Questions from General Accounting

Q: One-half of the adjusting entry is given below. Indicate

One-half of the adjusting entry is given below. Indicate the account title for the other half of the entry. (a) Salaries Expense is debited. (b) Depreciation Expense is debited. (c) Interest Payable i...

Q: State two generally accepted accounting principles that relate to adjusting the accounts

State two generally accepted accounting principles that relate to adjusting the accounts.

Q: “An adjusting entry may affect more than one balance sheet or

“An adjusting entry may affect more than one balance sheet or income statement account.” Do you agree? Why or why not?

Q: Why is it possible to prepare financial statements directly from an adjusted

Why is it possible to prepare financial statements directly from an adjusted trial balance?

Q: Selected transactions from the journal of Teresa Gonzalez, investment broker,

Selected transactions from the journal of Teresa Gonzalez, investment broker, are presented below. Instructions (a) Post the transactions to T accounts. (b) Prepare a trial balance at August 31, 2010...

Q: Rick Marsh, a lawyer, accepts a legal engagement in March

Rick Marsh, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Marsh’s law firm prepares monthly financial statements, when should it recognize revenue f...

Q: Use the expanded accounting equation to answer each of the following questions

Use the expanded accounting equation to answer each of the following questions: (a) The liabilities of Cai Company are $90,000. Meiyu Cai’s capital account is $150,000; drawings are $40,000; revenues,...

Q: Indicate whether each of the following items is an asset (A

Indicate whether each of the following items is an asset (A), liability (L), or part of owner’s equity (OE). _______ (a) Accounts receivable _______ (d) Office supplies _______ (b) Salaries payable...

Q: Presented below are three business transactions. On a sheet of paper

Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), (c) with columns for assets, liabilities and owner’s equity. For each column, indicate whether the tran...

Q: Follow the same format as BE1-6 on the previous page

Follow the same format as BE1-6 on the previous page. Determine the effect on assets, liabilities, and owner’s equity of the following three transactions. (a) Invested cash in the business. (b) Withdr...