Questions from Financial Accounting

Q: Journalize the following sales transactions for Sanborn Camera Store using the periodicinventory

Journalize the following sales transactions for Sanborn Camera Store using the periodicinventory system. Explanations are not required.

Q: The assets, liabilities, and equities of Damon Design Studio have

The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained earnings was $39,000 at the beginning of the year. At year end, common stock...

Q: M Wholesale Company began the year with merchandise inventory of $5

M Wholesale Company began the year with merchandise inventory of $5,000. During the year, M purchased $93,000 of goods and returned $6,600 due to damage. M also paid freight charges of $1,200 on inven...

Q: D & T Printing Supplies’s accounting records include the following accounts at

D & T Printing Supplies’s accounting records include the following accounts at December 31, 2018. Requirements: 1. Journalize the required closing entries for D & T Printin...

Q: Consider the following transactions for Toys and More: /

Consider the following transactions for Toys and More: Requirements: 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost...

Q: Consider the following transactions for Burlington Drug Store: /

Consider the following transactions for Burlington Drug Store: Requirements: 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the invent...

Q: Journalize the following sales transactions for Salem Sportswear. Explanations are not

Journalize the following sales transactions for Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month.

Q: Suppose Piranha.com sells 3,500 books on account for

Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbook Store. One hundred of these books (cost $1,020) were damaged in shipm...

Q: On November 4, 2018, Cain Company sold merchandise inventory on

On November 4, 2018, Cain Company sold merchandise inventory on account to Tarin Wholesalers, $12,000, that cost $4,800. Terms 3/10, n/30. On November 5, 2018, Tarin Wholesalers paid shipping of $30....

Q: Rocky RV Center’s accounting records include the following accounts at December 31

Rocky RV Center’s accounting records include the following accounts at December 31, 2018. Requirements: 1. Journalize the required closing entries for Rocky. 2. Determine the endin...