Questions from Financial Accounting

Q: Fes Company is making adjusting journal entries for the year ended December

Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjusting journal entries, you learned the following: a. A two-year insurance p...

Q: Prepare adjusting journal entries at December 31, 2018, for

Prepare adjusting journal entries at December 31, 2018, for (a) insurance and (b) supplies. Data from E4-6: Fes Company is making adjusting journal entries for the year ended December 31, 2018. In...

Q: Explain the expense recognition principle (“matching”).

Explain the expense recognition principle (“matching”).

Q: Jaworski’s Ski Store is completing the accounting process for its first year

Jaworski’s Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to...

Q: For each of the transactions in E4-8, indicate

For each of the transactions in E4-8, indicate the amount and direction of effects of the adjusting journal entry on the elements of the accounting equation. Using the following format, indicate + fo...

Q: At most movie theaters, one employee sells tickets and another employee

At most movie theaters, one employee sells tickets and another employee collects them. One night, when you’re at the movies, your friend comments that this is a waste of the theater’s money. Require...

Q: Complete all the requirements of M8-3, except assume Extreme

Complete all the requirements of M8-3, except assume Extreme Fitness uses the direct write-off method. Note this means Extreme does not have an Allowance for Doubtful Accounts balance.

Q: Mountain Air Company established a $200 petty cash fund on January

Mountain Air Company established a $200 petty cash fund on January 1. From January 3 through 15, payments were made from the fund, as listed below. On January 17, the fund was replenished with a check...

Q: Your student club recently volunteered to go door-to-door

Your student club recently volunteered to go door-to-door collecting cash donations on behalf of a local charity. The charity’s accountant went berserk when you said you wrote receipts only for donors...

Q: Locker Rentals Corp. (LRC) operates locker rental services at

Locker Rentals Corp. (LRC) operates locker rental services at several locations throughout the city including the airport, bus depot, shopping malls, and athletics facilities. Unlike some of the old m...