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The ledger accounts given below, with an identification number for each, are used by
Kiner Company which uses perpetual inventory methods.
Instructions: Prepare appropriate entries for the month of August by placing the
appropriate identification number(s) in the debit and credit columns provided and the
dollar amounts pertaining to each account in the adjoining columns. Item 0 is given as
an example.
Answer:
The normal balance of an expense is a credit.
Answer:
The following adjusting entries for Donkey Company were prepared after completing a
bank reconciliation. For each of the following adjustments, prepare a probable
explanation for the adjusting entry.
Answer:
After a transaction has been posted, the reference column in the journal should not be
blank.
Answer:
The chart of accounts is a listing of the accounts and the account numbers which
identify their location in the ledger.
Answer:
The following items are taken from the adjusted trial balance of Westley Company for
the month ending July 31, 2015:
Prepare the current assets section of Westley's classified balance sheet.
Answer:
Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the
balance sheet of Roscoe Company to balance. Roscoe's balance sheet is as follows.
Instructions
Prepare a correct balance sheet.
Answer:
Sales Returns and Allowances and Sales Discounts are both designed to encourage
customers to pay their accounts promptly.
Answer:
The amount of a cash dividend liability is recorded on the date of record because it is on
that date that the persons or entities who will receive the dividend are identified.
Answer:
