Questions from Financial Accounting

Q: From the ledger balances given below, prepare a trial balance for

From the ledger balances given below, prepare a trial balance for the Favre Company at June 30, 2019. List the accounts in the order shown on page 71 of the textbook. All account balances are normal....

Q: An inexperienced bookkeeper prepared the following trial balance. Prepare a correct

An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal.

Q: Ritter Advertising Company’s trial balance at December 31 shows Supplies $6

Ritter Advertising Company’s trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand. Prepare the adjusting entry at December 3...

Q: A credit sale is made on July 10 for $900,

A credit sale is made on July 10 for $900, terms 2/10, n/30. On July 12, $100 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the di...

Q: At the end of its first year, the trial balance of

At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year i...

Q: On July 1, 2019, Dobbs Co. pays $14

On July 1, 2019, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on Ju...

Q: Using the data in BE3-5, journalize and post the

Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue....

Q: The bookkeeper for Bradbury Company asks you to prepare the following accrued

The bookkeeper for Bradbury Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $400 is accrued. 2. Services performed but not recorded...

Q: The adjusted trial balance of Parsons Company at December 31, 2019

The adjusted trial balance of Parsons Company at December 31, 2019, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000...

Q: Partial adjusted trial balance data for Parsons Company is presented in BE3

Partial adjusted trial balance data for Parsons Company is presented in BE3-9. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming n...