Questions from General Accounting

Q: The balance sheet debit column of the worksheet for Diaz Company includes

The balance sheet debit column of the worksheet for Diaz Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $15,400; Supplies $5,200, and Short-term I...

Q: Goods costing $2,000 are purchased on account on July

Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July...

Q: Using the data in BE2-5, journalize the transactions.

Using the data in BE2-5, journalize the transactions. (You may omit explanations.) Reference Data from BE 2-5: T. J. Carlin has the following transactions during August of the current year. Indicate...

Q: The cash register tape for Leprechaun Industries reported sales of $6

The cash register tape for Leprechaun Industries reported sales of $6,891.56. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceed...

Q: Gary Cunningham is uncertain about the control features of a bank account

Gary Cunningham is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.

Q: A credit sale is made on July 10 for $900,

A credit sale is made on July 10 for $900, terms 2/10, n/30. On July 12, $100 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the di...

Q: Prepare the closing entries for the Sales account, assuming a balance

Prepare the closing entries for the Sales account, assuming a balance of $200,000 and the Cost of Goods Sold account with a $145,000 balance.

Q: Reese Co. has sales revenue of $105,000,

Reese Co. has sales revenue of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000.What is its gross profit and its gross profit rate?

Q: Journalize the following business transactions. (a) Hector Molina

Journalize the following business transactions. (a) Hector Molina invests $9,000 cash in the business. (b) Insurance of $800 is paid for the year. (c) Supplies of $2,000 are purchased on account. (d)...

Q: Garcia Enterprises had a capital balance of $168,000 at

Garcia Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000. (a) Assuming no additional investment or wit...