Questions from Financial Accounting

Q: For each of the following accounts, identify whether that item is

For each of the following accounts, identify whether that item is an asset, liability, or equity account. a. Bonds payable b. Equipment c. Accounts payable d. Salaries payable e. Common stock f....

Q: Dan Crater opened a software consulting firm that immediately paid $28

Dan Crater opened a software consulting firm that immediately paid $28,000 for a computer system. Was Crater’s computer system an expense of the business? If not, explain.

Q: Dazzle Fashion is a clothing retailer. During August, the company

Dazzle Fashion is a clothing retailer. During August, the company completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect on...

Q: Complete the following chart to show the impact on the accounting equation

Complete the following chart to show the impact on the accounting equation from each transaction.

Q: Ford’s Catering began with cash of $8,000. Ford

Ford’s Catering began with cash of $8,000. Ford then bought supplies for $2,500 on account. Separately, Ford paid $7,200 for equipment. Answer these questions. a. How much in total assets does Ford h...

Q: After operating for several months, architect Donovan Freeman completed the following

After operating for several months, architect Donovan Freeman completed the following transactions during the latter part of July: Journalize the transactions of Donovan Freeman, Architect. Include a...

Q: Southeast Corporation made sales of $950 million during 2018. Of

Southeast Corporation made sales of $950 million during 2018. Of this amount, Southeast collected cash for $876 million. The company’s cost of goods sold was $260 million, and all other expenses for t...

Q: Return to the situation in Short Exercise 3-9. Here

Return to the situation in Short Exercise 3-9. Here you are accounting for the same transactions on the books of Hometown Bank, which lent the money to Trent Restaurant. 1. Make Hometown Bank’s adjus...

Q: Write a paragraph to explain why unearned revenues are liabilities instead of

Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your explanation, use the following actual example: The New York Times, a national newspaper, collects cash f...

Q: Due to the terms of its lease, Hawke Services, Inc

Due to the terms of its lease, Hawke Services, Inc., pays the rent for its new office space in one annual payment of $26,800 on August 1, 2018. The lease covers the period of August 1, 2018, through J...