Question 1

Calculate the following:

Accepted Answer

The answer of Calculate the following: ...

Question 2

The chart of accounts classifies the accounts to make identification of the accounts easier. Describe the numbering system businesses use in setting up the chart of accounts.

Accepted Answer

The answer of The chart of accounts classifies the accounts...

Question 3

Organize the following accounts into the usual sequence of a chart of accounts.

Miscellaneous Expense
Accounts Payable
Accounts Receivable
Cash
Common Stock
Fees Earned
Prepaid Rent
Salaries Expense
Unearned Revenue
Dividends

Accepted Answer

The answer of Organize the following accounts into the usual...

Question 4

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.  ​

Accepted Answer

The answer of Set up T accounts for Cash; Accounts...

Question 5

Richardson Company has a condensed income statement as shown.  
 Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

Accepted Answer

Change in sales = Sales in Year 2 - Sales in Year 1 = $150,000 - $165,500? = -$15,500
Percent change in sales = (Sales in Year 2 - Sales in Year 1) / Sales in Year 1
= ($150,000 - $165,500?) / $165,500? = -9.4%

Question 6

On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company paid the invoice.
(a) Provide the journal entry for the purchase on account.​
(b) Provide the journal entry for the payment of the invoice.

Accepted Answer

The answer of On October 10, Nikle Company purchased supplies...

Question 7

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Accepted Answer

The answer of On September 1, Erika Company purchased land...

Question 8

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred in Walker's first month of operation. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.  ​

Accepted Answer

The answer of On January 1, Merry Walker and other...

Question 9

McNally Industries has a condensed income statement as shown.  
 Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

Accepted Answer

Change in sales = Sales in Year 2 - Sales in Year 1 = $198,000 - $165,500? = $32,500
Percent change in sales = (Sales in Year 2 - Sales in Year 1) / Sales in Year 1
= ($198,000 - $165,500?) / $165,500? = 19.6%

Question 10

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (f), each identified by a number. Following this list are the transactions that occurred in Walker's first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.  ​

Accepted Answer

The answer of On January 1, Merry Walker and other...

Question 11

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts:  ​  ​  ​  ​  ​
Indicate the following for each debit and each credit:  ​
Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 12

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

Accepted Answer

The answer of Selected accounts from the ledger of Garrison...

Question 13

Which of the following is not a useful step in finding errors on the trial balance?

Accepted Answer

Determining the difference between debits and credits is a useful step, but changing any account to make the trial balance correct is not an appropriate action. This can mask the error and potentially create even more errors. Dividing the difference by an arbitrary number (such as 2 or 9) is not a standard method for finding errors and is not recommended.

Question 14

All of the following statements regarding a horizontal analysis are true except:

Accepted Answer

This statement is false because a horizontal analysis can be performed on a balance sheet, income statement, and statement of cash flows.

Question 15

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

Accepted Answer

The answer of On January 31, the cash account balance...

Question 16

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: ​

Accepted Answer

The original entry recorded the transaction as if the supplies were being sold on credit to a customer, rather than purchased on credit from a supplier. Therefore, the correcting entry should credit Accounts Payable for the amount of the purchase. Option C is the correct choice because it reflects this correction by crediting Accounts Payable for $500, which is the amount owed to the supplier for the purchase of supplies on account. The other options do not accurately reflect the correction needed for this transaction.

Question 17

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

Accepted Answer

The answer of Listed below are accounts to use for...

Question 18

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.  ​

Accepted Answer

The answer of On January 1, Merry Walker and other...

Question 19

On October 17, Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

Accepted Answer

The answer of On October 17, Nikle Company purchased a...

Question 20

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

Accepted Answer

The answer of On June 1, the cash account balance...

Quiz 2: Double-Entry Accounting

Calculate the following:

The chart of accounts classifies the accounts to make identification of the accounts easier. Describe the numbering system businesses use in setting up the chart of accounts.

Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Accounts Receivable Cash Common Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

Richardson Company has a condensed income statement as shown. Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company paid the invoice. (a) Provide the journal entry for the purchase on account. (b) Provide the journal entry for the payment of the invoice.

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

McNally Industries has a condensed income statement as shown. Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

Which of the following is not a useful step in finding errors on the trial balance?

All of the following statements regarding a horizontal analysis are true except:

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a:

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

On October 17, Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

Quiz 2: Double-Entry Accounting

Calculate the following:

The chart of accounts classifies the accounts to make identification of the accounts easier. Describe the numbering system businesses use in setting up the chart of accounts.

Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Accounts Receivable Cash Common Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses. ​

Richardson Company has a condensed income statement as shown. Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company paid the invoice. (a) Provide the journal entry for the purchase on account.​ (b) Provide the journal entry for the payment of the invoice.

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

McNally Industries has a condensed income statement as shown. Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: ​ ​ ​ ​ ​ Indicate the following for each debit and each credit: ​ Present your answers in the following form:

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

Which of the following is not a useful step in finding errors on the trial balance?

All of the following statements regarding a horizontal analysis are true except:

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: ​

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

On October 17, Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company paid the invoice. (a) Provide the journal entry for the purchase on account. (b) Provide the journal entry for the payment of the invoice.

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: