Questions from General Accounting

Q: The management of Hoyt Corp. is considering the effects of various

The management of Hoyt Corp. is considering the effects of various inventory-costing methods on its financial statements and its income tax expense. Assuming that the price the company pays for invent...

Q: Using the data in BE2-2, journalize the transactions.

Using the data in BE2-2, journalize the transactions. (You may omit explanations.) Reference Data from BE 2-2: Transactions for the Hank Norris Company for the month of June are presented below. Iden...

Q: The bookkeeper for Oglesby Company asks you to prepare the following accrued

The bookkeeper for Oglesby Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $400 is accrued. 2. Services provided but not recorded to...

Q: The adjusted trial balance of Harmony Company at December 31, 2010

The adjusted trial balance of Harmony Company at December 31, 2010, includes the following accounts: S. Harmony, Capital $15,600; S. Harmony, Drawing $6,000; Service Revenue $35,400; Salaries Expense...

Q: The income statement of Benning Co. for the month of July

The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In revi...

Q: Partial adjusted trial balance data for Harmony Company is presented in BE3

Partial adjusted trial balance data for Harmony Company is presented in BE3-9. The balance in S. Harmony, Capital is the balance as of January 1. Prepare an owner’s equity statement for the year assum...

Q: Duncan Company records all prepayments in income statement accounts. At April

Duncan Company records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense $2,800, Service Revenue $9,200, and zero balances in related balance sheet ac...

Q: Colin Mochrie Company has the following balances in selected accounts on December

Colin Mochrie Company has the following balances in selected accounts on December 31, 2010. Consulting Revenue………………$40,000 Insurance Expense……………………2,100 Supplies Expense……………………. 2,450 All the accou...

Q: The ledger of Swann Company contains the following balances: D.

The ledger of Swann Company contains the following balances: D. Swann, Capital $30,000; D. Swann, Drawing $2,000; Service Revenue $50,000; Salaries Expense $27,000; and Supplies Expense $4,000. Prepar...

Q: At Batavia Company, the following errors were discovered after the transactions

At Batavia Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer for $780 was...