Financial Accounting Practice Sets 
With Answers
 
  
Understanding Journal Entries is a short logical approach to help learn debits and credits.

#1 Speedy Ironing Service     L#2 Linda's Video Showcase  

#3 Linda's Showcase Expands     #4 More Expansion Requires Knowledge of Money

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For Accounting 1 and 2

# 1 Speedy Ironing Service Practice Sets Solutions

1) Linda Smith, a sophomore at State University, opens Speedy
     Ironing service
2) Linda makes journal entries for September.
3) Adjusting entries, an income statement, and balance sheet 
4) Closing entries, post closing trial balance, reversing and correcting
     are made followed by a comparison of owner's equity with
     stockholders equity.

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#2 Linda's Video Showcase Practice Sets Solutions
1) Upon graduation, Linda opens a merchandise company
2) Linda decides to use special journals.
3) A petty cash fund is opened.
4) Bank statement is reconsolidates.
5) Accounted for bad debts is accomplished.
6) X company signed a promissory note for their recent purchase.
7) Inventory is valued.
8) Inventory errors, lower cost or market, estimating inventory 
9) Linda invests in television production equipment.
10) Linda asks her CPA how to account for natural resources and
       intangible.

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#3 Linda's Showcase Expands Practice Sets Solutions

1) Linda signs a notes and borrows from a bank to expand credit. PS1  PS 1
2-4) Partners are used as a source of equity. PS2 
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5) More capital is raised by issuing CS and PS, dividends are paid.
6) Stockholders' equity is determined, book value determined, and
    employees decide to get in on the action and subscribe to stock.
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More Expansion Requires Knowledge of Money

The Present  and Future Value of Money Practice Sets Solutions
Calculating the P,  F value of money

Installment notes payable

Bonds, discounts, premiums, sinking funds

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