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Accounting written questions




1) Determine the ending owner?s equity of a business having a beginning owner?s equity of;$10,227, additional investments of $4,533, withdrawals of $1,210, and revenue of $8,254;and expenses before adjustment amounted to $273. The adjustments totaled $6,291. Ex plain your answer.;$;2) From the following accounts, prepare in proper form a post-closing trial balance for Morris;Company on December 31.;Accounts Receivable $2,200;Accounts Payable 2,000;Cash 1,000;Salaries Payable 1,200;Supplies 300;Prepaid Insurance 2,000;Morris, Capital 2,300;3) Jennifer Carlson, an employee of Online Creative Solutions, earned $500 during the first week in February. Her withholding included: federal income tax, $40, state income tax, $15, and FICA-OASDI, 6.2%, FICA-Medicare, 1.45%, contributions $10. Prepare the journal entry to record the pay for the week.;4) The Country Pasture & Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to a 5% sales tax.;March 16. Sold merchandise priced at $300 to a cash customer.;5) Determine the amount to be paid within the discount period for purchase with an invoice price;of $7,745, subject to credit terms of 2/10, n/30. Explain how you reached your answer.;$;6) Nicki?s Pet Supply needs to estimate its ending inventory. Using the data below, compute;Nicki?s estimated cost of ending inventory for the month of April. Explain how you reached;your answer.;Beginning inventory April 1 $2,000;Purchases for April $12,000;Retail sales during April $13,000;Normal gross profit average 40%;7) Given the following accounts;[1] Cash;[2] Accounts receivable;[3] Merchandise inventory;[4] Supplies;[5] Accounts payable;[6] Sales;[7] Sales returns and allowances;[8] Sales discounts;[9] Cost of goods sold;[10] Purchases;[11] Purchase returns and allowances;[12] Purchase discounts;[13] Purchase discounts;[14] Freight in;[15] Freight expense;Indicate the account(s) to be debited and credited to record the following transactions. Explain how you reached your answer.;Sold merchandise for cash. ? Periodic;Debit ______ & ______ Credit


Paper#75528 | Written in 18-Jul-2015

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