Question 1

The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2019. On the same page of the general journal, record the reversing entries as of January 1, 2020. Include descriptions.
Adjustment data:
a)On October 1, 2019, the firm paid rent of $6,000 in advance for a 6-month period.
b)A total of $5,000 should be recorded as depreciation of equipment for 2019.
c)On December 31, 2019, the firm owed salaries of $4,000 that will not be paid until January 2020.
d)On December 31, 2019, the firm owed the employer's social security (6.2%)and Medicare (1.45%)taxes on all of the accrued salaries.

Accepted Answer

The answer of The data below concerns adjustments to be...

Question 2

Match between columns
                        Premises: Property that will be used in the business for longer than one year
A type of income statement on which several subtotals are computed before the net income is calculated
A relationship between current assets and current liabilities that provides a measure of a firm's ability to pay its current debts
Assets consisting of cash, items that normally will be converted into cash within one year, or items that will be used up within one year
A format by which revenues and expenses on the income statement, and assets and liabilities on the balance sheet, are divided into groups of similar accounts and a subtotal is given for each group
Debts that must be paid within one year
The difference between net sales and the cost of goods sold
Debts of a business that are due more than one year in the future
The ease with which an item can be converted into cash
The amount of gross profit from each dollar of sales
Journal entries made to reverse the effect of certain adjusting entries involving accrued income or accrued expenses to avoid problems in recording future payments or receipts of cash in a new accounting period
A type of income statement where only one computation is needed to determine the net income (total revenue - total expenses = net income)
The number of times inventory is purchased and sold during the accounting period

Accepted Answer

The Answer of Long-term liabilities and Current liabilities and Single-step is...

Question 3

Brianna Graham is the owner of a dress shop. The firm had a net loss of $9,000 for the year. What accounts are debited and credited to transfer the net loss to the owner's capital account during the closing process?

Accepted Answer

The answer of Brianna Graham is the owner of a...

Question 4

A. Check all of the following accounts that would be classified as a current asset.
  
B. Check all of the following accounts that would be classified as a current liability.

Accepted Answer

The answer of A. Check all of the following accounts...

Question 5

The adjusted trial balance data given below is from Cameron White Company's worksheet for the year ended December 31, 2019. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. Prepare a classified balance sheet as of December 31, 2019. The ending capital for the period from the statement of owner's equity is
$56,150.

Accepted Answer

The answer of The adjusted trial balance data given below...

Question 6

Allyse Petry is the owner of a boutique. During the year she made withdrawals of cash totaling
$25,000. What accounts are debited and credited to close the owner's drawing account?

Accepted Answer

The answer of Allyse Petry is the owner of a...

Question 7

The data below concerns adjustments to be made at the Tyson Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2019. On the same page of the general journal, record the reversing entries as of January 1, 2020. Include descriptions.
Adjustment data:
(a)On October 1, 2019, the firm paid rent of $20,000 in advance for a 6-month period.
(b)A total of $13,000 should be recorded as depreciation of equipment for 2019.
(c)On December 31, 2019, the firm owed salaries of $12,000 that will not be paid until January 2020.
(d)On December 31, 2019, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

Accepted Answer

The answer of The data below concerns adjustments to be...

Question 8

Jeannine Coulson is the owner of a book store. During the year she made withdrawals of cash totaling $9,000. What accounts are debited and credited to close the owner's drawing account?

Accepted Answer

The answer of Jeannine Coulson is the owner of a...

Question 9

On December 31, 2019, the Income Statement section of the worksheet is shown below. The balance of Ally Logan's drawing account is $16,000. Record the necessary closing entries on page 9 of a general journal.

Accepted Answer

The answer of On December 31, 2019, the Income Statement...

Question 10

Teresa Davis is the owner of a convenience shop. The firm had a net income of $4,500 for the year. What accounts are debited and credited to transfer the net income to the owner's capital account during the closing process?

Accepted Answer

The answer of Teresa Davis is the owner of a...

Question 11

Write the word "YES" in the empty column if an account would be closed at the end of the accounting period.

Accepted Answer

The answer of Write the word "YES" in the empty...

Question 12

Match between columns
                        Premises:  A type of income statement where only one computation is needed to determine the net income (total revenue — total expenses = net income)
 The difference between net sales and the cost of goods sold
 A format by which revenues and expenses on the income statement, and assets and liabilities on the balance sheet, are divided into groups of similar accounts and a subtotal is given for each group
 A type of income statement on which several subtotals are computed before the net income is calculated
 The amount of gross profit from each dollar of sales
 The number of times inventory is purchased and sold during the accounting period
 The ease with which an item can be converted into cash
 Property that will be used in the business for longer than one year
 Journal entries made to reverse the effect of certain adjusting entries involving accrued income or accrued expenses to avoid problems in recording future payments or receipts of cash in a new accounting period
 A relationship between current assets and current liabilities that provides a measure of a firm's ability to pay its current debts
 Assets consisting of cash, items that normally will be converted into cash within one year, or items that will be used up within one year
 Debts of a business that are due more than one year in the future
 Debts that must be paid within one year

Accepted Answer

The Answer of Classified financial statement and Current assets and is...

Quiz 13: Financial Statements and Closing Procedures

Match the accounting terms with the description

Brianna Graham is the owner of a dress shop. The firm had a net loss of $9,000 for the year. What accounts are debited and credited to transfer the net loss to the owner's capital account during the closing process?

A. Check all of the following accounts that would be classified as a current asset. B. Check all of the following accounts that would be classified as a current liability.

Allyse Petry is the owner of a boutique. During the year she made withdrawals of cash totaling $25,000. What accounts are debited and credited to close the owner's drawing account?

Jeannine Coulson is the owner of a book store. During the year she made withdrawals of cash totaling $9,000. What accounts are debited and credited to close the owner's drawing account?

On December 31, 2019, the Income Statement section of the worksheet is shown below. The balance of Ally Logan's drawing account is $16,000. Record the necessary closing entries on page 9 of a general journal.

Teresa Davis is the owner of a convenience shop. The firm had a net income of $4,500 for the year. What accounts are debited and credited to transfer the net income to the owner's capital account during the closing process?

Write the word "YES" in the empty column if an account would be closed at the end of the accounting period.

Match the description with the accounting terms.