Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Sold merchandise in the amount of $175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is $5.
List the title of the account and the related balance that will appear on the income statement.
Explain what is meant by unearned revenue. Why it is treated as a liability?
Describe the four procedures that most companies follow to maintain internal control of purchases of merchandise.
Why is an accounts receivable ledger or an accounts payable ledger necessary for a business with large numbers of credit customers or large numbers of vendors.
Describe the posting procedures to the general ledger and the rules for totaling and ruling the following.
Open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., $355.23.
Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
Post the entries to the general journal and accounts receivable ledger or accounts payable ledger as appropriate.
Prepare a bank reconciliation as of November 30 assuming that the debit and credit memos have not been recorded.
What was the total of the outstanding checks assuming that no other adjustments would be made to the bank statement?
The bank statement also shows an NSF check for $180 received from one of Hosung's customers. Service charges for the month were $18.
Increased the amount of the fund by an additional $50. Issued Ck. No. 891.
In general journal form, record the entry to record the day's cash revenue.
Record the disbursements of petty cash in the petty cash payments record.
Check no. 2500 for $255.00, no. 2517 for $332.00, no. 2518 for $115.00, and no. 2519 for $28.85 were written during July and have not been returned by the bank.
What is the purpose of the post-closing trial balance? What is the difference between a trial balance and a post-closing trial balance?
What are interim financial statements? Why would a business want to prepare them?
What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.
What are real accounts? What are nominal accounts? Give examples of each.
The bank statement of M. C. Johnson Company indicates a balance of $7,428 as of July 31.
A Petty Cash Fund of $100 was established on October 1. At the end of the month, the following accounts were charged for expenditures from the Petty Cash Fund.
Record the journal entry for the reimbursement of the Petty Cash Fund.
Journalize the entries to account for two bank deposits on June 29 and June 30. The amount of the Change Fund is $100.
Why is there generally a difference between the balance in the Cash account on the company's books and the balance on the bank statement?