Kern's Book Warehouse distributes hardcover looks to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred.
Renner Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Renner showed Cash of $5,000 and Owner's Capital of $5,000.
Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances.
Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April 1, the ledger of yolanda's Discorama showed Cash $1,800, Inventory $2,500 and Owner's Capital $4,300. The following transactions were completed during April.
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.
At the end of Donaldson Department Store's fiscal year on November 30, 2019, these accounts appeared in its adjusted trial balance.
Kayla Incorporation operates a retail operation that purchases and sells home entertainment products. The company purchase all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2016 through 2019, inclusive.
At the beginning of the current season on April, the ledger of Gage Pro Shop showed Cash $3,000. Inventory $4,000, and Owner's Capital $7,000. These transactions occurred during April 2019.
Most Readed articles
- What is the monetary unit assumption?
- The Sum of three numbers in G.P. is 35 and their product is 1000. Find the numbers.
- Who are internal users of accounting data? How does accounting provide relevant data to these users?
- What is the basic accounting equation?
- "A worksheet is a permanent accounting record and its use is required in the accounting cycle." Do you agree? Explain.
- What is the economic entity assumption?
- "The term debit and credit mean increase and decrease, respectively." Do you agree?
- What uses of financial accounting information are made by investors and creditors?
- Define primary deposit and derivative deposit.
- What is capital budgeting?