Questions from General Accounting

Q: In the month of November, Halladay Company Inc. wrote checks

In the month of November, Halladay Company Inc. wrote checks in the amount of $9,750. In December, checks in the amount of $11,762 were written. In November, $8,800 of these checks were presented to t...

Q: During October, Wichita Light Company experiences the following transactions in establishing

During October, Wichita Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $150 issued to the petty cash...

Q: On January 6, Aaron Co. sells merchandise on account to

On January 6, Aaron Co. sells merchandise on account to Foley Inc. for $9,200, terms 1/10, n/30. On January 16, Foley pays the amount due. Instructions: Prepare the entries on Aaron Co.’s books to re...

Q: On March 20, Garber’s petty cash fund of $100 is

On March 20, Garber’s petty cash fund of $100 is replenished when the fund contains $19 in cash and receipts for postage $40, supplies $26, and travel expense $15. Prepare the journal entry to record...

Q: Mountain Lake Corporation’s accounting records show the following at year-end

Mountain Lake Corporation’s accounting records show the following at year-end December 31, 2014: Assuming that Mountain Lake Corporation uses the periodic system, compute (a) cost...

Q: Hinshaw Company purchased a new machine on October 1, 2014,

Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $90,000. The company estimated that the machine has a salvage value of $8,000. The machine is expected to be used for 70,000 wo...

Q: The ledger of Wainwright Company at the end of the current year

The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. Instructions: (a) If Wainwright use...

Q: On January 10, Allison Milo uses her Crawford Co. credit

On January 10, Allison Milo uses her Crawford Co. credit card to purchase merchandise from Crawford Co. for $1,700. On February 10, Milo is billed for the amount due of $1,700. On February 12, Milo pa...

Q: The adjusted trial balance of Hodges Company shows these data pertaining to

The adjusted trial balance of Hodges Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $900,000; Freight-Out $14,000; Sales Returns and Allowa...