Questions from General Accounting


Q: The bookkeeper for Beltran Company asks you to prepare the following accrual

The bookkeeper for Beltran Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interes...

See Answer

Q: Pat Okendo started her own consulting firm, Okendo Consulting, on

Pat Okendo started her own consulting firm, Okendo Consulting, on May 1, 2014. The trial balance at May 31 is as shown on the next page. In addition to those accounts listed on the trial balance, the...

See Answer

Q: Death Valley Resort opened for business on June 1 with eight air

Death Valley Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here Other data: 1. Insurance expires at the rate of...

See Answer

Q: AbDulla Advertising Agency was founded by Miriam AbDulla in January 2009.

AbDulla Advertising Agency was founded by Miriam AbDulla in January 2009. Presented here are both the adjusted and unadjusted trial balances as of December 31, 2014. Instructions: (a) Journalize the...

See Answer

Q: Question: A review of the ledger of Garner Company at December

A review of the ledger of Garner Company at December 31, 2014, produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $16,400. The company has separate ins...

See Answer

Q: Tutors-Plus Test Prep was organized on May 1, 2013

Tutors-Plus Test Prep was organized on May 1, 2013, by Jan Cooper. Jan is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Jan prepared the following in...

See Answer

Q: : On August 1, 2014, the following were the account

On August 1, 2014, the following were the account balances of D&D Repair Service During August, the following summary transactions were completed. Aug. 5 Received $1,200 cash from customers in...

See Answer

Q: Geog Lav opened Geog Cleaners on March 1, 2014. During

Geog Lav opened Geog Cleaners on March 1, 2014. During March, the following transactions were completed. Mar. 1 Issued 10,000 shares of common stock for $15,000 cash. 1 Purchased used truck for $8,...

See Answer

Q: “A company’s net income appears directly on the income statement and

“A company’s net income appears directly on the income statement and the retained earnings statement, and it is included indirectly in the company’s balance sheet.” Do you agree? Explain.

See Answer

Q: (a) Lorie Power believes that the analysis of financial statements

(a) Lorie Power believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Lorie correct? Explain. (b) Are short-term creditors...

See Answer