Archives: Quiz
978-0133791006 Chapter 5 Part 6
PROBLEM 5B-3 (CONTINUED) LIABILITIES AND OWNER’S EQUITY PALMER’S PLOWING BALANCE SHEET JAN. 31, 201X Liabilities ASSETS 00 0 2 3 $ Cash Copyright © 2016 Pearson Education, Inc. 5-51 00 00 00 0 0 0 4 7 1 4 4 […]
978-0133791006 Chapter 5 Part 5
PROBLEM 5B-3 (CONTINUED) PALMER’S PLOWING GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Jan. 28 Accounts Payable 211 4 8 0 0 00 Cash 111 4 8 0 0 00 Paid on Account 29 Advertising […]
978-0133791006 Chapter 4 Part 2
4-11 EXERCISES (CONTINUED) (C) LIABILITIES AND OWNER’S EQUITY 00 00 00 3 2 5 1 3 4 $ $ 00 00 1 2 1 $ Accounts Payable Wages Payable Total Liabilities Owner’s Equity J. Tutle, Capital Total Liabilities and Owner’s […]
978-0133791006 Chapter 3 Part 4
PROBLEM 3B-2 (CONTINUED) GENERAL LEDGER OF BETH’S ART STUDIO CASH ACCOUNT NO. 111 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Apr. 1 GJ1 15 0 0 0 00 15 0 0 0 00 1 GJ1 1 6 […]
978-0133791006 Chapter 3 Part 1
3 Beginning the Accounting Cycle ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Disagree; the accounting cycle represents a certain period of time a business has to perform the normal accounting procedures (usually one year). 2. Disagree; it is […]
978-0133791006 Chapter 15 Part 3
PROBLEM 15B-2 SHARON ELETRONICS GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Apr. 10 Merchandise Inventory 114/√ 7 2 4 30 Accounts Payable 201 7 2 4 30 11 Cash 101 1 4 2 50 […]
978-0133791006 Chapter 15 Part 2
EXERCISES (CONTINUED) 15B-6. The cost of inventory for Sue Company is $27,395. 15B-7. Retail Method Goods Available for Sale Cost Retail Beginning Inventory $ 58,900.00 $ 74,400.00 Net Purchases 255,800.00 405,400.00 Cost of Goods Available for Sale $314,700.00 $479,800.00 Cost […]
978-0133791006 Chapter 15 Part 1
15 Accounting for Merchandise Inventory ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. The perpetual inventory system keeps continual track of the quantity and cost of inventory. 2. Merchandise inventory and cost of goods sold 3. Merchandise inventory 4. […]
978-0133791006 Chapter 14 Part 2
PROBLEM 14A-3 JOYE CO. GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Jun. 18 Cash 53 7 1 6 67 Discount on Notes Payable 1 2 8 3 33 Notes Payable 55 0 0 0 […]
978-0133791006 Chapter 14 Part 1
14 Notes Receivable and Notes Payable ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. A company may use Notes Payable instead of Accounts Payable: A. To get additional time to settle past due accounts (maker side). B. To borrow […]
978-0133791006 Chapter 13 Part 2
PROBLEM 13A-3 T.J. RADCLIFF GENERAL JOURNAL PAGE 4 Date Account Titles and Description PR Dr. Cr. 2015 Mar. 13 Bad Debts Expense 1 9 0 0 00 Accounts Receivable—S. Rose 1 9 0 0 00 To Write off Account Apr. […]
978-0133791006 Chapter 13 Part 1
13 Accounting for Bad Debts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. The matching principle estimates the bad expense in the same period the sale is made, although the write-off of the actual bad debt may not occur […]
978-0133791006 Chapter 12 Part 8
MINI PRACTICE SET (CONTINUED) ACCOUNTS RECEIVABLE ACCOUNT NO. 112 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Mar. 1 Balance √ 1 8 0 0 00 1 GJ4 1 8 0 0 00 0 00 3 GJ4 8 […]
978-0133791006 Chapter 12 Part 6
CONTINUING PROBLEM(CONTINUING) FIT PAYABLE ACCOUNT NO. 2040 Date Explanation Post Ref. Debit Credit Balance Debit Credit SIT PAYABLE ACCOUNT NO. 2050 Date Explanation Post Ref. Debit Credit Balance Debit Credit FUTA TAX PAYABLE ACCOUNT NO. 2060 Date Explanation Post Ref. […]
978-0133791006 Chapter 12 Part 5
PROBLEM 12B-4 (CONTINUED) CULLEN LUMBER GENERAL LEDGER CASH ACCOUNT NO. 110 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Dec. 31 Balance √ 1 3 4 0 00 ACCOUNTS RECEIVABLE ACCOUNT NO. 111 Date 201X Explanation Post Ref. […]
978-0133791006 Chapter 10 Part 6
PROBLEM 10B-4 (CONTINUED) ABBY’S TOY HOUSE GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Mar. 10 Sales Returns and Allowances 412 5 0 0 00 Accounts Receivable, John Drayton 112/√ 5 0 0 00 Issued […]
978-0133791006 Chapter 10 Part 5
PROBLEM 10B-1 (CONCLUDED) STORE EQUIPMENT ACCOUNT NO. 121 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Mar. 5 GJ2 5 4 0 0 00 5 4 0 0 00 ACCOUNTS PAYABLE ACCOUNT NO. 210 Date 201X Explanation Post […]
978-0133791006 Chapter 10 Part 4
PROBLEM 10A-4 (CONTINUED ACCOUNTS PAYABLE ACCOUNT NO. 210 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Dec. 1 GJ1 4 4 0 0 00 4 4 0 0 00 8 GJ1 1 3 0 0 00 5 7 […]
978-0133791006 Chapter 9 Part 7
CONTINUING PROBLEM SOLUTION: ON THE JOB: SMITH COMPUTER CENTER (1) SMITH COMPUTER CENTER GENERAL JOURNAL PAGE 4 Date 201X Account Titles and Description PR Dr. Cr. Jan. 1 Accounts Receivable, Phil’s Photography 1020/√ 7 8 0 00 Sales 4010 7 […]
978-0133791006 Chapter 9 Part 6
PROBLEM 9B-4 (CONTINUED) AL‘S COSMETIC MARKET GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Dec. 21 Accounts Receivable, John Tobin Co. 12√ 3 7 8 / 00 Sales Tax Payable 20 2 8 00 Lipstick […]
978-0133791006 Chapter 9 Part 5
PROBLEM 9B-2 (CONTINUED) (2) ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER NAME R. NONACK ADDRESS 12 ASTER RD., MERIMACK, NH 02134 Date 201X Explanation Post Ref. Debit Credit Dr. Balance Jan. 1 Balance √ 1 4 0 0 00 1 GJ2 7 1 […]
978-0133791006 Chapter 9 Part 4
PROBLEM 9A-4 (CONTINUED) ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER NAME LOIS KOZAK CO. ADDRESS 2 RYAN RD., BUFFALO, NY 09113 Date 201X Explanation Post Ref. Debit Credit Debit Balance May 8 GJ1 6 3 8 00 6 3 8 00 15 GJ1 […]
978-0133791006 Chapter 9 Part 3
PROBLEM 9A-2 (CONTINUED) JEFF’S AUTO SUPPLY PARTIAL GENERAL LEDGER ACCOUNTS RECEIVABLE ACCOUNT NO. 110 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Feb. 1 Balance √ 1 4 0 0 00 1 GJ2 8 8 0 00 2 […]
978-0133791006 Chapter 9 Part 2
EXERCISES (CONTINUED) 9B-3. Date 201X Account Titles and Description PR Dr. Cr. Aug. 24 Cash 8 9 3 00 Sales Discount 4 7 00 Accounts Receivable, Ralph Co. 9 4 0 00 Copyright © 2016 Pearson Education, Inc. 9-11 EXERCISES […]
978-0133791006 Chapter 9 Part 1
9 Sales and Cash Receipts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING QUESTIONS/ETHICAL CASE 1. Contra-revenue accounts record Sales Discounts, Sales Returns or Allowances. 2. The normal balance of Sales Discounts is a Dr. balance. 3. Sales Discounts and Sales […]
978-0133791006 Chapter 8 Part 5
FUTA TAX PAYABLE ACCOUNT NO. 2060 Date Explanation Post Ref. Debit Credit Balance Debit Credit Nov. 30 Balance Forward √ 0 Dec. 31 GJ6 1 2 18 1 2 18 Dec. 31 GJ6 1 2 18 0 SUTA TAX PAYABLE […]
978-0133791006 Chapter 8 Part 4
8-31 CONTINUING PROBLEM–ON THE JOB: SMITH COMPUTER CENTER Requirement 1 SMITH COMPUTER CENTER PAYROLL REGISTER DECMEBER 7, 201X Distr. of Expense Accts. Taxable Earnings OASDI 00 00 00 Wages Exp. 00 00 00 0 0 0 0 0 0 8 […]
978-0133791006 Chapter 8 Part 3
PROBLEM 8B-1 (CONTINUED) (2) Feb. 15 FICA OASDI Payable 1 1 0 7 32 FICA Medicare Payable 2 5 8 98 FIT Payable 1 1 1 3 00 Cash 2 4 7 9 30 Deposit Form 941 Taxes For Feb. […]
978-0133791006 Chapter 8 Part 2
PROBLEM 8A-1 (CONTINUED) (2) Feb. 15 FICA OASDI Payable 1 1 0 9 80 FICA Medicare Payable 2 5 9 56 FIT Payable 1 1 0 7 00 Cash 2 4 7 6 36 Deposit Form 941 Taxes Copyright © […]
978-0133791006 Chapter 8 Part 1
8 Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Annual Tax Forms: The Conclusion of the Payroll Process ANSWERS TO DISCUSSION AND CRITICAL THINKING QUESTIONS/ETHICAL CASE 1. Better internal control, bank reconciliation is easier and manage […]
978-0133791006 Chapter 7 Part 3
CASH ACCOUNT NO. 1000 Date Explanation Post Ref. Debit Credit Balance Debit Credit Oct. 31 Balance Forward √ 6 4 8 5 00 Nov. 12 GJ4 7 2 5 00 7 2 1 0 00 18 GJ5 9 0 0 […]
978-0133791006 Chapter 7 Part 2
7-11 PROBLEM 7A-3 PAYROLL REGISTER OCTOBER 13, 201X Distribution of Expense Accounts 00 00 00 00 00 Sales 0 0 0 1 1 6 6 2 7 1 9 1 1 Office 00 00 50 00 50 8 0 7 […]
978-0133791006 Chapter 7 Part 1
7 Calculating Pay and Recording Payroll Taxes: The Beginning of the Payroll Process ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. The Fair Labor Standards Act regulates the minimum hourly wage as well as the maximum number of hours […]
978-0133791006 Chapter 6 Part 4
ACCOUNTS PAYABLE ACCOUNT NO. 2000 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Sept. 30 Balance forward √ 1 7 0 00 Oct. 16 GJ3 3 5 00 1 3 5 00 17 GJ3 8 5 00 5 […]
978-0133791006 Chapter 6 Part 3
6-21 PROBLEM 6B-4 (CONCLUDED) Category of Payment Amount 00 3 1 Misc. Exp. 00 7 00 00 9 5 2 00 00 00 00 9 7 3 5 2 1 Postage Delivery Donation Postage 1 2 3 4 5 9 […]
978-0133791006 Chapter 6 Part 2
PROBLEM 6A-2 Checkbook Balance $ 5,600 Balance per Bank $ 4,515 Add: Add: ____ Deposits in Transit 2,400 Subtotal $ 5,600 Subtotal $ 6,915 Deduct: Deduct: NSF Check $800 Outstanding Checks Bank Service Charge 15 815 Check No. 111 Check […]
978-0133791006 Chapter 6 Part 1
6 Banking Procedures and Control of Cash ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. A smartphone app is a tool that can be used to make deposits, check balances, and other transactions for both business and personal banking. […]
978-0133791006 Chapter 5 Part 9
Copyright © 2016 Pearson Education, Inc. 5-77 SOUSA REALTY (5) SOUSA REALTY POST-CLOSING TRIAL BALANCE SEPTEMBER 30, 201X Dr. Cr. Cash 22 5 4 5 00 Accounts Receivable 10 0 0 0 00 Prepaid Rent 8 0 0 00 Office […]
978-0133791006 Chapter 5 Part 8
MINI PRACTICE SET SOUSA REALTY COMMISSIONS EARNED ACCOUNT NO. 411 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Sept. 6 GJ1 11 0 0 0 00 11 0 0 0 00 17 GJ2 10 0 0 0 00 […]
978-0133791006 Chapter 5 Part 7
Copyright © 2016 Pearson Education, Inc. 5-61 MINI PRACTICE SET SOUSA REALTY (1) SOUSA REALTY GENERAL JOURNAL PAGE 1 Date 201X Account Titles and Description PR Dr. Cr. Sept. 1 Cash 111 12 0 0 0 00 Office Equipment 121 […]
978-0133791006 Chapter 5 Part 4
5-31 SOLUTIONS TO SET B PROBLEMS PROBLEM 5B-1 DEB‘S DANCE STUDIO WORKSHEET FOR THE MONTH ENDED APRIL 30, 201X Balance Sheet Credit 6,900 20,000 46,100 600 73,600 11,700 85,300 Debit 62,000 200 400 19,000 700 85,300 85,300 Income Statement Credit […]
978-0133791006 Chapter 5 Part 3
PROBLEM 5A-3 (CONTINUED) CASH ACCOUNT NO. 111 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Jan. 1 GJ1 16,000 00 16,000 00 1 GJ1 2,400 00 13,600 00 6 GJ1 300 00 13,300 00 8 GJ1 8,000 00 […]
978-0133791006 Chapter 5 Part 2
5-11 PROBLEM 5A-1 Balance Sheet 9,500 14,000 34,500 700 58,700 18,100 76,800 11,000 800 800 14,000 200 76,800 76,800 Income Statement 23,800 23,800 23,800 DREW’S DANCE STUDIO WORKSHEET FOR THE MONTH ENDED NOVEMBER 30, 201X 2,000 400 700 400 700 […]
978-0133791006 Chapter 5 Part 1
5 The Accounting Cycle Completed ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Only the balances in the original trial balance are found in the general ledger. At this point, no adjustments have been journalized or posted. 2. Adjusting […]
978-0133791006 Chapter 4 Part 4
4-27 PROBLEM 4B-4 (CONCLUDED) LIABILITIES AND OWNER’S EQUITY 00 00 00 0 0 0 7 8 5 4 8 3 $5 7 $13 00 00 0 0 7 0 1 3 $5 DON’S REPAIR SERVICE BALANCE SHEET SEPTEMBER 30, 201X […]
978-0133791006 Chapter 4 Part 3
PROBLEM 4B-2 Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Credit Debit 3,100 Credit Debit Credit LAJOIE’S LANDSCAPING SERVICE WORKSHEET FOR THE MONTH ENDED JANUARY 31, 201X Debit 3,100 Credit Debit Credit Debit 3,100 Cash in […]
978-0133791006 Chapter 4 Part 1
4 The Accounting Cycle Continued ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Disagree; worksheets are optional (and often used), but are not required. 2. The purpose of adjusting is to update accounts to the latest balance before financial […]
978-0133791006 Chapter 25 Part 2
Copyright © 2016 Pearson Education, Inc. 25–11 SOLUTIONS TO SET A PROBLEMS PROBLEM 25A-1 BILLINGS MANUFACTURING STATEMENT OF COST OF GOODS MANUFACTURED FOR THE MONTH ENDED OCTOBER 31, 201X Direct Materials: Raw Material Inventory, 10/1/1X $21 0 0 0 00 […]
978-0133791006 Chapter 25 Part 1
25 Manufacturing Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Raw material, direct labor, overhead. 2. Disagree. Direct labor includes the wages of personnel whose efforts directly change the product. 3. Raw material inventory; work-in-process inventory; finished goods […]
978-0133791006 Chapter 24 Part 2
PROBLEM 24A-2 PHILLIPS COMPANY DEPARTMENTAL EXPENSES CLOTHING HARDWARE TOTAL OPERATING EXPENSE DIRECT INDIRECT DIRECT INDIRECT DIRECT INDIRECT 1. Rent Expense $4,737 $7,263 $12,000 2. Insurance Expense $1,500 3,000 $2,300 4,600 $3,800 7,600 3. Depreciation Expense 330 640 970 4. Advertising […]