Questions from Financial Accounting


Q: What is a credit memorandum? Give an example of the type

What is a credit memorandum? Give an example of the type of transaction in which it would be used.

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Q: If Holiboards, Inc., returned $2,750 of snowboards

If Holiboards, Inc., returned $2,750 of snowboards to a supplier, which of the following entries would be used to record the transaction? 

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Q: Journalize the following transactions for the Pool Palace. Explanations are not

Journalize the following transactions for the Pool Palace. Explanations are not required. a. Sold $81,000 of merchandise to Regal Spas, Inc., on account, terms 4/15, n/60; the merchandise cost the Po...

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Q: Let’s say that two companies, identical in every way except that

Let’s say that two companies, identical in every way except that one used FIFO and one used LIFO, went into a bank on the same day to get a loan to deal with the rising cost of acquiring inventory. De...

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Q: Which of the following prevents a company from switching its inventory costing

Which of the following prevents a company from switching its inventory costing methodto a different method each year? a. Consistency principle b. Materiality concept c. Matching principle d. Disclosur...

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Q: Assume that Wave Rider paid expenses totaling $32,000.

Assume that Wave Rider paid expenses totaling $32,000. How does this transaction affectWave Rider’s accounting equation? a. Increases assets and decreases liabilities b. Decreases both assets and stoc...

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Q: Qwick Care Clinic, Inc., started a business when Dr.

Qwick Care Clinic, Inc., started a business when Dr. Hamm purchased $15,000 of commonstock in the business for cash. Before starting operations, Qwick Care Clinic, Inc., borrowed$18,000 cash by signin...

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Q: What would be the implications of a credit balance in the Cash

What would be the implications of a credit balance in the Cash account?

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Q: RV Wholesale, Inc., paid $1,200 for supplies

RV Wholesale, Inc., paid $1,200 for supplies and purchased additional supplies on accountor $1,000. RV Wholesale, Inc., also paid $200 of the accounts payable. What is the balancen the Supplies accoun...

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Q: Calculate each account balance. 

Calculate each account balance. 

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