ACC 225 WEEK 3 DQ 1 AND DQ 2
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ACC 225 WEEK 3 DQ 1 AND DQ 2
Discussion Question 1
• Due Date: Day 2 [Main] forum
• Post your response to the following:
o What is the difference between cash basis and accrual basis accounting?
o Why do accrualbasis financial statements provide more useful information than
cashbasis financial statements?
o Describe when each method (cash basis and accrual basis accounting) would be
appropriate to use.
Discussion Question 2
• Due Date: Day 4 [Main] forum
• Post your response to the following: The Ritz Manor is a popular seaside resort. A
double room costs $220 for one night. In order to reserve a room, guests must pay one
night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending
machines with energy bars, juices, and other snacks for guests. Vendalite stocks the
machines and collects revenue every week. Total average weekly revenue from these
machines is $720. The Ritz Manor is entitled to 30% of the revenue from the machines.
Vendalite sends a check to the Ritz Manor once at the end of each quarter for the resort’s
share of the revenue.
o Based on this information, what type of adjusting entries does the Ritz Manor have?
o How are the amounts of these adjustments determined?
o Which accounts are affected?
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ACC 225 WEEK 3 DQ 1 AND DQ 2