Questions from Financial Accounting

Q: Steele Company purchased equipment for $15,000. By the

Steele Company purchased equipment for $15,000. By the current balance sheet date, the company had depreciated $7,000. Indicate the balance sheet presentation of the data.

Q: Indicate whether each account is an asset, a liability, or

Indicate whether each account is an asset, a liability, or a stockholders’ equity account, and whether it would have a normal debit or credit balance. (a) Accounts Receivable. (b) Accounts Payable. (c...

Q: From the ledger balances below, prepare a trial balance for Peete

From the ledger balances below, prepare a trial balance for Peete Company at June 30, 2017. All account balances are normal. Accounts Payable………………………..……….$1,000 Service Revenue………………………..………..$8,600...

Q: Victor Mineli, the new controller of Santorini Company, has reviewed

Victor Mineli, the new controller of Santorini Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings: All a...

Q: The following selected accounts appear in the adjusted trial balance for Deane

The following selected accounts appear in the adjusted trial balance for Deane Company. Indicate the financial statement on which each account would be reported. (a) Accumulated Depreciation. (b) Depr...

Q: The ledger of Armour Lake Lumber Supply on July 31, 2017

The ledger of Armour Lake Lumber Supply on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared. An analysis of the company’s accounts sho...

Q: How do current liabilities differ from long-term liabilities?

How do current liabilities differ from long-term liabilities?

Q: On April 1, Adventures Travel Agency, Inc. began operations

On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $24,000 cash. 2. Obtained a bank loan for $7,000 by...

Q: What types of accounts are debited and credited in an unearned revenue

What types of accounts are debited and credited in an unearned revenue adjusting entry?

Q: For the following transactions, indicate the account debited and the account

For the following transactions, indicate the account debited and the account credited. (a) Supplies are purchased on account. (b) Cash is received on signing a note payable. (c) Employees are paid sal...