Questions from Financial Accounting

Q: Kyle Cohen opened a medical practice specializing in surgery . During the

Kyle Cohen opened a medical practice specializing in surgery . During the first month of operation (July), the business, titled Kyle Cohen, Professional Corporation (P .C.), experienced the following...

Q: Refer to Exercise 2-27B. Requirement

Refer to Exercise 2-27B. Requirement 1. Record the transactions in the journal of Kyle Cohen, P .C. List the transactions by date and give an explanation for each transaction. From exercise 27: Ky...

Q: Refer to Exercise 2-29B. Requirements 1

Refer to Exercise 2-29B. Requirements 1. Post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of each account April 30. 2. Prepare the trial balance o...

Q: The first seven transactions of Portman Advertising, Inc., have been

The first seven transactions of Portman Advertising, Inc., have been posted to the companys accounts as follows: Requirement 1. Prepare the journal entries that served as the sources for the seven t...

Q: Stanley Williams has owned and operated SW Advertising, Inc., since

Stanley Williams has owned and operated SW Advertising, Inc., since its beginning 10 years ago. Recently , Williams mentioned that he would consider selling the company for the right price. Assume tha...

Q: Worthy Hills Corporation reported the following current accounts at December 31,

Worthy Hills Corporation reported the following current accounts at December 31, 2010 (amounts in thousands): During 2011, Worthy Hills completed these selected transactions: Sold services on accoun...

Q: The accounts of Greatbrook Company prior to the year-end adjustments

The accounts of Greatbrook Company prior to the year-end adjustments follow. Adjusting data at the end of the year include which of the following? a. Unearned service revenue that has been earned, $...

Q: During 2010 Galaxy Corporation made sales of $4,100 (

During 2010 Galaxy Corporation made sales of $4,100 (assume all on account) and collected cash of $4,900 from customers. Operating expenses totaled $1,400, all paid in cash. At year end, 2010, Galaxy...

Q: During 2010, Carson Network, Inc., which designs network servers

During 2010, Carson Network, Inc., which designs network servers, earned revenues of $800 million. Expenses totaled $590 million. Carson collected all but $28 million of the revenues and paid $610 mil...

Q: An accountant made the following adjustments at December 31, the end

An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $1,500. Prepaid insuran...