Questions from General Accounting

Q: Posting errors are identified in the following table. In column (

Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identi...

Q: You are told the column totals in a trial balance are not

You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,950...

Q: After recording the transactions of Exercise 2-9 in T-

After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31, 2015, as its report date. T-Accounts from Exercise 2-9...

Q: a. Calculate the debt ratio and the return on assets using

a. Calculate the debt ratio and the return on assets using the year-end information for each of the following six separate companies ($ thousands). b. Of the six companies, which business relies mos...

Q: Examine the following transactions and identify those that create revenues for Valdez

Examine the following transactions and identify those that create revenues for Valdez Services, a company owned by Brina Valdez. Prepare general journal entries to record those revenue transactions an...

Q: Assume the following T-accounts reflect Belle Co.’s general

Assume the following T-accounts reflect Belle Co.’s general ledger and that seven transactions a through g are posted to them. Provide a short description of each transaction. Includ...

Q: You are to interview a local business owner. (This can

You are to interview a local business owner. (This can be a friend or relative.) Opening lines of communication with members of the business community can provide personal benefits of business network...

Q: Use the information in Exercise 2-16 (if completed,

Use the information in Exercise 2-16 (if completed, use the solution to Exercise 2-17) to prepare an August 31 balance sheet for Help Today. Data from Exercise 2-16 Solution from Exercise 2-17: HE...

Q: Groro Co. bills a client $62,000 for services

Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) to assume resp...

Q: Prepare general journal entries for the following transactions of a new company

Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in t...