Questions from General Accounting

Q: Andy Wright, D.D.S., opened a dental

Andy Wright, D.D.S., opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan insur...

Q: The trial balance for Pioneer Advertising Agency is shown in Illustration 3

The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 100. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data. 1. Advert...

Q: A partial adjusted trial balance of Sila Company at January 31,

A partial adjusted trial balance of Sila Company at January 31, 2010, shows the following. Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplie...

Q: Selected accounts of Tabor Company are shown below. /

Selected accounts of Tabor Company are shown below. Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: J...

Q: The trial balances before and after adjustment for Garcia Company at the

The trial balances before and after adjustment for Garcia Company at the end of its fiscal year is presented below. Instructions Prepare the adjusting entries that were made.

Q: The adjusted trial balance for Garcia Company is given in E3-

The adjusted trial balance for Garcia Company is given in E3-13. Instructions Prepare the income and owner’s equity statements for the year and the balance sheet at August 31.

Q: The following situations involve accounting principles and assumptions. 1.

The following situations involve accounting principles and assumptions. 1. Grossman Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more rel...

Q: The following data are taken from the comparative balance sheets of Girard

The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members b...

Q: At Natasha Company, prepayments are debited to expense when paid,

At Natasha Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when received. During January of the current year, the following transactions occurred....

Q: Why do accrual-basis financial statements provide more useful information than

Why do accrual-basis financial statements provide more useful information than cash-basis statements?