Questions from Financial Accounting

Q: Follow the same format as BE1-6 above. Determine the

Follow the same format as BE1-6 above. Determine the effect on assets, liabilities, and stockholders’ equity of the following three transactions. (a) Stockholders invested cash in the business for com...

Q: Classify each of the following items as dividends (D), revenue

Classify each of the following items as dividends (D), revenue (R), or expense (E). _______ (a) Advertising expense _______ (e) Dividends _______ (b) Service revenue _______ (f) Rent revenue ____...

Q: Presented below are three transactions. Mark each transaction as affecting common

Presented below are three transactions. Mark each transaction as affecting common stock (C), dividends (D), revenue (R), expense (E), or not affecting stockholders’ equity (NSE). _______ (a) Received...

Q: Indicate whether the following items would appear on the income statement (

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE). _______ (a) Notes payable _______ (d) Cash _______ (b) Advert...

Q: For each of the following accounts indicate the effects of (a

For each of the following accounts indicate the effects of (a) a debit and (b) a credit on the accounts and (c) the normal balance of the account. 1. Accounts Payable. 4. Accounts Receivable. 2. Adve...

Q: Transactions for the Sheldon Cooper Company, which provides welding services,

Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are presented below. Identify the accounts to be debited and credited for each transaction. June...

Q: Evan Saunders, a fellow student, is unclear about the basic

Evan Saunders, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

Q: Bombeck Inc. has the following transactions during August of the current

Bombeck Inc. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illustrated on pages 64–68 of the te...

Q: (a) What is a ledger? (b)

(a) What is a ledger? (b) What is a chart of accounts and why is it important?

Q: Selected journal entries for the Nikolai Company are presented in BE2-

Selected journal entries for the Nikolai Company are presented in BE2-7. Post the transactions using the standard form of account. Reference Data BE 2-7: