Questions from General Accounting

Q: Summarized operations for J. R. Ross Co. for the

Summarized operations for J. R. Ross Co. for the month of July are as follows. Revenues earned: for cash $20,000; on account $70,000. Expenses incurred: for cash $26,000; on account $40,000. Indicate...

Q: Presented below is the basic accounting equation. Determine the missing amounts

Presented below is the basic accounting equation. Determine the missing amounts.

Q: Given the accounting equation, answer each of the following questions.

Given the accounting equation, answer each of the following questions. (a) The liabilities of McGlone Company are $120,000 and the owner’s equity is $232,000. What is the amount of McGlone Company’s t...

Q: From the ledger balances given below, prepare a trial balance for

From the ledger balances given below, prepare a trial balance for the Cleland Company at June 30, 2010. List the accounts in the order shown on page 61 of the text. All account balances are normal. Ac...

Q: At the beginning of the year, Hernandez Company had total assets

At the beginning of the year, Hernandez Company had total assets of $800,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year a...

Q: An inexperienced bookkeeper prepared the following trial balance. Prepare a correct

An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal.

Q: Conan Industries collected $100,000 from customers in 2010.

Conan Industries collected $100,000 from customers in 2010. Of the amount collected, $25,000 was from revenue earned on account in 2009. In addition, Conan earned $40,000 of revenue in 2010, which wil...

Q: Windsor Advertising Company’s trial balance at December 31 shows Advertising Supplies $

Windsor Advertising Company’s trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $2,700 of supplies on hand. Prepare the adju...

Q: At the end of its first year, the trial balance of

At the end of its first year, the trial balance of Denton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is...

Q: On July 1, 2010, Spahn Co. pays $18

On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Spahn Co., journalize and post the entry on Ju...