Questions from General Accounting

Q: Wolf Creek Golf Inc. was organized on July 1, 2014

Wolf Creek Golf Inc. was organized on July 1, 2014. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. Instructions: (a) Journal...

Q: : A review of the ledger of Dempsey Company at December 31

A review of the ledger of Dempsey Company at December 31, 2014, produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $15,200. The company has separate i...

Q: Astromech Travel Court was organized on July 1, 2013, by

Astromech Travel Court was organized on July 1, 2013, by Jessica Browning. Jessica is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Jessica prepared...

Q: On November 1, 2014, the following were the account balances

On November 1, 2014, the following were the account balances of Rijo Equipment Repair. During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employ...

Q: Mike Greenberg opened Clean Window Washing Inc. on July 1,

Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July,the following transactions were completed. July 1 Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased us...

Q: Presented below are five independent situations. (a) Randy

Presented below are five independent situations. (a) Randy Gentry, a college student looking for summer employment, opened a produce stand along a busy local highway. Each morning he buys produce from...

Q: Financial decisions often place heavier emphasis on one type of financial statement

Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently. (a) An investor is considerin...

Q: Shaw’s Garden was started on May 1 with an investment of $

Shaw’s Garden was started on May 1 with an investment of $45,000 cash. Following are the assets, liabilities, and common stock of the company on May 31, 2014, and the revenues and ex...

Q: Molina Company accumulates the following adjustment data at December 31. Indicate

Molina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before a...

Q: Presented below are selected financial statement items for Preacher Corporation for December

Presented below are selected financial statement items for Preacher Corporation for December 31, 2014. Instructions: (a) Determine which items should be included in a statement of cash flows, and the...