Questions from Financial Accounting

Q: The following are the balances of the assets, liabilities, and

The following are the balances of the assets, liabilities, and equity of Jerome’s Coffee Shop at March 31, 2016:
Requirements 1. What type of business organization is Jerome’s Coffee Shop? 2. Prep...

Q: McGuire Construction, Inc., completed the following transactions during September 2016

McGuire Construction, Inc., completed the following transactions during September 2016, its first month of operations:
Requirements 1. Open or set up T-accounts in the ledger for the following acc...

Q: Calculate the missing amounts for each of the Prepaid Insurance situations.

Calculate the missing amounts for each of the Prepaid Insurance situations. For situation A, journalize the adjusting entry. Consider each situation separately.

Q: Journalize the following transactions for Luna’s Wholesale, Inc., that occurred

Journalize the following transactions for Luna’s Wholesale, Inc., that occurred during the month of September. Luna’s Wholesale, Inc.’s cost of inventory is 45 percent of the sales price.

Q: Selected accounts of Andover Consulting, Inc., a financial services business

Selected accounts of Andover Consulting, Inc., a financial services business, have the following balances at December 31, 2016, the end of its first year of operations. During the year, Lynne Andover,...

Q: Why do businesses use subsidiary ledgers?

Why do businesses use subsidiary ledgers?

Q: Which of the following represents the journal entry to record the purchase

Which of the following represents the journal entry to record the purchase of $1,500 of inventory on account?

Q: Suppose A-1 Sports purchases $83,000 of sportswear

Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2016. Credit terms are 2/10, net 45. A-1 Sports pays Outdoor Wear, Inc., on December 8, 2016. 1....

Q: What is a cost-flow assumption? Why is a cost

What is a cost-flow assumption? Why is a cost-flow assumption necessary in accounting for inventory?

Q: Which inventory costing method results in the lowest net income during a

Which inventory costing method results in the lowest net income during a period of declining inventory costs? a. Last-in, first-out (LIFO) b. Specific-unit cost c. Average cost d. First-in, first-out...