Question 1

Several transactions are listed below,with the accounting equation stated to the right side of each.Use the following identification codes to indicate the effects of each transaction on the accounting equation.Write your answers in the space provided under the accounting equation.You need an identification code for each element of the accounting equation.An example is given before the first transaction.

Accepted Answer

The answer of Several transactions are listed below,with the accounting...

Question 2

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 3

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business.
(1)Identify the errors in the following 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

Georgia Company has condensed income statements as follows:
  
REQUIRED:
Prepare a horizontal analysis of Georgia Company's income statements.Comment on the trends,both favorable and unfavorable.

Accepted Answer

The answer of Georgia Company has condensed income statements as...

Question 5

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 was...

Question 6

McMann Company has condensed income statements as follows:
  
REQUIRED:
Prepare a horizontal analysis of McMann Company's income statements.Comment on the trends,both favorable and unfavorable.

Accepted Answer

The answer of McMann Company has condensed income statements as...

Question 7

On January 1,2010,Cary Parsons established a catering service.Listed below are accounts she would like to open in the general ledger.List the accounts in the order in which they should appear in the ledger and propose a two-digit account numbering scheme that is consistent with the rules of a proper chart of accounts.

Accepted Answer

The answer of On January 1,2010,Cary Parsons established a catering...

Question 8

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

Accepted Answer

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

Question 9

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 10

On January 1,2011,Cary Parsons established Cary's 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 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 1,2011,Cary Parsons established Cary's Catering...

Question 11

The following errors took place in journalizing and posting transactions:
  
Journalize the entries to correct the errors.Omit the explanations.

Accepted Answer

The answer of The following errors took place in journalizing...

Question 12

On January 1,2011,Cary Parsons established Cary's 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 1,2011,Cary Parsons established Cary's Catering...

Question 13

On January 1,2011,Cary Parsons established Cary's 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 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 1,2011,Cary Parsons established Cary's Catering...

Question 14

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 individually,indicate...

Question 15

Prepare a journal entry on October 12 for the fees earned on account,$14,600.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 16

Discuss and describe how errors in accounts can be found.

Accepted Answer

The answer of Discuss and describe how errors in accounts...

Question 17

On October 30th,JumpStart paid its only stockholder,Damien Lawson,a $3,300 cash dividend.Journalize this event.

Accepted Answer

The answer of On October 30th,JumpStart paid its only stockholder,Damien...

Question 18

On November 30th,it was discovered that a $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Accepted Answer

The answer of On November 30th,it was discovered that a...

Question 19

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

Accepted Answer

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

Question 20

Journalize the entries to correct the following errors:

Accepted Answer

The answer of Journalize the entries to correct the following...

Quiz 2: Analyzing Transactions

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

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business. (1)Identify the errors in the following trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

Georgia Company has condensed income statements as follows: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements.Comment on the trends,both favorable and unfavorable.

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.

McMann Company has condensed income statements as follows: REQUIRED: Prepare a horizontal analysis of McMann Company's income statements.Comment on the trends,both favorable and unfavorable.

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

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.

The following errors took place in journalizing and posting transactions: Journalize the entries to correct the errors.Omit the explanations.

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 journal entry on October 12 for the fees earned on account,$14,600.

Discuss and describe how errors in accounts can be found.

On October 30th,JumpStart paid its only stockholder,Damien Lawson,a $3,300 cash dividend.Journalize this event.

On November 30th,it was discovered that a $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

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

Journalize the entries to correct the following errors: