Questions from General Accounting

Q: Classify each of the following items as owner’s drawing (D),

Classify each of the following items as owner’s drawing (D), revenue (R), or expense (E). _______ (a) Advertising expense _______ (e) Bergman, Drawing _______ (b) Commission revenue _______ (f) Re...

Q: Presented below are three transactions. Mark each transaction as affecting owner’s

Presented below are three transactions. Mark each transaction as affecting owner’s investment (I), owner’s drawings (D), revenue (R), expense (E), or not affecting owner’s equity (NOE). _______ (a) Re...

Q: In alphabetical order below are balance sheet items for Lopez Company at

In alphabetical order below are balance sheet items for Lopez Company at December 31, 2010. Kim Lopez is the owner of Lopez Company. Prepare a balance sheet, following the format of Illustration 1-9....

Q: The T accounts below summarize the ledger of Simon Landscaping Company at

The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations. Instructions (a) Prepare the complete general journal (including explanations) from...

Q: (a) The following are users of financial statements.

(a) The following are users of financial statements. ______Customers ______Securities and Exchange Commission ______Internal Revenue Service ______Store manager ______Labor unions ______Supplie...

Q: Presented below and on the next page is the ledger for Heerey

Presented below and on the next page is the ledger for Heerey Co. Instructions (a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations...

Q: Selected transactions for Tina Cordero Company during its first month in business

Selected transactions for Tina Cordero Company during its first month in business are presented below. Sept. 1 Invested $10,000 cash in the business. 5 Purchased equipment for $12,000 paying $5,000 in...

Q: The bookkeeper for Sam Kaplin Equipment Repair made a number of errors

The bookkeeper for Sam Kaplin Equipment Repair made a number of errors in journalizing and posting, as described below. 1. A credit posting of $400 to Accounts Receivable was omitted. 2. A debit posti...

Q: The accounts in the ledger of Sanford Delivery Service contain the following

The accounts in the ledger of Sanford Delivery Service contain the following balances on July 31, 2010. Accounts Receivable $ 7,642 Prepaid Insurance $1,968 Accounts Payable 8,396 Repair Expense 961 C...

Q: (a) Who are internal users of accounting data?

(a) Who are internal users of accounting data? (b) How does accounting provide relevant data to these users?