Questions from Intermediate Accounting

Q: The following information relates to Joachim Anderson, Realtor, at the

The following information relates to Joachim Anderson, Realtor, at the close of the fiscal year ending December 31: 1. Joachim paid the local newspaper S335 for an advertisement to be run in January o...

Q: The trial balance follows of the Masters Golf Club, Inc.

The trial balance follows of the Masters Golf Club, Inc. as at December 31. The books are closed annually on December 31. Instructions (a) Enter the balances in ledger accounts. Allow five lines for e...

Q: Willis Corporation has Beginning Inventory $76,000; Purchases $

Willis Corporation has Beginning Inventory $76,000; Purchases $486,000; Freight-in $16,200; Purchase Returns 55,800; Purchase Discounts $5,000; and Ending Inventory $69,500. Calculate Willis's cost of...

Q: The December 31 trial balance of Red Roses Boutique Inc. follows

The December 31 trial balance of Red Roses Boutique Inc. follows: Instructions (a) Create T accounts and enter the balances shown. (b) Prepare adjusting entries for the following and post to the T acc...

Q: The unadjusted trial balance of Clancy Inc. at December 31,

The unadjusted trial balance of Clancy Inc. at December 31, 2014, is as follows: Additional information: 1. Actual advertising costs amounted to$1,500 per month. The company has already paid for adve...

Q: The unadjusted trial balance of Imagine Ltd. at December 31,

The unadjusted trial balance of Imagine Ltd. at December 31,2014, is as follows: Additional information: 1. On November 1, 2014, Imagine received $10,200 rent from its lessee for a 12-month lease begi...

Q: To prepare financial statements for the month of March 2014. Mona

To prepare financial statements for the month of March 2014. Mona accumulated all the ledger balances from the business records and found the following: Mona reviewed the records and found the followi...

Q: On September I, it rented storage space to a lessee (

On September I, it rented storage space to a lessee (tenant) for six months for a total cash payment of $ 12,000 received in advance. Prepare two sets of journal entries for Store-it Here, with each s...

Q: Samuels Corp. began operations on January 1, 2014. Its

Samuels Corp. began operations on January 1, 2014. Its fiscal year end is December 31. Samuels has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited t...

Q: Transactions follow for Emily Cain, D.D.S.,

Transactions follow for Emily Cain, D.D.S., for the month of September: Instructions (a) Enter the transactions in appropriate ledger accounts, using the following account titles: Cash; Accounts Rece...