Question 1

The accounts in the ledger of Devers Gym as of August 31 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been omitted. Prepare an unadjusted trial balance, listing the accounts in proper sequence and inserting the missing figure for cash.
​ $\begin{array}{|l|r|l|c|}
\hline \text { Accounts Payable } & \$ 36,200 & \text { Notes Payable } & \$ 125,000 \
\hline \text { Accounts Receivable } & 63,450 & \text { Prepaid Insurance } & 16,800 \
\hline \text { Cash } & ? & \text { Rent Expense } & 42,000 \
\hline \text { Common Stock } & 30,000 & \text { Retained Earnings } & 72,300 \
\hline \text { Dividends } & 5,000 & \text { Supplies } & 3,000 \
\hline \text { Fees Earned } & 180,600 & \text { Supplies Expense } & 9,500 \
\hline \text { Insurance Expense } & 4,200 & \text { Unearned Rent } & 18,000 \
\hline \text { Land } & 125,000 & \text { Utilities Expense } & 16,700 \
\hline \text { Miscellaneous Expense } & 4,500 & \text { Wages Expense } & 94,000 \
\hline
\end{array}$

Accepted Answer

The answer of The accounts in the ledger of Devers...

Question 2

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown.  
 Using horizontal analysis, calculate the percent change for net income for each company. Round percentages to one decimal place.

Accepted Answer

Faso percent change in net income = (Net income in Year 2 - Net income in Year 1) / Net income in Year 1 = ($77,000 - $93,000) / $93,000 = -17.2%; Spinoza percent change in net income = (Net income in Year 2 - Net income in Year 1) / Net income in Year 1 = ($117,000 - $110,000) / $110,000 = 6.4%

Question 3

Below is the unadjusted trial balance for Dawson Designs.
REQUIRED:
(1) Identify the errors in the trial balance. All accounts have normal balances.
(2) Prepare a corrected trial balance.

Accepted Answer

The answer of Below is the unadjusted trial balance for...

Question 4

On October 1, the accounts receivable account balance was $208,400. During October, $298,500 was collected from customers on account. Assuming the October 31 balance was $125,300, determine the fees billed to customers on account during October.

Accepted Answer

The answer of On October 1, the accounts receivable account...

Question 5

Use the information below to answer the question that follows.
All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts:
  ​
  ​
  ​
  ​
  ​
​
-Prepare an unadjusted trial balance, listing the accounts in their proper order.

Accepted Answer

The answer of Use the information below to answer the...

Question 6

Answer the following questions for each of the errors listed below, considered individually:  ​
Present your answers in columnar form, using the following headings:  Errors:

Accepted Answer

The answer of Answer the following questions for each of...

Question 7

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.
​

Accepted Answer

The answer of For each of the following errors, considered...

Question 8

Use the information below to answer the question that follows.
All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts:
  ​
  ​
  ​
  ​
  ​
​
-Nebraska Technologies has a condensed income statement as shown:  ​
REQUIRED:
Prepare a horizontal analysis of Nebraska Technologies'income statements. Comment on the trends, both favorable and unfavorable.

Accepted Answer

The answer of Use the information below to answer the...

Question 9

Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30.

Accepted Answer

The answer of Prepare a trial balance, listing the following...

Question 10

Use the information below to answer the question that follows.
All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts:
  ​
  ​
  ​
  ​
  ​
​
-Lewis Company has a condensed income statement as shown:  ​
REQUIRED:
Prepare a horizontal analysis of Lewis Company's income statements. Comment on the trends, both favorable and unfavorable.

Accepted Answer

The answer of Use the information below to answer the...

Question 11

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

Accepted Answer

The answer of During May, $245,000 was paid to creditors...

Question 12

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown.  ​
(a) Prepare a horizontal analysis for the two companies.
(b) Analyze the changes from Year 1 to Year 2 for both companies.

Accepted Answer

The answer of Faso Fabricating, Inc. and Spinoza Fabrication Corp....

Question 13

Complete the following for Wickers Restoration Services.
(a) Record the following selected transactions for May in a two-column journal, identifying each entry by number. Explanations may be omitted.
(b) Prepare T accounts for each account used and post the journal entries to these accounts, placing the appropriate number to the left of each amount to identify the transactions.
(c) Prepare an unadjusted trial balance as of May 31.
(d) Determine the net income for May.
(e) Determine the retained earnings at the end of May, assuming this was the first month of business. (1) Received $ \$ 48,000 $ from sale of common stock.
(2) Paid rent on office for the month, $ \$ 880 $.
(3) Purchased supplies on account, $ \$ 1,750 $.
(4) Earned fees, receiving cash, $ \$ 12,600 $.
(5) Paid creditor on account, $ \$ 1,000 $.
(6) Paid automobile expenses for month, $ \$ 375 $, and miscell aneous expenses, $ \$ 250 $.
(7) Paid office salaries for the month, $ \$ 3,900 $.
(8) Earned fees which the customer will pay next month, $ \$ 2,400 $.
(9) Determined that the cost of supplies used was $ \$ 280 $.
(10) Paid dividends, $ \$ 2,400 $.

Accepted Answer

The answer of Complete the following for Wickers Restoration Services.
(a)...

Question 14

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. ​  ​
Prepare a trial balance. The total of the credits is
​

Accepted Answer

11ea84e6_b03a_59a0_9a63_85f83458b433_TB2281_00_TB2281_00

Question 15

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown.  
Using horizontal analysis, calculate the percent change for sales for each company. Round percentages to one decimal place.

Accepted Answer

Faso percent change in sales = (Sales in Year 2 - Sales in Year 1) / Sales in Year 1 = ($362,000 - $338,000) / $338,000 = 7.1% Spinoza percent change in sales = (Sales in Year 2 - Sales in Year 1) / Sales in Year 1 = ($422,000 - $395,000) / $395,000 = 6.8%

Question 16

A journal with a debit and credit column for recording transactions is known as a

Accepted Answer

A journal with a debit and credit column for recording transactions is known as a two-column journal. This journal is also called a general journal or a general ledger. It is used to record all types of transactions, including purchases, sales, cash receipts, and payments. All transactions recorded in this journal are later transferred to the appropriate accounts in the general ledger. Therefore, the transactions are properly classified and summarized for better analysis of the financial performance of the business.

Question 17

Match between columns
                        Premises:  Balance incorrectly computed.
 Debit or credit posting omitted.
 Wrong amount posted to an account.
 Trial balance column incorrectly added.
 Balance entered on wrong side of account.
 Amount incorrectly entered on trial balance.
 Balance entered in wrong trial balance column or omitted.
 Debit posted as credit, or vice versa.

Accepted Answer

The Answer of Trial balance preparation errors and Account balance is...

Question 18

Match between columns
                        Premises:  Common Stock
 Accounts Receivable
 Accounts Payable
 Interest Revenue
 Copyrights

Accepted Answer

The Answer of Credit side and Debit side is...

Question 19

Match between columns
                        Premises:  Unearned Rent
 Prepaid Insurance
 Fees Earned
 Patents
 Dividends

Accepted Answer

The Answer of Assets and Liabilities and Stockholders’ Equity and is...

Quiz 2: Double-Entry Accounting

Below is the unadjusted trial balance for Dawson Designs. REQUIRED: (1) Identify the errors in the trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance.

On October 1, the accounts receivable account balance was $208,400. During October, $298,500 was collected from customers on account. Assuming the October 31 balance was $125,300, determine the fees billed to customers on account during October.

Use the information below to answer the question that follows. All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts: -Prepare an unadjusted trial balance, listing the accounts in their proper order.

Answer the following questions for each of the errors listed below, considered individually: Present your answers in columnar form, using the following headings: Errors:

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30.

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown. (a) Prepare a horizontal analysis for the two companies. (b) Analyze the changes from Year 1 to Year 2 for both companies.

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the credits is

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown. Using horizontal analysis, calculate the percent change for sales for each company. Round percentages to one decimal place.

A journal with a debit and credit column for recording transactions is known as a

Several types of errors can be made during the journalizing and posting process. Match the following description with the error.

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.

Match each of the following accounts with its proper account group from groups listed below.

Quiz 2: Double-Entry Accounting

Below is the unadjusted trial balance for Dawson Designs. REQUIRED: (1) Identify the errors in the trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance.

On October 1, the accounts receivable account balance was $208,400. During October, $298,500 was collected from customers on account. Assuming the October 31 balance was $125,300, determine the fees billed to customers on account during October.

Answer the following questions for each of the errors listed below, considered individually: ​ Present your answers in columnar form, using the following headings: Errors:

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. ​

Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30.

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. ​ ​ Prepare a trial balance. The total of the credits is ​

A journal with a debit and credit column for recording transactions is known as a

Several types of errors can be made during the journalizing and posting process. Match the following description with the error.

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.

Match each of the following accounts with its proper account group from groups listed below.

Answer the following questions for each of the errors listed below, considered individually: Present your answers in columnar form, using the following headings: Errors:

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the credits is