Questions from General Accounting

Q: The ledger of Dey Company includes the following accounts. Explain why

The ledger of Dey Company includes the following accounts. Explain why each account may require adjustment. (a) Prepaid Insurance (c) Unearned Revenue (b) Depreciation Expense (d) Interest Payable...

Q: Jo Seacat has prepared the following list of statements about the time

Jo Seacat has prepared the following list of statements about the time period assumption. 1. Adjusting entries would not be necessary if a company’s life were not divided into artificial time periods....

Q: Nunez Company accumulates the following adjustment data at December 31. Indicate

Nunez Company accumulates the following adjustment data at December 31. Indicate (a) the type of adjustment (prepaid expense, accrued revenues and so on), and (b) the status of accounts before adjus...

Q: On numerous occasions, proposals have surfaced to put the federal government

On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecor...

Q: Emeril Corporation encounters the following situations: 1. Emeril collects

Emeril Corporation encounters the following situations: 1. Emeril collects $1,000 from a customer in 2010 for services to be performed in 2011. 2. Emeril incurs utility expense which is not yet paid i...

Q: Larry Smith, president of Smith Company, has instructed Ron Rivera

Larry Smith, president of Smith Company, has instructed Ron Rivera, the head of the accounting department for Smith Company, to report the company’s land in the company’s accounting reports at its mar...

Q: Drew Carey Company has the following balances in selected accounts on December

Drew Carey Company has the following balances in selected accounts on December 31, 2010. Accounts Receivable ………………………………….…………………. $ -0- Accumulated Depreciation—Equipment ….…….……………………-0- Equipment...

Q: Affleck Company accumulates the following adjustment data at December 31.

Affleck Company accumulates the following adjustment data at December 31. 1. Services provided but not recorded total $750. 2. Store supplies of $300 have been used. 3. Utility expenses of $225 are un...

Q: The ledger of Piper Rental Agency on March 31 of the current

The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the following....

Q: The trial balance of Bair Company includes the following balance sheet accounts

The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that may require adjustment. For each account that requires adjustment, indicate (a) the type of...