Questions from Accounting Principles

Q: Selected transactions for Poway Landscaping Company are listed below. 1

Selected transactions for Poway Landscaping Company are listed below. 1. Made cash investment to start business. 2. Paid monthly rent. 3. Purchased equipment on account. 4. Billed customers for servic...

Q: Benton Travel Agency purchased land for $90,000 cash on

Benton Travel Agency purchased land for $90,000 cash on December 10, 2020. At December 31, 2020, the land’s value has increased to $92,000. What amount should be reported for land on Benton’s balance...

Q: Falske Computer Timeshare Company entered into the following transactions during May 2020

Falske Computer Timeshare Company entered into the following transactions during May 2020. 1. Purchased computers for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May rent on sto...

Q: An analysis of the transactions made by Peat Deloitte & Co.,

An analysis of the transactions made by Peat Deloitte & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $560 for rent, $4,800 for salaries and wa...

Q: An analysis of transactions for Peat DeLoitte & Co. was presented

An analysis of transactions for Peat DeLoitte & Co. was presented in E1.8. Instructions Prepare an income statement and an owner’s equity statement for August and a balance shee...

Q: In alphabetical order below are balance sheet items for Smyth Company at

In alphabetical order below are balance sheet items for Smyth Company at December 31, 2020. Kathy Smyth is the owner of Smyth Company. Prepare a balance sheet, following the format of Illustration 1.9...

Q: What is the normal balance for each of the following accounts?

What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Owner’s Drawings. (d) Accounts Payable. (e) Service Revenue. (f) Salaries and Wages Expense. (g) O...

Q: Hawke Company had the following assets and liabilities on the dates indicated

Hawke Company had the following assets and liabilities on the dates indicated. Hawke began business on January 1, 2019, with an investment of $100,000. Instructions From an analysis of the change i...

Q: Helen Rupp is the owner of a successful printing shop. Recently

Helen Rupp is the owner of a successful printing shop. Recently, her business has been increasing, and Helen has been thinking about changing the organization of her business from a proprietorship to...

Q: Two items are omitted from each of the following summaries of balance

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Greene’s Goods and Solar Enterprises....