard to common stock and...

Q: On November 1, Carlisle Equipment had a beginning balance in the

On November 1, Carlisle Equipment had a beginning balance in the Office Supplies account of $600. During the month, Carlisle purchased $2,300 of office supplies. At November 30, Carlisle Equipment had...