Questions from Financial Accounting


Q: Levine Company uses the perpetual inventory system. Prepare journal entries to

Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000...

See Answer

Q: Vail Company recorded the following transactions during November. /

Vail Company recorded the following transactions during November. 1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts rec...

See Answer

Q: Identify each of the following statements as either true or false.

Identify each of the following statements as either true or false. a. A guideline for safeguarding cash is that all cash receipts be deposited monthly or yearly. b. A voucher system of control is a co...

See Answer

Q: Classify each of the following items as assets, liabilities, or

Classify each of the following items as assets, liabilities, or equity. 1. Land 2. Common stock 3. Equipment 4. Accounts payable 5. Accounts receivable...

See Answer

Q: Record the journal entry for Sales and for Cash Over and Short

Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. a. The cash register’s record shows $420 of cash sales, but the count of cash in the regis...

See Answer

Q: Harriet Knox, Ralph Patton, and Marcia Diamond work for a

Harriet Knox, Ralph Patton, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has segregate...

See Answer

Q: 1. Brooks Agency set up a petty cash fund for $

1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepar...

See Answer

Q: Using information from Exercise 7-9, determine the impact of

Using information from Exercise 7-9, determine the impact of the December 31, February 1, and June 5 transactions on the accounting equation. For each transaction, indicate whether there would be an i...

See Answer

Q: For a through g, indicate whether its amount (1)

For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or a subtraction in a bank reconciliation, and (3) requires an adjusting jou...

See Answer

Q: Key figures for Samsung follow. / 1. Compute

Key figures for Samsung follow. 1. Compute Samsung’s accounts receivable turnover for the current year. 2. In the current year, does Samsung’s accounts receivable t...

See Answer