Author Question: Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and ... (Read 125 times)

Pea0909berry

  • Hero Member
  • *****
  • Posts: 573
Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and retailitems. The accountant has implemented a purchases journal. Which of the following columns should be included inthe new purchases journal?
 a. Accounts Payable Cr., Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr., Other Accounts Dr.
  b. Accounts Payable Dr., Other Accounts Dr., Beverage Supplies Cr., Food Supplies Cr., Retain Items Cr.
  c. Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr., Other Accounts Dr., Cash Cr.
  d. Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr., Other Accounts Cr., Accounts Payable Dr.

Question 2

On March 1, 2012, a not-for-profit organization received a donation of securities worth 4,500 . When it prepared its financial statements at December 31, 2012, the securities had a fair value of 5,200 .
 
  When it sold the securities on June 30, 2013, it received 4,600 . The entity's accounting procedures call for reporting all unrealized and realized gains and losses in a single account. How should it report its gains and losses in 2012 and 2013?
   a. no change in 2012; a gain of 100 in 2013
   b. a gain of 100 in 2012; no change in 2013
   c. a gain of 700 in 2012; a loss of 600 in 2013
   d. no change in 2012; a loss of 600 in 2013



Expo

  • Sr. Member
  • ****
  • Posts: 351
Answer to Question 1

a

Answer to Question 2

c



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

For a complete list of videos, visit our video library