Questions from General Accounting

Q: Hyman Inc. was started on May 1. Here is a

Hyman Inc. was started on May 1. Here is a summary of the May transactions. 1. Stockholders invested $30,000 cash in the company in exchange for common stock. 2. Purchased equipment for $10,000 cash....

Q: Ned Walz started his own delivery service, Walz Service Inc.,

Ned Walz started his own delivery service, Walz Service Inc., on June 1, 2014. The following transactions occurred during the month of June. June 1 Stockholders invested $20,000 cash in the business...

Q: Joe Thyme opened Thyme Company, a veterinary business in Neosho,

Joe Thyme opened Thyme Company, a veterinary business in Neosho, Missouri, on August 1, 2014. On August 31, the balance sheet showed Cash $9,000; Accounts Receivable $1,700; Supplies $600; Equipment $...

Q: Beefeaters RV Park was started on April 1 by Sarah Rhodes.

Beefeaters RV Park was started on April 1 by Sarah Rhodes. These selected events and transactions occurred during April. Apr. 1 Stockholders invested $100,000 cash in the business in exchange for co...

Q: : Bob Royce incorporated Royce Consulting, an accounting practice, on

Bob Royce incorporated Royce Consulting, an accounting practice, on May 1, 2014. During the first month of operations, these events and transactions occurred. May 1 Stockholders invested $100,000 c...

Q: The trial balance of American Dry Cleaners on June 30 is given

The trial balance of American Dry Cleaners on June 30 is given here The July transactions were as follows. July 8 Received $10,189 in cash on June 30 accounts receivable. 9 Paid employee salaries...

Q: This trial balance of Lindbergh Company does not balance. /

This trial balance of Lindbergh Company does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit...

Q: Roxy Theater Inc. was recently formed. All facilities were completed

Roxy Theater Inc. was recently formed. All facilities were completed on March 31. On April 1, the ledger showed: Cash $6,300; Land $10,000; Buildings (concession stand, projection room, ticket booth,...

Q: A first year co-op student working for Solutia Inc.

A first year co-op student working for Solutia Inc. recorded the transactions for the month. He wasn’t exactly sure how to journalize and post, but he did the best he could. He had a few questions, ho...

Q: The following data are taken from the comparative balance sheets of Golfview

The following data are taken from the comparative balance sheets of Golfview Inn, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members based upon...