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Make T-accounts for the following accounts that appear in the general ledger of Daniel Kelly, an attorney: Cash, Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock; Dividends; Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accenting equation, record each of the transactions in columnar format. Prepare journal entries and record the following October transactions in the T-accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October 31.
equipment for $15,000. Sales tax on the purchase was $900. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. Illustrate what is the cost of the equipment?
Describe a transaction that would: Decrease both a liability and an asset. Increase both an asset and retained earnings. Decrease both an asset and retained earnings.
Arryn, Inc. owns 90 percent of Stark Corporation’s voting stock. The acquisition price exceeded book and fair value by $105,900 and was appropriately attributed to goodwill. Stark holds 20 percent of Arryn’s voting stock. The price paid for the share..
Which of the following statements about journal entries to record variances is true?
CS Company has a profit margin of 11%. Sales are $320,000, net operating income is $35,200, and average operating assets are $128,000. What is the company's return on investment (ROI)?
What ethical concerns must an auditor address when sending and receiving confirmations? Can you think of any situations in which ethical considerations would preclude the use of confirmations? How would you respond to confirmation exceptions?
barrington bears bb has developed the subsequent sales forecasts for the next few months january 500 february 600 march
What is the standard deviation of return on the Philippine stock market to a U.S. investor if the standard deviation of the local stock market is 24.8 percent.
For Lodes Company, the relevant range of production is 40–80% of capacity. At 40% of capacity, a variable cost is $4,000 and a fi xed cost is $6,000. Diagram the behavior of each cost within the relevant range assuming the behavior is linear.
A $2,700 note receivable was collected by the bank for Shellankamp Company on May 31 plus $110 interest. The bank charged a collection fee of $20. No interest has been accrued on the note.
If $2,000 is determined to be specifically uncollectible, what effect will the write-off of the specific receivable have on: accounts receivable and allowance for doubtful accounts?
Enter the transaction/adjustment letter in the first column and show the effect, if any, of each transaction/adjustment on the appropriate balance sheet category or on net income by entering for each category affected the account name and amount, and..
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