Questions from Financial Accounting

Q: After reconciling its bank account, Addy Equipment Company made the following

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

Q: The following is a bank reconciliation for BBQ Express for May 31

The following is a bank reconciliation for BBQ Express for May 31, Year 1: Because of limited funds, BBQ Express employed only one accountant who was responsible for receiving cash, recording receip...

Q: The following data pertain to the petty cash fund of Marsh Company

The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclose...

Q: Connie Stevens is a partner in a regional accounting firm. Stevens

Connie Stevens is a partner in a regional accounting firm. Stevens was hired by a client to audit the company’s books. After extensive work, Stevens determined that she was unable to perform the appro...

Q: Bill Lewis owns a construction business, Lewis Supply Co. The

Bill Lewis owns a construction business, Lewis Supply Co. The following cash information is available for the month of October Year 1. As of October 31, the bank statement shows a balance of $21,400....

Q: The following data apply to Woods Sports Inc. for April Year

The following data apply to Woods Sports Inc. for April Year 1: 1. Balance per the bank on April 30: $13,750. 2. Deposits in transit not recorded by the bank: $3,600. 3. Bank error; check written by G...

Q: Determine whether the following items in China Imports’ bank reconciliation require adjusting

Determine whether the following items in China Imports’ bank reconciliation require adjusting or correcting entries on China Imports’ books. When an entry is required, record it in general journal for...

Q: Powell Company began the Year 2 accounting period with $40,

Powell Company began the Year 2 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During Year 2, Powell experienced the following events: 1....

Q: What are several features of an effective internal control system?

What are several features of an effective internal control system?

Q: What three basic types of auditors’ opinions can be issued on audited

What three basic types of auditors’ opinions can be issued on audited financial statements? Describe each.