Questions from College Accounting

Q: Washington Architectural Manufacturing makes architectural wood products, such as crown molding

Washington Architectural Manufacturing makes architectural wood products, such as crown molding, onlays, and panels, which it sells to commercial builders. The firm’s finishing department is not mecha...

Q: HiTech Computer Company is currently manufacturing a part that goes into its

HiTech Computer Company is currently manufacturing a part that goes into its main product. Each year, 2,000 of these parts are used. Cost data for the past year that relate to the 2.000 parts are give...

Q: 1. Carolina Customs recently discovered that a payroll clerk had issued

1. Carolina Customs recently discovered that a payroll clerk had issued checks to nonexistent employees for several years and cashed the checks himself. The company does not have any internal control...

Q: Why is it useful for a business to have an accounts payable

Why is it useful for a business to have an accounts payable ledger?

Q: On September 1, Takka Myers opened Takka Myers Tutoring Service.

On September 1, Takka Myers opened Takka Myers Tutoring Service. INSTRUCTIONS Analyze the following transactions. Use the fundamental accounting equation form to record the changes in property, claims...

Q: Royce Alexander owns Alexander’s Consulting Service. At the beginning of September

Royce Alexander owns Alexander’s Consulting Service. At the beginning of September, his firm’s financial records showed the following assets, liabilities, and owner...

Q: Rayshanti Williamson is opening a tax preparation service on December 1,

Rayshanti Williamson is opening a tax preparation service on December 1, which will be called Williamson’s Tax Service. Williamson plans to open the business by depositing $50,000 cash into a business...

Q: The equation below shows the transactions of Kathryn Proctor, Attorney and

The equation below shows the transactions of Kathryn Proctor, Attorney and Counselor at Law, during August. This law firm is owned by Kathryn Proctor. INSTRUCTIONS Analyze each transaction carefully....

Q: The accountant for the firm owned by Brian Carter prepares financial statements

The accountant for the firm owned by Brian Carter prepares financial statements at the end of each month. INSTRUCTIONS Use the figures in the T accounts for Problem 3.4B to prepare a trial balance, an...

Q: The following transactions occurred at several different businesses and are not related

The following transactions occurred at several different businesses and are not related. INSTRUCTIONS Analyze each of the transactions. For each transaction, set up T accounts. Record the effects of...