Questions from Financial Accounting

Q: The cash account for Coastal Bike Co. at October 1,

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement in...

Q: Wyoming Restoration Company completed the following selected transactions during July 20Y1:

Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,200. 12. The cash sales for the day, according to the cash regis...

Q: Johnson’s Mercantile is a chain retailer with stores located across Virginia,

Johnson’s Mercantile is a chain retailer with stores located across Virginia, D.C., and Maryland. Recently, Johnson’s Mercantile has implemented new control measures in some of its stores to reduce it...

Q: Obtain eBay’s most recent annual report on Form 10-K.

Obtain eBay’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and Exchange Commission (SEC). It includes the company’s financial state...

Q: Journalize the following transactions, using the allowance method of accounting for

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Mar. 17. Received $325 from Shawn McNeely and wrote off the remainder owed of $500 as unc...

Q: At the end of the current year, Accounts Receivable has a

At the end of the current year, Accounts Receivable has a balance of $5,125,000; Allowance for Doubtful Accounts has a debit balance of $32,600; and sales for the year total $105,550,000. Bad debt exp...

Q: Assume that Sunshine Realty Co. borrowed $300,000 from

Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a credit...

Q: At the end of the current year, Accounts Receivable has a

At the end of the current year, Accounts Receivable has a balance of $5,125,000; Allowance for Doubtful Accounts has a debit balance of $32,600; and sales for the year total $105,550,000. Using the ag...

Q: Prefix Supply Company received a 120-day, 6% note

Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journa...

Q: Journalize the following transactions, using the direct write-off method

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Mar. 17. Received $325 from Shawn McNeely and wrote off the remainder owed of $500...