Questions from General Accounting

Q: Montalvo Company uses special journals and a general journal. The following

Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2010. Sept. 2 Sold merchandise on account to T. Hossfeld, invoice no. 101, $720, ter...

Q: Pherigo Co. uses special journals and a general journal. The

Pherigo Co. uses special journals and a general journal. The following transactions occurred during May 2010. May 1 I. Pherigo invested $50,000 cash in the business. 2 Sold merchandise to B. Sherrick...

Q: Wick Company uses the columnar cash journals illustrated in the textbook.

Wick Company uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred. 1. Made a refund to a customer as an allowance for damaged goods....

Q: Velasquez Company has the following selected transactions during March. Mar

Velasquez Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $9,400 from Chang Company on account. 5 Received credit of $410 from Lyden Company for merch...

Q: Below are some typical transactions incurred by Kwun Company. 1

Below are some typical transactions incurred by Kwun Company. 1. Payment of creditors on account. 2. Return of merchandise sold for credit. 3. Collection on account from customers. 4. Sale of land for...

Q: Distinguish between FOB shipping point and FOB destination. Identify the freight

Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Merchandise Inventory by the purchaser and a debit to Freight-out by the seller.

Q: Match each situation with the fraud triangle factor—opportunity, financial

Match each situation with the fraud triangle factor—opportunity, financial pressure, or rationalization—that best describes it. 1. An employee’s monthly credit card payments are nearly 75% of their mo...

Q: Sue Merando is the owner of Merando’s Pizza. Merando’s is operated

Sue Merando is the owner of Merando’s Pizza. Merando’s is operated strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the co...

Q: Identify and describe the steps in the accounting process.

Identify and describe the steps in the accounting process.

Q: The following control procedures are used at Gonzales Company for over-

The following control procedures are used at Gonzales Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in th...