Questions from Financial Accounting

Q: The Inventory account for Kelly’s Florist, Inc., had a balance

The Inventory account for Kelly’s Florist, Inc., had a balance of $27,300 at the end of its fiscal year. A physical count taken at year end revealed that the value of inventory on hand amounted to $26...

Q: On October 15, 2018, Chandler’s Department Store purchased $3

On October 15, 2018, Chandler’s Department Store purchased $3,900 of inventory on account from one of its suppliers. The terms were 2/15, n/45, FOB shipping point. On October 17, Chandler’s Department...

Q: In this exercise, we will continue the accounting for Sensations Salon

In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30, 2018, Sensations Salon, Inc., borrowed $6,500 from State Bank, signing a nine-month, 71∕2 perc...

Q: Journalize the following transactions for Inland Empire Supply, Inc., that

Journalize the following transactions for Inland Empire Supply, Inc., that occurred during the month of March. Assume the “net” method is used.

Q: The Knotty Splinter had sales during the month of June that totaled

The Knotty Splinter had sales during the month of June that totaled $5,300. Based on experience, company management expects 8 percent of the sales amount will be refunded to customers in the form of s...

Q: On July 14, 2018, Salem Food Wholesale, Inc.,

On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1,050) on account to one of its customers. The terms were 2/10, n/30, FOB destination. On July 16, Salem Food Wholesale...

Q: Journalize the following transactions for Bridgeport Audio, Inc., that occurred

Journalize the following transactions for Bridgeport Audio, Inc., that occurred during the month of November, assuming the “net” method is used. Bridgeport Audio&ac...

Q: The following transactions occurred during June 2018 for Soulful Art, Inc

The following transactions occurred during June 2018 for Soulful Art, Inc.: Requirement 1. Journalize the June transactions for Soulful Art, Inc., assuming the net method is used. No explanations ar...

Q: Consider the following incomplete table of a merchandiser’s profit data:

Consider the following incomplete table of a merchandiser’s profit data: Requirement 1. Complete the table by computing the missing amounts.

Q: The account balances for Spark’s Electrical Supply, Inc., for the

The account balances for Spark’s Electrical Supply, Inc., for the year ended August 31, 2018, are presented next in random order: Requirements 1. Prepare Spark’s...