Questions from Financial Accounting

Q: The following T-accounts summarize the operations of Brilliant Minds Inc

The following T-accounts summarize the operations of Brilliant Minds Inc., a tutoring service, for April 2019. ' 1. Assuming that only one transaction occurred on each day (beginning on April 3) and t...

Q: A list of accounts for Montgomery Inc. appears below.

A list of accounts for Montgomery Inc. appears below. Accounts Payable Accounts Receivable Bonds Payable Building Cash Common Stock Copyright Cost of Goods Sold Depreciation Expense Income Taxes Expen...

Q: Monilast Chemicals engaged in the following transactions during December 2019:

Monilast Chemicals engaged in the following transactions during December 2019: Dec. 2 Paid rent on office furniture, $1,200. 3 Borrowed $25,000 on a 9-month, 8% note. 7 Provided services on credit,...

Q: Findlay Testing Inc. provides water testing and maintenance services for owners

Findlay Testing Inc. provides water testing and maintenance services for owners of hot tubs and swimming pools. During September the following transactions occurred: Sept. 1 Issued common stock for $...

Q: Sweetwater Temporary Clerical Help Service opened for business in June 2019.

Sweetwater Temporary Clerical Help Service opened for business in June 2019. From the opening until the end of the year, Sweetwater engaged in the activities described below. So that a realistic trial...

Q: Mulberry Services sells electronic data processing services to firms too small to

Mulberry Services sells electronic data processing services to firms too small to own their own computing equipment. Mulberry had the following accounts and account balances as of January 1, 2019: Ac...

Q: At December 31, 2019, the ledger of Aulani Company includes

At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $59,000; Cost of Goods Sold, $31,000; Retained Earnings, $20,000; Interes...

Q: The following are several transactions for Halpin Advertising Company. a

The following are several transactions for Halpin Advertising Company. a. Purchased $1,000 of supplies. b. Sold $5,000 of advertising services, on account, to customers. c. Used $250 of supplies. d. C...

Q: Lauhl Corporation provides janitorial services to several office buildings. During April

Lauhl Corporation provides janitorial services to several office buildings. During April, Lauhl engaged in the following transactions: a. On April 1, Lauhl received $24,000 from Metro Corporation to p...

Q: Examine the following accounts. a. Prepaid Insurance b

Examine the following accounts. a. Prepaid Insurance b. Inventory c. Interest Payable d. Unearned Service Revenue e. Accumulated Depreciation Required: Identify and explain why each account may or ma...