Questions from Financial Accounting

Q: The following selected transactions were completed by Zippy Do Co., a

The following selected transactions were completed by Zippy Do Co., a supplier of zippers for clothing: 2015 Dec. 3. Received from Chicago Clothing & Bags Co., on account, a $36,000, 90-day, 6% note d...

Q: Alaska Impressions Co. records all cash receipts on the basis of

Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions Co. discovered during October 2016 that one of its sales clerks had stolen an undetermined...

Q: Journalize the following transactions in the accounts of Safari Games Co.,

Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino: Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 3...

Q: Polo Ralph Lauren Corporation designs, markets, and distributes a variety

Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company’s products include such brands as Pol...

Q: Using Wikipedia (www.wikipedia.com), look up the

Using Wikipedia (www.wikipedia.com), look up the entry for Sarbanes-Oxley Act. Look over the table of contents and find the section that describes Section 404. What does Section 404 require of managem...

Q: The units of an item available for sale during the year were

The units of an item available for sale during the year were as follows: There are 220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine th...

Q: Verizon Communications is a major telecommunications company in the United States.

Verizon Communications is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed assets: Verizonâ
...

Q: Jardine Consulting Co. has the following accounts in its ledger:

Jardine Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent...

Q: Journalize the following transactions in the accounts of Midwest Medical Co.,

Journalize the following transactions in the accounts of Midwest Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Feb. 3. Sol...

Q: Prepare a journal entry for the purchase of office equipment on October

Prepare a journal entry for the purchase of office equipment on October 27 for $32,750, paying $6,550 cash and the remainder on account.