Questions from General Accounting

Q: Bluestem Supply does not segregate sales and sales taxes at the time

Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make...

Q: Washburn University sells 3,500 season basketball tickets at $80

Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after...

Q: Susan Braun’s regular hourly wage rate is $16, and she

Susan Braun’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Susan works 47 hours. Susan’s federal income tax with...

Q: Graves Company borrows $90,000 on July 1 from the

Graves Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at D...

Q: Data for Susan Braun are presented in BE10-5. Prepare

Data for Susan Braun are presented in BE10-5. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. Data for Susan Braun: Susan Braun’s regular hourl...

Q: Saddle Inc. issues $300,000, 10-year

Saddle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2014.

Q: Range Company issues $400,000, 20-year,

Range Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2014.

Q: Rooney Corporation issued 3,000 7%, 5-year,

Rooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2014, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on Janua...

Q: The comparative balance sheets for Lowery Company show these changes in noncash

The comparative balance sheets for Lowery Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories increas...

Q: The balance sheet for Fogelberg Company reports the following information on July

The balance sheet for Fogelberg Company reports the following information on July 1, 2014. Fogelberg decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to r...