Questions from Financial Accounting

Q: Determine the missing amount for each of the following: /

Determine the missing amount for each of the following:

Q: Penny Lyman is the owner and operator of Go 109, a

Penny Lyman is the owner and operator of Go 109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go 109 has assets of $659,000 and liabilities of $165,000....

Q: Indicate whether each of the following is identified with (1)

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner’s equity: a. accounts receivable b. accounts payable c. cash d. fees earned e. land f. rent expens...

Q: Simmons Consulting Co. has the following accounts in its ledger:

Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; R...

Q: On September 18, 20Y4, Carbon Company purchased $8,

On September 18, 20Y4, Carbon Company purchased $8,710 of supplies on account. In Carbon Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Jou...

Q: a. During February, $194,500 was paid to

a. During February, $194,500 was paid to creditors on account, and purchases on account were $210,400. Assuming that the February 28 balance of Accounts Payable was $62,500, determine the account bala...

Q: The balance in the supplies account, before adjustment at the end

The balance in the supplies account, before adjustment at the end of the year, is $10,680. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,940.

Q: Emerald Tours Co. is a travel agency. The nine transactions

Emerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts: Indicate for each debi...

Q: Perimeter Realty Co. pays weekly salaries of $14,800

Perimeter Realty Co. pays weekly salaries of $14,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that t...

Q: Using the following data for Up-in-the-Air

Using the following data for Up-in-the-Air Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a report form balance sheet as of April...