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 ______ & ______