Questions from Financial Accounting

Q: Ryan Olson organized a new company, MeToo, Inc. The

Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. You have been hired to record the following transactions. a. May 1: Issued...

Q: Barbara Jones opened Barb’s Book Business on February 1. You have

Barbara Jones opened Barb’s Book Business on February 1. You have been hired to maintain the company’s financial records. The following transactions occurred in February, the first month of operations...

Q: Lakewood Tennis Club (LTC) operates an indoor tennis facility.

Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $150 annual membership fee plus a member rental rate of $20 per court per hour. LTC’s fiscal year-end is August 31....

Q: The following is a list of accounts and amounts reported for Rollcom

The following is a list of accounts and amounts reported for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances Required: 1. Prepare an adj...

Q: What are three categories of employee fraud? Which is most common

What are three categories of employee fraud? Which is most common? Which is associated with the largest losses?

Q: Jordan Company’s annual accounting year ends on December 31. It is

Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2018, and all of the 2018 entries have been made except for the following: a. The company owes interest of $700 on...

Q: Indicate the effects (account, amount, and direction)

Indicate the effects (account, amount, and direction) of each adjusting journal entry. Use + for increase, − for decrease, and NE for no effect. Provide an appropriate account name...

Q: Golf Academy, Inc., provides private golf lessons. Its unadjusted

Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Required: 1. Calculate the (preliminary...

Q: A machine that cost $400,000 has an estimated residual

A machine that cost $400,000 has an estimated residual value of $40,000 and an estimated useful life of four years. The company uses straight-line depreciation. Calculate its book value at the end of...

Q: The following procedures are used by Richardson Light Works.

The following procedures are used by Richardson Light Works. a. When customers pay cash for lighting products, the cash is placed in a cash register and a receipt is issued to the customer. b. At th...