Questions from General Accounting

Q: Terry Rabas, a fellow student, contends that the double entry

Terry Rabas, a fellow student, contends that the double entry system means each transaction must be recorded twice. Is Terry correct? Explain.

Q: The trial balance of Goodwin Company includes the following balance sheet accounts

The trial balance of Goodwin Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) the typ...

Q: Ace Technologies provides maintenance service for computers and office equipment for companies

Ace Technologies provides maintenance service for computers and office equipment for companies throughout the Northeast. The sales manager is elated because she closed a $300,000, three-year maintenan...

Q: ValuMart, a large national retail chain, is nearing its fiscal

ValuMart, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company’s marketing manager, Steve Edmi...

Q: Journalize these accounting transactions. (a) Stockholders invested $

Journalize these accounting transactions. (a) Stockholders invested $12,000 in the business in exchange for common stock. (b) Insurance of $800 is paid for the year. (c) Supplies of $1,800 are purchas...

Q: A list of financial statement items for Morales Company includes the following

A list of financial statement items for Morales Company includes the following: accounts receivable $14,000; prepaid insurance $2,600; cash $10,400; supplies $3,800; and debt investments (short-term)...

Q: For each of the following events affecting the stockholders’ equity of Noland

For each of the following events affecting the stockholders’ equity of Noland, indicate whether the event would: increase retained earnings (IRE), decrease retained earnings (DRE), increase common sto...

Q: Gray’s Books & Music Inc. reported the following selected information at

Gray’s Books & Music Inc. reported the following selected information at March 31. 2014 Total current assets…………………………………………..$262,787 Total assets ………………………………………………………. 439,832 Total current liabili...

Q: Indicate whether each of these items is an asset (A),

Indicate whether each of these items is an asset (A), a liability (L), or part of stockholders’ equity (SE). (a) Accounts receivable. (d) Supplies. (b) Salaries and wages payable. (e) Common st...

Q: Which is not a required part of an annual report of a

Which is not a required part of an annual report of a publicly traded company? (a) Statement of cash flows. (b) Notes to the financial statements. (c) Management discussion and analysis. (d) All of th...