Questions from Financial Accounting


Q: The following post-closing trial balance was prepared for Sepia Studios

The following post-closing trial balance was prepared for Sepia Studios, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts h...

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Q: On September 15, 2016, A.D. Wholesale,

On September 15, 2016, A.D. Wholesale, Inc. purchased $4,200 of inventory onaccount from one of its suppliers. The terms were 1/15, n/30, FOB shipping point. OnSeptember 17, A.D. Wholesale, Inc. paid...

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Q: The balance sheet data for Bell Computers, Inc., at August

The balance sheet data for Bell Computers, Inc., at August 31, 2016, and September 30, 2016, follow:  Requirement The following are three independent assumptions about the business during September...

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Q: White Glove Cleaning Inc., had the following transactions for the month

White Glove Cleaning Inc., had the following transactions for the month of September 2016.  The following T-accounts have been set up for White Glove Cleaning, Inc., with their beginning balances a...

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Q: The following is the adjusted trial balance of Inland Home Health,

The following is the adjusted trial balance of Inland Home Health, Inc., for December 31, 2016. Requirement 1. Journalize the closing entries at December 31, 2016. 

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Q: Journalize the following transactions for The Roger’s Computer, Inc., that

Journalize the following transactions for The Roger’s Computer, Inc., that occurred during the month of December. 

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Q: Trina Lynch opened a medical practice titled Trina Lynch M.D

Trina Lynch opened a medical practice titled Trina Lynch M.D., Inc. During July, the first month of operations, the business experienced the following events:  Requirement Analyze the effects of t...

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Q: Julie Denend started a mobile DJ business named Mobile Music, Inc

Julie Denend started a mobile DJ business named Mobile Music, Inc. on November 1, 2016. In the month of November, prior to providing services to customers, the business incurred six transactions which...

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Q: Suppose you started up your own landscaping business. A customer paid

Suppose you started up your own landscaping business. A customer paid you $140 in advance to mow his or her lawn while he or she was on vacation. You also performed landscaping services for a local bu...

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Q: On April 14, 2016, Discount Furniture, Inc., sold

On April 14, 2016, Discount Furniture, Inc., sold $4,200 of inventory (cost is $1,350) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On April 16, Discount Furniture,...

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