1) QS 4-6 Preparing closing entries from the ledger LO P2 The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $9,300; D. Mai, Withdrawals $950; Services Revenue $16,000; Wages Expense $9,900; and Rent Expense $2,200. Prepare its December 31 closing entries. 2)Use the following information […]

1) QS 3-2 Computing accrual and cash income LO C1 In its first year of operations, Roma Company reports the following. Earned revenues of $46,000 ($38,000 cash received from customers). Incurred expenses of $26,000 ($20,600 cash paid toward them). Prepaid $7,000 cash for costs that will not be expensed until next year. Compute the company’s […]

1) GL0201 – (No Analysis Tab) – Based on the FastForward Company LO A1, C3, C4, P1, P2, P3 This problem is based on the transactions for the FastForward Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on […]

1) QS 2-6 Analyzing transactions and preparing journal entries LO P1 For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable […]

1) It’s highly recommended that you use your first attempt as a study attempt, if needed. 2) QS 1-8 Applying the accounting equation LO A1 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the expanded accounting equation to compute the missing financial statement amounts. 3) Exercise 1-8 Using the […]