Questions from General Accounting

Q: Nina Finzelberg started her own consulting firm, Finzelberg Consulting Inc.,

Nina Finzelberg started her own consulting firm, Finzelberg Consulting Inc., on May 1, 2014. The following transactions occurred during the month of May. May 1 Stockholders invested $15,000 cash in...

Q: Cindy Braun created a corporation providing legal services, Cindy Braun Inc

Cindy Braun created a corporation providing legal services, Cindy Braun Inc., on July 1, 2014. On July 31 the balance sheet showed Cash $4,000; Accounts Receivable $2,500; Supplies $500; Equipment $5,...

Q: Friendley’s Miniature Golf and Driving Range Inc. was opened on March

Friendley’s Miniature Golf and Driving Range Inc. was opened on March 1 by Dean Barley. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $50,000 cash in the...

Q: Foyle Architects incorporated as licensed architects on April 1, 2014.

Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $...

Q: This is the trial balance of Solis Company on September 30.

This is the trial balance of Solis Company on September 30. The October transactions were as follows. Oct. 5 Received $1,300 in cash from customers for accounts receivable due. 10 Billed customers...

Q: This trial balance of Swisher Co. does not balance.

This trial balance of Swisher Co. does not balance. Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1....

Q: The Sequel Theater Inc. was recently formed. It began operations

The Sequel Theater Inc. was recently formed. It began operations in March 2014. The Sequel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The...

Q: The required steps in the accounting cycle are listed in random order

The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance. (c) Ana...

Q: : Ken Lumas started his own consulting firm, Lumas Consulting,

Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of accou...

Q: The Solo Hotel opened for business on May 1, 2014.

The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows...