Questions from Financial Accounting

Q: During its first year of operations, Turning Leaves Furniture Restoration,

During its first year of operations, Turning Leaves Furniture Restoration, Inc., had sales of $312,000, all on account. Industry experience suggests that Turning Leaves Furniture Restorations uncollec...

Q: Crow Company requires that all documents supporting a check be cancelled by

Crow Company requires that all documents supporting a check be cancelled by punching a hole through the packet. Why is this practice required? What might happen if it were not?

Q: The Cash account of Randell Corp. reported a balance of $

The Cash account of Randell Corp. reported a balance of $2,400 at October 31. Included were outstanding checks totaling $500 and an October 31 deposit of $200 that did not appear on the bank statement...

Q: During 2011, Turning Leaves Furniture Restoration completed these transactions:

During 2011, Turning Leaves Furniture Restoration completed these transactions: 1. Sales revenue on account, $1,000,000 2. Collections on account, $870,000 3. Write-offs of uncollectibles, $12,000...

Q: Perform the following accounting for the receivables of Evans and Tanner,

Perform the following accounting for the receivables of Evans and Tanner, a law firm, at December 31, 2010. Requirements 1. Start with the beginning balances for these T-accounts: Accounts Receivab...

Q: Answer these questions about receivables and uncollectibles. For the true-

Answer these questions about receivables and uncollectibles. For the true-false questions, explain any answers that turn out to be false. 1. True or false? Credit sales increase receivables. Collecti...

Q: Use the information from the following journal entries of Turning Leaves Furniture

Use the information from the following journal entries of Turning Leaves Furniture Restoration to answer the questions below: Requirements 1. Start with Accounts Receivables beginning balance ($38...

Q: 1. Compute the amount of interest during 2010, 2011,

1. Compute the amount of interest during 2010, 2011, and 2012 for the following note receivable: On April 30, 2010, BCDE Bank lent $170,000 to Carl Abbott on a two-year, 7% note. 2. Which party has a...

Q: On August 31, 2010, Nancy Thompson borrowed $2,

On August 31, 2010, Nancy Thompson borrowed $2,000 from Green Interstate Bank. Thompson signed a note payable, promising to pay the bank principal plus interest on August 31, 2011. The interest rate o...

Q: Record the following note receivable transactions in the journal of Aegean Realty

Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue did Aegean earn this year? Use a 365-day year for interest computations, and round interest...