Questions from Financial Accounting

Q: The bank statement of Hibbert Supplies included a $300 NSF check

The bank statement of Hibbert Supplies included a $300 NSF check that one of Hibbert’s customers had written to pay for services that were provided by Hibbert. Required: a. Show the...

Q: Rick Hall owns a card shop: Hall’s Cards. The following

Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $16,140. The August 31 unad...

Q: The following data apply to Pro Beauty Supply Inc. for May

The following data apply to Pro Beauty Supply Inc. for May Year 1: 1. Balance per the bank on May 31: $9,150. 2. Deposits in transit not recorded by the bank: $1,510. 3. Bank error; check written by B...

Q: Determine whether the following items included in Wong Company’s January Year 1

Determine whether the following items included in Wong Company’s January Year 1 bank reconciliation will require adjusting or correcting entries on Wong’s books. When an entry is required, record it i...

Q: The following information is available for Park Valley Spa for July Year

The following information is available for Park Valley Spa for July Year 1: The following is a list of checks and deposits recorded on the books of the Park Valley Spa for July Year 1: Other Infor...

Q: After reconciling its bank account, Watson Company made the following adjusting

After reconciling its bank account, Watson Company made the following adjusting entries: Required: Identify the event depicted in each journal entry as asset source (AS), asset use (AU), asset excha...

Q: The following information was drawn from the Year 1 accounting records of

The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. 2. Customers returned m...

Q: Following is a bank reconciliation for Zocar Enterprises for June 30,

Following is a bank reconciliation for Zocar Enterprises for June 30, Year 1: When reviewing the bank reconciliation, Zocar’s auditor was unable to locate any reference to the NSF...

Q: Austin Co. established a petty cash fund by issuing a check

Austin Co. established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month: Ther...

Q: The following information is available for Pyle Garage for March Year 1

The following information is available for Pyle Garage for March Year 1: The following is a list of checks and deposits recorded on the books of Pyle Garage for March Year 1: Other Information 1....