Acc 205 Week 1 Assignment Essay - 1710 Words

Basic Accounting Equations Angela M. Hill-McBride ACC 205 Professor Ivory December 17, 2012 Basic Accounting Equations 1. Basic concepts. Jeans Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firms viewpoint. a. The inventory of boating supplies owned by the company. (A) b. Monthly rental charges paid for store space. (L) c. A loan owed to Citizens Bank.(L) d. New computer equipment purchased to handle daily record keeping.(A) e. Daily sales made to customers.(R) f. Amounts due from customers.(R) g. Land owned by the company to be used as a future store site.(A)†¦show more content†¦Classify each of the items as an asset, liability; revenue; or expense from the companys viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers.(A) b. A long-term loan owed to Citizens Bank.(L) c. Promotional costs to publicize a concert.(E) d. Daily receipts for merchandise sold,(R) e. Amounts due from customers,(R) f. Land held as an investment,(A) g. A new fax machine purchased for office use.(E) h. Amounts to be paid in 10 days to suppliers,(E) i. Amounts paid to a mall for rent.(E) 6. Basic journal entries The following transactions pertain to the Jennifer Royall Company: Apr. 1 | Received cash of $15,000 and land valued at $10,000 from Jennifer Royall as an investment in the business. | 5 | Provided $1,200 of services to Jason Ratchford, a client. | | Ratchford agreed to pay $800 in 15 days and the remaining amount in May. | 9 | Paid $250 of salaries to an employee. | 14 | Acquired a new computer for $3,200; Royall will pay the dealer in May. | 20 | Collected $800 from Jason Ratchford for services provided on April 5. | 24 | Borrowed $7,500 from BestBanc by securing a six-month loan. | Prepare journal entries (and explanations) to record the preceding transactions and events. Journal Date | Account | Debit | Credit | April 1 | Cash | $15,000 | | April 5 | Services-Jason RatchfordShow MoreRelatedSysyem3243 Words   |  13 Pages TextBooks Sr No T-1 Title Analysis and Design of Information Systems Reference Books Sr No R-1 Other Reading Sr No OR-1 OR-2 OR-3 OR-4 OR-5 OR-6 OR-7 OR-8 OR-9 OR-10 OR-11 OR-12 OR-13 OR-14 OR-15 OR-16 OR-17 Journals articles as Compulsary reading (specific articles, complete reference) http://vceit.com/infodata/index.htm , http://www.scribd.com/doc/9657422/Transaction-Processing-System-TPS , http://www.cisjournal.org/archive/vol2no1/vol2no1_1.pdf , http://www.albany.edu/acc/courses/fall97/acc681/ch7Read MorePolitical Science Essay18429 Words   |  74 PagesHOLscience.com 15  ©Hands-On Labs, Inc. Experiment Materials MATERiAlS lABEl oR BoX/ BAg QTy 1 2 1 1 1 Student provides labPaq provides iTEM DESCRiPTioN Paper, clean white sheets Paper towels Scissors Rubber stopper, #00 solid Pencil, marking Test-tube-cleaning-brush Unknown #-1 in Vial 1 1 1 1 1 The 1 1 1 1 1 1 1 1 1 1 1 Unknown #-2 in Vial Unknown #-3 in Vial Unknown #-4 in Vial Unknown #-5 in Vial Unknown #-6 in Vial Goggles-Safety Read MoreProfessional Misconduct58343 Words   |  234 PagesRenders professional service or assistance in Matters of accountant interest etc., or, (iv) Renders such other services which as per opinion of the council, to be rendered by C.A. in practice. 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