ACC 205 Week 1 Exercise Assignment Basic Accounting Equations (New)
For more course tutorials visit
www.uophelp.com
1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces¬sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.
The inventory of boating supplies owned by the company. (A)
Monthly rental charges paid for store space. (L)
A loan owed to Citizens Bank. (L)
New computer equipment purchased to handle daily record keeping. (A)
Daily sales made to customers. (R)
Amounts due from customers. (R)
Land owned by the company to be used as a future store site. (A)
Weekly salaries paid to salespeople. (E)
2) Basic computations. The following selected balances were extracted from the accounting records of Rossi
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
ACC 205 Week 1 Journal Balance Sheet Journal (New)
For more course tutorials visit
www.uophelp.com
Balance Sheet Journal
The Balance Sheet is a financial snap shot of a company at a particular point in time. The Balance Sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet? What did you learn from this reflection?
**************************************************************************
ACC 205 Week 2 Exercise Assignment Revenue and Expenses (New)
For more course tutorials visit
www.uophelp.com
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy...