Questions from College Accounting


Q: The Business Center had the transactions listed below during the month of

The Business Center had the transactions listed below during the month of June. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The...

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Q: Technology World had the following revenue and expenses during the month ended

Technology World had the following revenue and expenses during the month ended July 31. Did the firm earn a net income or incur a net loss for the period? What was the amount? Fees for computer repair...

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Q: The following equation shows the effects of a number of transactions that

The following equation shows the effects of a number of transactions that took place at Cantu Auto Repair Company during the month of July. Describe each transaction.

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Q: At the beginning of September, Helen Rojas started Rojas Wealth Management

At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the account...

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Q: On December 1, Karl Zant opened a speech and hearing clinic

On December 1, Karl Zant opened a speech and hearing clinic. During December, his firm had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss...

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Q: This project will give you an opportunity to apply your knowledge of

This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli’s Consulting Services for the mon...

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Q: The Fashion Rack is a retail merchandising business that sells brand-

The Fashion Rack is a retail merchandising business that sells brand-name clothing at discount prices. The firm is owned and managed by Teresa Lojay, who started the business on April 1, 20X1. This pr...

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Q: The chart of accounts and account balances of The Purple Company on

The chart of accounts and account balances of The Purple Company on January 1, 2022, are shown below. The company does not use reversing entries. Round all computations to the nearest whole dollar. 1....

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Q: At the beginning of the summer, Humphrey Nelson was looking for

At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get...

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Q: Home Suppliers, Inc. sells a variety of consumer products.

Home Suppliers, Inc. sells a variety of consumer products. Its comparative income statement and balance sheet for the years 2022 and 2021 are presented on the following pages. The Retained Earnings ba...

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