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

 

 

 

 

 

Quick Notes Accounting Reviews is for those in a hurry.

Understanding Debits and Credits        

Debits and Credits Cheat Sheet

Free Working Papers for doing problems by hand.

#1 Speedy Ironing Service   

Free Working Papers  

Financial Accounting Tests with Answers   

Please      

  L#2 Linda's Video Showcase  

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

Practice Sets Using Software

Accounting 1 and 2 Practice Sets

Videos Reviews

# 1 Speedy Ironing Service   Quick Print Speedy Ironing Service PS 1-4 Solutions

Accounting Equation
Assets
Liabilities
Stockholders Equity 1
Accounting Equation 2
Financial Statements

Accounting Cycle

Assets Dr & Cr
Liabilities Dr & Cr
Revenue Dr & Cr
Expenses DR & Cr

Journal Entries 1  2
Adjusting Entrees 1   2   3
Adjusted TB & Statements
Closing Journal Entries 1   2

1) Linda Smith, a sophomore at State University, opens Speedy Ironing service  PS1     
2) Linda makes journal entries for September.   
PS2     
3) Adjusting entries, an income statement, and balance sheet 
PS3   
4) Closing entries, post closing trial balance, reversing and correcting are made
PS3   
    followed by a comparison of owner's equity with stockholders equity.
PS4

 

S1
S2
S3
S3

S4 

 


#2 Linda's Video Showcase
Quick Print   Linda's Video Showcase
Solutions

all Video Reviews

Cash and Receivables
Bank Reconciliation

Accounts Receivable
Uncollectible Accounts
Notes Receivable

Periodic FIFO     LIFO    Recap    AVERAGE
Perpetual FIFO      LIFO
Gross Margin Method
Estimates Retail Method

1) Upon graduation, Linda opens a merchandise company   PS 1
2) Linda decides to use special journals. 
PS 2
3) A petty cash fund is opened. 
PS 3 
4) Bank statement is reconsolidates. 
PS 4 
5) Linda Account for bad debts. PS 5  
6) X company signed a promissory note for their recent credit purchase.
  PS 6
7) DVD inventory value method chosen.
 PS 7
8) Inventory errors, lower cost or market, estimating inventory 
PS 8
9) Linda depreciates video production equipment and disposes of some equipment. PS 9    PS 10
10) Linda accounts for natural resources and intangible. 
PS 11

PS 1
PS 2
PS 3
 
PS 4
PS 5
PS 6
PS 7
PS 8
PS 9  
PS 10
PS 11

#3 Linda's Showcase Expands Practice Sets Solutions

Video Reviews

Corporations
Startup and Organization Costs
Stockholders Equity format
Sell Stock for Cash
Sell Stock Finance Building
Stock Options
Cash Dividends
Dividend Declared
Treasury Stock
Ratios

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    PS3   PS4

PS 2
PS 3
PS 4

5) More capital is raised by issuing CS and PS, dividends are paid.PS5 
 
6) Stockholders' equity is determined, book value determined, and
employees decide to get in on the action and subscribe to stock.
PS6
PS 5

PS 6

More Expansion Requires Knowledge of Money

Introduction to Present Value

Basic Notes Payable and Present Value

Discounts, Premiums and Bonds at Par

TI-83 and TI-84 5-Key Time Value of Money One

Sinking Fund

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

PS 1

PS 2 

PS 3

PS 1

PS 2

 PS 3


Financial Accounting Tests With Answers has more practice problems