Questions from Intermediate Accounting

Q: Using the information provided in BE4-19, prepare the t

Using the information provided in BE4-19, prepare the t-accounts for Rent Expense and Prepaid Rent for Barnard and Associates as of December 31 after adjusting journal entries. Data From BE4-19: Barn...

Q: Gerhard News collects payments from customers for newspaper subscriptions on a yearly

Gerhard News collects payments from customers for newspaper subscriptions on a yearly basis, that is, in one-year subscriptions. On March 1, Gerhard collected $24,000 cash for oneyear subscriptions. G...

Q: Using the information provided in BE4-21, prepare the t

Using the information provided in BE4-21, prepare the t-accounts for Subscription Revenue and Unearned Subscription Revenue for Gerhard News as of December 31, before and after preparing adjusting ent...

Q: When are expenses recognized under IFRS?

When are expenses recognized under IFRS?

Q: Thomas and Associates, a law firm, accrued $4,

Thomas and Associates, a law firm, accrued $4,000 for four days of wages on December 31. On January 7, it paid two weeks of wages, totaling $10,000, to employees. The company’s fiscal year-end is Dece...

Q: Mueller Consulting is under contract to provide consulting services for $150

Mueller Consulting is under contract to provide consulting services for $150,000 to Ames Computers. At the end of the current year, Mueller provided $30,000 of the services. It completes the services...

Q: Using the information provided in BE4-2, prepare Florence’s journal

Using the information provided in BE4-2, prepare Florence’s journal entries for the month of January. Omit explanations.

Q: Cal’s Computer Servicing, Inc., a service company that provides installation

Cal’s Computer Servicing, Inc., a service company that provides installation services for computer programs, had a service revenue transaction in the amount of $120,000 on May 31, 2018, with one custo...

Q: Using the information provided in BE4-4, assume now that

Using the information provided in BE4-4, assume now that Cal’s customer pays off the balance owed of $120,000 in full on June 23, 2018. What is the effect of this transaction on the accounting equatio...

Q: Using the information provided in BE4-4 and BE4-5

Using the information provided in BE4-4 and BE4-5, show the t-accounts for the cash, accounts receivable, and service revenue accounts reflecting the revenue transaction in May and the payment in June...