For each description above, identify the likely journal entry debit and credit account. Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises. LO
3.5Prepare journal entries to record the following transactions. LO
3.5Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance.
- LO
3.2Cromwell Corporation has the following trial balance account balances, given in no certain order, as of December 31, 2018.
- LO
3.5Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts).
- I would definitely recommend to time yourself when you practice each of these exercises.
- Prepare all necessary adjusting entries in general journal format.
LO
3.2Cromwell Corporation has the following trial balance account balances, given in no certain order, as of December 31, 2018. Using the information provided, prepare Cromwell’s annual financial statements (omit the Statement of Cash Flows). LO
3.6Prepare an unadjusted trial balance, in correct format, from the alphabetized account information as follows. LO
3.5Indicate whether each account that follows has a normal debit or credit balance.
License
LO
3.5Determine whether the balance in each of the following accounts increases with a debit or a credit. LO
3.4Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. LO
3.1Identify the normal balance for each of the following accounts. LO
3.2Provide the missing amounts of the accounting equation for each of the following companies. Prepare the adjusting journal entries as needed for the above information and prepare a completed worksheet. I would definitely recommend to time yourself when you practice each of these exercises.
This will help ensure you’re not taking too long to complete each question and will help you get used to doing exercises under exam settings. LO
3.5Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. LO
3.2Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). Prepare the appropriate adjusting or correcting journal entry for the above items.
Intermediate Financial Accounting 1
No adjusting journal entries have been completed for the year. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . The following independent transactions are available for Oxford Corporation for the fiscal Y4. Prepare all necessary adjusting entries in general journal format. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com.
- Please note that these are generally intermediate to advanced exercises.
- Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one.
- Prepare the appropriate adjusting or correcting journal entry for the above items.
- No adjusting journal entries have been completed for the year.
- Prepare the adjusting journal entries as needed for the above information and prepare a completed worksheet.
LO
3.4Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). LO
3.5Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). LO
3.5Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). LO
3.1For the following accounts please indicate whether the normal balance is a debit or a credit.
Full Accounting Questions and Answers
For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page.
