Questions from Financial Accounting

Q: For each of the following accounts, identify whether that item is

For each of the following accounts, identify whether that item is an asset, liability, or equity account. a. Accounts payable b. Sales revenue c. Cash d. Bonds payable e. Common stock f. Account...

Q: Accounting has its own vocabulary and basic relationships. Match the accounting

Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding definition or meaning at the right.

Q: Carey Anderson opened a software consulting firm that immediately paid $21

Carey Anderson opened a software consulting firm that immediately paid $21,000 for a computer system. Was Anderson’s computer system an expense of the business? If not, explain.

Q: LeVon Fashions specializes in imported clothing. During March, LeVon completed

LeVon Fashions specializes in imported clothing. During March, LeVon completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect...

Q: Fill out the following chart to show the impact on the accounting

Fill out the following chart to show the impact on the accounting equation from each transaction.

Q: Greene’s Catering began with cash of $17,000. Greene

Greene’s Catering began with cash of $17,000. Greene then bought supplies for $2,200 on account. Separately, Greene paid $4,600 for equipment. Answer these questions. a. How much in total assets does...

Q: Seventh Investments, Inc., began by issuing common stock for cash

Seventh Investments, Inc., began by issuing common stock for cash of $250,000. The company immediately purchased computer equipment on account for $106,000. 1. Set up the following T-accounts of Seve...

Q: Gloria Varay, MD, opened a medical practice. The business

Gloria Varay, MD, opened a medical practice. The business completed the following transactions: After these transactions, how much cash does the business have to work with? Use a T-account to show y...

Q: Carter Corporation made sales of $900 million during 2016. Of

Carter Corporation made sales of $900 million during 2016. Of this amount, Carter collected cash for $871 million. The company’s cost of goods sold was $280 million, and all other expenses for the yea...

Q: Laziza Restaurant borrowed $80,000 on October 1 by signing

Laziza Restaurant borrowed $80,000 on October 1 by signing a note payable to First State Bank. The interest expense for each month is $433. The loan agreement requires Laziza to pay interest on Januar...