Questions from Financial Accounting

Q: At the end of the current year, $18,540

At the end of the current year, $18,540 of fees have been earned but have not been billed to clients. Journalize the adjusting entry (include an explanation) to record the accrued fees.

Q: At the end of the current year, $27,480

At the end of the current year, $27,480 of fees have been earned but have not been billed to clients. Journalize the adjusting entry (include an explanation) to record the accrued fees.

Q: Blue Ocean Realty Co. pays weekly salaries of $33,

Blue Ocean Realty Co. pays weekly salaries of $33,300 for a six-day workweek (Monday through Saturday). Journalize the necessary adjusting entry (include an explanation) assuming that the accounting p...

Q: Silver Star Realty Co. pays weekly salaries of $16,

Silver Star Realty Co. pays weekly salaries of $16,200 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry (include an explanation) assuming that the account...

Q: On August 1, 20Y1, Newhouse Co. received $13

On August 1, 20Y1, Newhouse Co. received $13,200 for the rent of land for 12 months. Journalize the adjusting entry (include an explanation) required for unearned rent on December 31, 20Y1.

Q: Current assets and current liabilities for Konex Properties Company follow:

Current assets and current liabilities for Konex Properties Company follow: a. Determine the working capital and current ratio for 20Y9 and 20Y8. b. Is the change in the current ratio from 20Y8 to 20...

Q: Current assets and current liabilities for Sandstone Company follow: /

Current assets and current liabilities for Sandstone Company follow: a. Determine the working capital and current ratio for 20Y9 and 20Y8. b. Is the change in the current ratio from 20Y8 to 20Y9 favo...

Q: Cyrus Bautista owns and operates Aquarius Advertising Services. On January 1

Cyrus Bautista owns and operates Aquarius Advertising Services. On January 1, 20Y3, Cyrus Bautista, Capital had a balance of $471,900. During the year, Cyrus invested an additional $72,000 and withdre...

Q: Identify the permanent accounts from the following accounts: Cash; Chris

Identify the permanent accounts from the following accounts: Cash; Chris Hawkins, Drawing; Fees Earned; Office Equipment; Wages Expense.

Q: Ava Marie Rowland owns and operates Road Runner Delivery Services. On

Ava Marie Rowland owns and operates Road Runner Delivery Services. On January 1, 20Y3, Ava Marie Rowland, Capital had a balance of $781,000. During the year, Ava Marie made no additional investments a...