Questions from Financial Accounting

Q: Midshipmen Company borrows $15,000 from Falcon Company on July

Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2025. (1) Record the borrowing for Midship...

Q: On October 31, 2024, Damon Company’s general ledger shows a

On October 31, 2024, Damon Company’s general ledger shows a cash account balance of $8,397. The company’s cash receipts for the month total $74,320, of which $71,295 has been deposited in the bank. In...

Q: Below are several transactions for Meyers Corporation for 2024. /

Below are several transactions for Meyers Corporation for 2024. Required: 1. For each transaction, determine the amount of cash flows (indicate inflows with a “+” a...

Q: Spielberg Company’s general ledger shows a cash account balance of $23

Spielberg Company’s general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days of the month have not yet been deposited. The bank statement d...

Q: Mercy Hospital has the following balances on December 31, 2024,

Mercy Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollecti...

Q: The Physical Therapy Center specializes in helping patients regain motor skills after

The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment: Accounts Rec...

Q: At the beginning of 2024, Best Heating & Air (BHA

At the beginning of 2024, Best Heating & Air (BHA) has a balance of $26,000 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to a...

Q: During 2024, LeBron Corporation accepts the following notes receivable.

During 2024, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron provides services to a customer on account. The customer signs a four month, 9% note for $7,000. 2. On Jun...

Q: On April 1, 2024, Shoemaker Corporation realizes that one of

On April 1, 2024, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker’s business. The supplier explains that it ha...

Q: Suzuki Supply reports the following amounts at the end of 2024 (

Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuk...