ACC 205 Week 1 DQ 1 Accounting Equation (New)
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As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Guided Response:
Review several of your peers’ postings and identify some core components that you feel should be included in every transaction. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate or add components to their transactions.
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ACC 205 Week 1 DQ 2 Accounts (New)
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What does the term “account” mean? What are the different classifications of accounts? How do the rules for Debits and Credits impact accounts? Please provide an example of how debits and credits impact accounts.
Guided Response:
Analyze several of your peers’ postings. Let at least two of your peers know if this knowledge could be used in their everyday lives. Is so, how? If not, why not?
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ACC 205 Week 1 Exercise Assignment Basic Accounting Equations(New)
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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...