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Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 Test 01 02 03 04 05 06 07 08 09 10 11 12 13 Final Exam 01 02 Project Office Accounting: Final Exam 1 General Test Questions & Answers Owners' equity can be expressed as assets minus liabilities. True Debits increase asset accounts and decrease liability accounts. True Balance sheet accounts are referred to as temporary accounts because their balances are always changing. False After an unadjusted trial balance is prepared, the next step in the accounting processing cycle is the preparation of financial statements. False Adjusting journal entries are recorded at the end of any period when financial statements are prepared. True Accruals occur when the cash flow precedes either revenue or expense recognition. False The adjusted trial balance contains only permanent accounts. False The income statement summarizes the operating activity of a company at a particular point in time. False The balance sheet can be considered a change or flow statement. False The statement of cash flows summarizes transactions that caused cash to change during a reporting period. True The statement of shareholders' equity discloses the changes in the temporary shareholders' equity accounts. False The post-closing trial balance contains only permanent accounts. True The closing process brings all temporary accounts to a zero balance and updates the balance in the retained earnings account. True A reversing entry at the beginning of a period for salaries would include a debit to salaries expense. False The sale of merchandise on account would be recorded in a sales journal. True The payment of cash to a supplier would be recorded in a purchases journal. False The accounting equation can be stated as: A) A + L − OE = 0. B) A − L + OE = 0. C) −A + L − OE = 0. D) A − L − OE = 0. Examples of external transactions include all of the following except: A) Paying employee salaries. B) Purchasing equipment. C) Depreciating equipment. D) Collecting a receivable. Examples of internal transactions include all of the following except: A) Writing off an uncollectible account. B) Recording the expiration of prepaid insurance. C) Recording unpaid salaries. D) Paying salaries to company employees. XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a: A) Debit to investments. B) Credit to retained earnings. C) Credit to common stock. D) Credit to revenue. Incurring an expense for advertising on account would be recorded by: A) Debiting liabilities. B) Crediting assets. C) Debiting an expense. D) Debiting assets. A sale on account would be recorded by: A) Debiting revenue. B) Crediting assets. C) Crediting liabilities. D) Debiting assets. The entry to record a sale on account would include: Debit Credit
Super Corporation receives $4,000,000 from investors when issuing them shares of its stock. Super's entry to record this transaction would include which of the following? Debit Credit
Mary Parker Co. invested $15,000 in ABC Corporation and received common stock in exchange. Mary Parker Co.'s journal entry to record this transaction would include a: A) Debit to investments. B) Credit to retained earnings. C) Credit to common stock. D) Debit to expense Hughes Aircraft sold a four-passenger airplane for $980,000, receiving a a 12% note receivable. The journal entry to record this sale would include a: A) Credit to cash. B) Credit to interest revenue. C) Debit to notes receivable. D) Credit to notes receivable. Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company’s operations. False Financial statements are the principal means through which a company communicates its financial information to those outside it. True Users of financial reports provided by a company use that information to make their capital allocation decisions. True An effective process of capital allocation promotes productivity and provides an efficient market for buying and selling securities and obtaining and granting credit. True The objective of financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, but not to users who are not investors. False Investors are interested in financial reporting because it provides information that is useful for making decisions (decision-usefulness approach). True Users of financial accounting statements have both coinciding and conflicting needs for information of various types. True The Securities and Exchange Commission appointed the Committee on Accounting Procedure. False The passage of a new FASB Standards Statement requires the support of five of the seven board members. False Financial Accounting Concepts set forth fundamental objectives and concepts that are used in developing future standards of financial accounting and reporting. True The AICPA created the Accounting Principles Board in 1959. True The FASB’s Codification integrates existing GAAP, and creates new GAAP. False The AICPA’s Code of Professional Conduct requires that members prepare financial statements in accordance with generally accepted accounting principles. True GAAP is a product of careful logic or empirical findings and are not influenced by political action. False The Public Company Accounting Oversight Board has oversight and enforcement authority and establishes auditing and independence standards and rules. True The expectations gap is caused by what the public thinks accountants should do and what accountants think they can do. True Financial reports in the early 21st century did not provide any information about a company’s soft assets (intangibles). False Accounting standards are now less likely to require the recording or disclosure of fair value information. False U. S. companies that list overseas are required to use International Financial Reporting Standards, issued by the International Accounting Standards Board. False Ethical issues in financial accounting are governed by the AICPA. False General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. The financial statements most frequently provided include all of the following except the a. balance sheet. b. income statement. c. statement of cash flows. d. statement of retained earnings. The information provided by financial reporting pertains to a. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers. b. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers. c. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. d. an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries. All the following are differences between financial and managerial accounting in how accounting information is used except to a. plan and control company's operations. b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. All the above. Which of the following represents a form of communication through financial reporting but not through financial statements? a. Balance sheet. b. President's letter. c. Income statement. d. Notes to financial statements. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization’s operations is called a. financial accounting. b. managerial accounting. c. tax accounting. d. auditing. How does accounting help the capital allocation process attract investment capital? a. Provides timely, relevant information. b. Encourages innovation. c. Promotes productivity. d. a and b above. Whether a business is successful and thrives is determined by a. markets. b. free enterprise. c. competition. d. all of these. An effective capital allocation process a. promotes productivity. b. encourages innovation. c. provides an efficient market for buying and selling securities. d. all of these. Financial statements in the early 2000s provide information related to a. nonfinancial measurements. b. forward-looking data. c. hard assets (inventory and plant assets). d. none of these. Which of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. c. Accounting for hard assets. d. Forward-looking information. What is the objective of financial reporting? a. Provide information that is useful to management in making decisions. b. Provide information that clearly portray nonfinancial transactions. c. Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors. d. Provide information that excludes claims to the resources. Primary users for general-purpose financial statements include a. creditors. b. employees. c. investors. d. both creditors and investors. When making decisions, investors are interested in assessing a. the company’s ability to generate net cash inflows. b. management’s ability to protect and enhance the capital providers’ investments. c. Both a and b. d. the company’s ability to generate net income. Boing Aircraft sold a four-passenger airplane for $2,800,000, receiving a $500,000 down payment and a 7% note for the balance. The entry to record this sale would include which of the following? Debit Credit
Explanation:
Somerset Leasing received $12,000 for 12 months' rent in advance. How should Somerset record this transaction? Debit Credit
Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of merchandise, costing $620, and sold on account for $960? Debit Credit
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase?
Which of the following accounts has a balance whereby debits normally exceed credits? A) Accounts payable. B) Accrued salaries. C) Accumulated depreciation. D) Advertising expense. An example of a contra account is: A) Depreciation expense. B) Accounts receivable. C) Sales revenue. D) Accumulated depreciation. Making insurance payments in advance is an example of: A) An accrued receivable transaction. B) An accrued liability transaction. C) A deferred revenue transaction. D) A prepaid expense transaction. Recording revenue before it is collected is an example of: A) A prepaid expense transaction. B) A deferred revenue transaction. C) An accrued liability transaction. D) An accrued receivable transaction. When a magazine company collects cash for selling a subscription, it is an example of: A) An accrued liability transaction. B) An accrued receivable transaction. C) A prepaid expense transaction. D) A deferred revenue transaction. On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2021, $86,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2021 was: A) $6,400. B) $134,400. C) $86,000. D) $92,400. Adjusting entries are needed primarily for: A) Cash basis accounting. B) Accrual accounting. C) Current value accounting. D) Manual accounting systems. Prepayments occur when: A) Cash flow precedes expense recognition. B) Sales are delayed pending credit approval. C) Customers are unable to pay the full amount due when goods are delivered. D) Manufactured goods await quality control inspections. Accruals occur when cash flows: A) Occur before expense recognition. B) Occur after revenue or expense recognition. C) Are uncertain. D) May be substituted for goods or services. On December 31, 2021, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,600. The company estimates that $1,200 of the year-end receivables will not be collected. Accounts receivable in the 2021 balance sheet will be valued at: A) $53,600. B) $54,800. C) $52,400. D) $1,200. Cal Farms reported supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year? A) $1,600,000. B) $1,800,000. C) $2,200,000. D) $2,400,000. Explanation:
Supplies purchases: $400,000 + $2,000,000 − $600,000 = $1,800,000 Which of the following is not an adjusting entry?
The adjusting entry required when amounts previously recorded as deferred revenues are recognized includes: A) A debit to a liability. B) A debit to an asset. C) A credit to a liability. D) A credit to an asset. Which of the following accounts has a balance whereby credits normally exceed debits? A) Salaries expense. B) Interest payable. C) Land. D) Prepaid rent. When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account: A) (S)he usually debits cash. B) (S)he usually debits an expense account. C) (S)he debits a liability account. D) (S)he credits an owners' equity account. When a business makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to: A) Accounts payable. B) Supplies. C) Cash. D) Retained earnings. The adjusting entry required to record accrued expenses includes: A) A credit to cash. B) A debit to an asset. C) A credit to an asset. D) A credit to liability. Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $10,000 during the year to an ending balance of $66,000. What was supplies expense for Carolina Mills during the year? A) $300,000. B) $280,000. C) $260,000. D) $240,000. Explanation:
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $4,200 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods would record which of the following adjusting entries?
Explanation:
Unexpired at 12/31: $4,200 × 19/24 = $3,325 Tummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $4,200 premium to Prepaid insurance. At its December 31, 2021, year-end, Tummy Foods would record which of the following adjusting entries?
Explanation:
Expired at 12/31: $4,200 × 5/24 = $875 ILP Services purchased a three-year fire insurance policy on September 1, 2021, and charged the $72,000 premium to Prepaid insurance. At its December 31, 2021, year-end, ILP Services would record an adjusting entry that includes which of the following? Debit Credit
Explanation: Expired at 12/31: $72,000 × 4/36 = $8,000
The employees of Persoff Publications work Monday through Friday. Every other Friday the company issues payroll checks totaling $640,000. The current pay period ends on Friday, July 3. Persoff Publications is now preparing financial statements for the fiscal year ended June 30. What is the adjusting entry to record accrued salaries at the end of June? Debit Credit
Explanation: Amount accrued: $640,000 × 7/10 (7 days of 10 days to be paid) = $448,000
The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June?
Explanation: Amount accrued: $32,000 × 7/10 (7 days of 10 days to be paid) = $22,400 On September 1, 2021, Fortune Magazine sold 600 one-year subscriptions for $81 each. The total amount received was credited to Deferred subscription revenue. What is the required adjusting entry at December 31, 2021?
Explanation:
Amount recorded as revenue: $48,600 × 4/12 (4 months expired) = $16,200 Mama's Pizza Shoppe borrowed $8,000 at 9% interest on May 1, 2021, with principal and interest due on October 31, 2022. The company's fiscal year ends June 30, 2021. What adjusting entry is necessary on June 30, 2021?
Explanation: Accrued interest expense: $8,000 × 9% × 2/12 = $120 Salaries have been recognized but are unpaid at the end of an accounting period. Answer:
Closed the dividends account. Answer:
Accrued property taxes were paid. Answer:
Declared cash dividends on common stock that will be paid in the next month. Answer:
Paid rent for the next three months. Answer:
Rite Shoes was involved in the transactions described below. Required: Prepare the appropriate journal entry for each transaction. If an entry is not required, state "No Entry." 1. Purchased $8,200 of inventory on account. 2. Paid weekly salaries, $920. 3. Recorded sales for the first week: Cash: $7,100; On account: $5,300. 4. Paid for inventory purchased in event (1). 5. Placed an order for $6,200 of inventory. Answer: 1. Inventory 8,200 Accounts payable 8,200 2. Salaries expense 920 Cash 920 3. Cash 7,100 Accounts receivable 5,300 Sales revenue 12,400 4. Accounts payable 8,200 Cash 8,200 5. No Entry. Prepare journal entries to record the following transactions of Daisy King Ice Cream Company. If an entry is not required, state "No Entry." 1. Started business by issuing 10,000 shares of common stock for $20,000. 2. Leased a building for three years at $500 per month and paid six months' rent in advance. 3. Purchased equipment for $5,400, signing a two-year, 10% note. 4. Purchased $1,800 of supplies on account. 5. Recorded cash sales of $800 for the first week. 6. Paid weekly salaries, $320. 7. Paid for supplies purchased in item (5). 8. Recorded depreciation on equipment, $50. Answer: 1. Cash 20,000 Common stock 20,000 2. Prepaid rent 3,000 Cash 3,000 3. Equipment 5,400 Notes payable 5,400 4. Supplies inventory 1,800 Accounts payable 1,800 5. Cash 800 Sales revenue 800 6. Salaries expense 320 Cash 320 7. Accounts payable 1,800 Cash 1,800 8. Depreciation expense 50 Accumulated depreciation 50 Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. Required: Prepare adjusting journal entries, as needed, for the following items. 1. The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand. 2. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $420 in Insurance expense. A review of insurance policies reveals that $125 of insurance is unexpired. 3. Flint Hills employees work Monday through Friday, and salaries of $2,400 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. 4. On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $190 that will be paid in early January of 2022. Answer: 1. Supplies expense 330 Supplies 330 2. Prepaid insurance 125 Insurance expense 125 3. Salaries expense 960 Salaries payable 960 4. Utilities expense 190 Utilities payable 190 The following is selected financial information for D. Kay Dental Laboratories for 2020 and 2021: 2020 2021 Retained earnings, January 1 $53,000 ? Net income 37,000 42,000 Dividends declared and paid 15,000 18,000 Common stock 70,000 ? Kay issued 2,000 shares of additional common stock in 2021 for $20,000. There were no other shareholder transactions. Required: Prepare a statement of shareholders' equity for D. Kay Dental Laboratories for the year ended December 31, 2021. Answer: D. Kay Dental Laboratories Statement of Shareholders' Equity For the Year Ended December 31, 2021 Total Common Retained Shareholders' Stock Earnings Equity Balance, January 1, 2021 $70,000 $75,000* $145,000 Issue of common stock 20,000 20,000 Net income for 2021 42,000 42,000 Less: Dividends _______ – 18,000 – 18,000 Balance, December 31, 2021 $ 90,000 $ 99,000 $189,000 * Beginning balance, Retained Earnings = Ending balance at December 31, 2020: $53,000 + $37,000 − $15,000 = $75,000 The Yankel Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2021: Debit Credit Interest expense 1,800 Interest payable 1,800 Insurance expense 60,000 Prepaid insurance 60,000 Interest receivable 3,000 Interest revenue 3,000 Additional information: 1. The company borrowed $30,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the company's only interest-bearing debt. 2. Insurance for the year on the company's office buildings is $90,000. The insurance is paid in advance. 3. On August 31, 2021, Yankel lent money to a customer. The customer signed a note with principal and interest at 9% due in one year. Required: Determine the following: 1. What is the interest rate on the company's note payable? 2. The 2021 insurance payment was made at the beginning of which month? 3. How much did Yankel lend its customer on August 31? Answer: 1. $1,800 represents six months of interest on a $30,000 note, or 50% of annual interest. $1,800 ÷ .50 = $3,600 in annual interest $3,600 ÷ $30,000 = 12% interest rate Or, Principal × Rate × Time = Interest $30,000 × Rate × 6/12 = $1,800 $1,800 ÷ $30,000 = .06 six-month rate To annualize the nine month rate: .06 × 12/6 =.12 or 12% 2. $90,000 ÷ 12 months = $7,500 per month in insurance $60,000 ÷ $7,500 = 8 months expired. The insurance was paid on May 1, eight months ago. 3. Principal × Rate × Time = Interest Principal × 9% × (4/12) = $3,000 Principal × 3% = $3,000 Principal = $100,000 Or $3,000 represents four months (September through December) in accrued interest, or $750 per month. $750 × 12 months = $9,000 in annual interest Principal × 9% = $9,000 Principal = $9,000 ÷ .09 = $100,000 note Use this information to answer the following questions: Reference: Ch02-Ref03 Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item of information, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. Use the following code for your answers and be sure to include the dollar amounts of the effects next to the letter O or U: N = No Effect O = Overstated U = Understated
Answer:
Answer:
Answer:
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Answer:
Use this information to answer the following questions: Reference: Ch02-Ref04 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated. Assume no income taxes. Use the following code for your answers. Don’t include dollar amounts. N = No Effect O = Overstated U = Understated 126)
Answer:
Answer:
Answer:
Answer:
Answer:
Reference: Ch02-Ref05 The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Prepare the closing entries for China Tea Company for the year ended December 31, 2021. Answer:
Prepare an income statement for China Tea Company for the year ended December 31, 2021. Answer:
Prepare a classified balance sheet for China Tea Company as of December 31, 2021. Answer:
Reference: Ch02-Ref06 The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):
Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2021. Answer:
Based on the information presented above, prepare the 12/31/2021 Balance Sheet for Krafty Foods. Answer:
Reference: Ch02-Ref07 The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Assuming no income taxes, compute the following, and place your answer in the space provided: Kline's 2021 net income (or loss). Answer: Kline's 2021 net income (or loss) = $76,000 Computation: 770,000 − $480,000 − $60,000 − $4,000 − $30,000 − $120,000 Assuming no income taxes, compute the following, and place your answer in the space provided: Kline's 12/31/2021 total current assets. Answer: Kline's 12/31/2021 total current assets = $346,000 Computation: $26,000 + $170,000 + $150,000 = 346,000 Assuming no income taxes, compute the following, and place your answer in the space provided. Kline's 12/31/2021 total current liabilities: Answer: Kline's 12/31/2021 total current liabilities = $158,000 Computation: $90,000 + $60,000 + $8,000 Assuming no income taxes, compute the following, and place your answer in the space provided: Kline's 12/31/2021 total shareholders' equity. Answer: Kline's 12/31/2021 total owners' equity = $628,000 Computation: $490,000 + $62,000 + $76,000 (Net Income), (or Total Assets − Total Liabilities)
Required: Prepare the necessary closing entries at December 31, 2021. Answer: December 31, 2021
At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021:
Selected balance sheet information:
Additional information: 1. On June 30, 2020, Raintree lent a customer $50,000. Interest at 6% is payable annually on each June 30. Principal is due in 2024. 2. The annual insurance payment is made in advance on March 31. 3. Annual rent on the company's facilities is paid in advance on September 30. Required: 1. Prepare an accrual basis income statement for 2021 (ignore income taxes). 2. Determine the following balance sheet amounts on December 31, 2021: a. Interest receivable b. Prepaid insurance c. Prepaid rent
Raintree Corporation Income statement For the Year Ended December 31, 2021
2.
it owed employees $22,000 in salaries that will be paid on January 7, 2022. Required: 1. Prepare an adjusting entry to record accrued salaries, a reversing entry on January 1, 2022, and an entry to record the payment of salaries on January 7, 2022. 2. Prepare journal entries to record the accrued salaries on December 31, 2021 and the payment of salaries on January 7, 2022, assuming a reversing entry is not recorded. Answer:
2.
Describe the difference between external events and internal events, and provide two examples of each. External events involve an exchange between the company and a separate economic entity. Describe what is meant by deferred revenue and provide two examples. Deferred revenue is created when a company receives cash from a customer for goods or services that will be provided in a future period. Describe what is meant by prepaid expenses and provide two examples. Prepaid expenses represent assets recorded when a cash disbursement creates benefits beyond the current period. What is an accrued liability? An accrued liability results from an expense being incurred prior to cash payment. Examples include interest payable and salaries payable. What is the difference between permanent accounts and temporary accounts, and why does an accounting system have both types of accounts? Permanent accounts represent assets, liabilities, and shareholders' equity at a point in time. Temporary accounts represent changes in retained earnings caused by dividend, revenue, expense, The temporary accounts are closed out annually to facilitate measuring income on an annual basis. Temporary accounts are a convenience to aid the preparation of financial statements by recording revenues What is the purpose of the statement of cash flows? List the three major categories of cash flows and give an example of a cash transaction for each category. The purpose of the statement of cash flows is to summarize the transactions that caused cash to change during the reporting period. The statement of cash flows summarizes cash flows in three categories: operating, investing, and financing. Operating activities include cash flows related to transactions entering into the determination of net income, such as cash collections from customers, payments for purchases, and other receipts, such as interest and dividends. Investing activities include purchasing and selling equipment or certain investment securities. Financing activities include borrowing or repaying loans, issuing stock, and payment of dividends. What is the purpose of the closing process? The closing process serves a dual purpose: (1) the temporary accounts are reduced to a zero balance, ready to measure activity in the next accounting period, and (2) the balances of these temporary accounts are transferred to retained earnings to reflect the changes that have occurred in that account during the period. Claymore Corporation maintains its book on a cash basis. During 2021, the company collected $825,000 in fees from its clients and paid $512,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable:
In addition, 2021 depreciation expense on office equipment is $55,000. Required: Determine accrual-basis net income for 2021. Answer:
The accounting system of Carlton and Sons consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ). For each of the following, indicate which journal should be used to record the transaction. Answer:
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