Questions from General Accounting

Q: The bank portion of the bank reconciliation for Triad Imports, Inc

The bank portion of the bank reconciliation for Triad Imports, Inc. at July 31, 2014, is shown below. TRIAD IMPORTS, INC. Bank Reconciliation July 31, 2014 Cash balance per bank …&...

Q: Bug Busters Company performs insect extermination services. On October 31,

Bug Busters Company performs insect extermination services. On October 31, 2014, the company’s cash account per its general ledger showed a balance of $4,632. The bank statement from...

Q: You are provided with the following information taken from Items Inc.

You are provided with the following information taken from Items Inc.’s May 31, 2014, balance sheet. Cash ………â€...

Q: Noble Corporation prepares monthly cash budgets. Relevant data from operating budgets

Noble Corporation prepares monthly cash budgets. Relevant data from operating budgets for 2014 are shown All sales and purchases are on account. Budgeted collections and disbursement data are given...

Q: Elite Service Company is a very profitable small business. It has

Elite Service Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minim...

Q: The following represents selected information taken from a company’s aging schedule to

The following represents selected information taken from a company’s aging schedule to estimate uncollectible accounts receivable at year-end. Instructions: (a) Calculate the total...

Q: Presented below is an aging schedule for Harper Company.

Presented below is an aging schedule for Harper Company. At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $9,000. Instructions: (a) Journalize and post...

Q: At December 31, 2014, the trial balance of Valcik Company

At December 31, 2014, the trial balance of Valcik Company contained the following amounts before adjustment. Instructions: (a) Prepare the adjusting entry at December 31, 2014, to record bad debt ex...

Q: On January 1, 2014, Alter Company had Accounts Receivable $

On January 1, 2014, Alter Company had Accounts Receivable $154,000; Notes Receivable of $12,000; and Allowance for Doubtful Accounts of $13,200. The note receivable is from Hartwig Company. It is a 4-...

Q: The president of Thompson Enterprises asks if you could indicate the impact

The president of Thompson Enterprises asks if you could indicate the impact certain transactions have on the following ratios. Instructions: Complete the table, indicating whether each transaction w...