Questions from Financial Accounting

Q: On August 1, City Delivery creates a petty cash fund with

On August 1, City Delivery creates a petty cash fund with a balance of $450. During August, Eva Unger, the fund custodian, signs the following petty cash tickets: On August 31, before replenishment,...

Q: Shanna Peters worked as an accountant at a local accounting firm for

Shanna Peters worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The...

Q: Dori Cruz started an interior design company called Interiors by Design,

Dori Cruz started an interior design company called Interiors by Design, Inc., on April 1, 2018. The following amounts summarize the financial position of her business on April 14, 2018, after the fir...

Q: Using the steps outlined in the five-step transaction analysis,

Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Gulaine Plumbing, Inc. Explanations are not required.

Q: Resto Motors, Inc., restores antique automobiles. The retained earnings

Resto Motors, Inc., restores antique automobiles. The retained earnings balance of the corporation was $22,400 at December 31, 2017. During 2018, the corporation paid $85,000 in dividends to its stock...

Q: Calculate each account balance. /

Calculate each account balance.

Q: Sanchez Towing Service, Inc. earns service revenue by towing vehicles

Sanchez Towing Service, Inc. earns service revenue by towing vehicles for AAA. Sanchez Towing Service’s main expenses are the salaries paid to its employees. Account for the following transactions in...

Q: Haskins, Inc., began operations on January 1, 2018.

Haskins, Inc., began operations on January 1, 2018. The seven transactions recorded during January by the company accountant are shown in the following T-accounts: Complete the following table. For...

Q: Rosa Anderson opened a dental practice as a corporation in Spokane,

Rosa Anderson opened a dental practice as a corporation in Spokane, Washington. The following transactions took place in August: Using the steps outlined in the five-step transaction analysis, recor...

Q: After operating for a month, Rosa Anderson’s dental practice completed the

After operating for a month, Rosa Anderson’s dental practice completed the following transactions during September: Using the steps outlined in the five-step transaction analysis,...