Questions from Financial Accounting

Q: Make journal entries to record the following transactions. Explanations are not

Make journal entries to record the following transactions. Explanations are not required. November 30 Recorded cash sales of $62,000 for the month, plus sales tax of 6% collected for the state of Mis...

Q: Record the following note payable transactions of Cranmore Corp. in the

Record the following note payable transactions of Cranmore Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the neare...

Q: Adirondack Publishing Company completed the following transactions during 2018:

Adirondack Publishing Company completed the following transactions during 2018: Requirements 1. Journalize these transactions. Explanations are not required. 2. What amounts would Adirondack Publish...

Q: The accounting records of Prestige Auto Repair showed a balance of $

The accounting records of Prestige Auto Repair showed a balance of $6,700 in Estimated Warranty Payable at December 31, 2017. In the past, Prestige Auto Repair’s warranty expense has been 2 percent of...

Q: Orbit Corp. issued a $410,000, 9 percent

Orbit Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Orbit Corp., assuming payments are made semiannua...

Q: On March 31, Cunnington Corporation issued 5 percent, 20-

On March 31, Cunnington Corporation issued 5 percent, 20-year bonds payable with a maturity value of $480,000. The bonds were issued at par and pay interest on March 31 and September 30. Requirements...

Q: On January 1, Prescott Corp. issues 6 percent, 15

On January 1, Prescott Corp. issues 6 percent, 15-year bonds payable with a maturity value of $120,000. The bonds sell at 94 and pay interest on January 1 and July 1. Prescott Corp. amortizes any bond...

Q: Lincoln Machine Tool, Inc., issued $540,000 of

Lincoln Machine Tool, Inc., issued $540,000 of 20-year, 5 percent bonds payable on January 1. Lincoln Machine Tool, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium...

Q: Let’s consider Dick’s Sporting Goods (Dick’s) again. Think about

Let’s consider Dick’s Sporting Goods (Dick’s) again. Think about Dick’s. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’...

Q: Tri-County Medical Group borrowed $1,050,000

Tri-County Medical Group borrowed $1,050,000 on July 1, 2018, by issuing a 5 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the nex...