ACC 421 Course Great Wisdom / tutorialrank.com ACC 421 Course Great Wisdom / tutorialrank.com | Page 4

For more course tutorials visit

www.tutorialrank.com

Question 1
Transactions for Mehta Company for the month of May are presented
below.
May 1 B.D. Mehta invests $3,054 cash in exchange for common stock
of Mehta Company, a small welding corporation.
3 Buys equipment on account for $1,547.
Question 2
On July 1, 2012, Crowe Co. pays $19,796 to Zubin Insurance Co. for
a 3-year insurance contract. Both companies have fiscal years ending
December 31. For Crowe Co.
Question 3
Dresser Company's weekly payroll, paid on Fridays, totals $12,000.
Employees work a 5-day week. Prepare Dresser's adjusting entry on
Wednesday, December 31, and the
Question 4
Side Kicks has year-end account balances of Sales $876,990; Interest
Revenue $17,650; Cost of Goods Sold $577,500; Operating Expenses
$200,240; Income Tax Expense
Question 5