Questions from Financial Accounting

Q: An inexperienced bookkeeper prepared the following trial balance that does not balance

An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal.

Q: The income statement of Norski Co. for the month of July

The income statement of Norski Co. for the month of July shows net income of $2,000 based on Service Revenue $5,500, Salaries and Wages Expense $2,100, Supplies Expense $900, and Utilities Expense $50...

Q: Abe Technologies provides maintenance service for computers and office equipment for companies

Abe Technologies provides maintenance service for computers and office equipment for companies throughout the Northeast. The sales manager is elated because she closed a $300,000, 3-year maintenance c...

Q: For each account listed here, indicate whether it generally will have

For each account listed here, indicate whether it generally will have debit entries only, credit entries only, or both debit and credit entries. (a) Cash. (b) Accounts Receivable. (c) Dividends. (d) A...

Q: In a recent newspaper release, the president of Magnusson Company asserted

In a recent newspaper release, the president of Magnusson Company asserted that something has to be done about depreciation. The president said, “Depreciation does not come close to accumulating the c...

Q: Using the data in BE4-12, identify the accounts that

Using the data in BE4-12, identify the accounts that would be included in a post closing trial balance. Data from BE-12 (a) Accumulated Depreciation. (b) Depreciation Expense. (c) Retained Earnings (b...

Q: Transaction data and journal entries for McCall Real Estate Agency are presented

Transaction data and journal entries for McCall Real Estate Agency are presented in E3-8 and E3-9. From E3-8 and E3-9 Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation...

Q: Selected accounts of Villa Company are shown here. /

Selected accounts of Villa Company are shown here. Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July...

Q: Jolson Company has the following internal control procedures over cash receipts.

Jolson Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are ent...

Q: BeneMart, a large national retail chain, is nearing its fiscal

BeneMart, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company’s marketing manager, Ed Mellon,...