I was contacted last week my a collector that said I owed 3300 and they would accept, he told me AI was being sued unless I paid. I made arrangements and then started to investigate Aurora Gold and Assoc and found out they are not very nice. The date was from 1999 they say I paid in 2002 I believe...

If Sales and Income were overstated for a period, wouldn't I find the "dangling debit" in the Accounts Receivable? And why would it not be found in the Inventory account? I know it has to be in an Asset account, but I am confused. Wouldn't you have more inventory than you were supposed to...

On October 1, 20x1, the Jernnigan Company paid $4800 for a one-year insurance policy. On December 31, 20x1, the adjusting entry would include a. a debit to Insurance Expense, $3,600 b. a credit to Insurance Payable, $1,200 c. a credit to Prepaid Insurance, $1,200 d. a debit to Insurance...

This is a silly question I'm sure, and the answer is very simple, but it is driving me crazy... The problem is: At the beginning of the year, The Office Equipment account of Gulf Coast Airlines had a debit balance of $126,900. During the year, debit entries of $23, 400 and credit entries of...