ACCT 301 FULL COURSE NEW
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ACCT 301 Full Course New, All Discussion, Assignments, Midterm Exam and Final Exam
ACCT 301 Week 1 Discussion
Accounting Information
How is accounting the language of business? Who are the users of accounting information, and how do they use it?
Financial Statement
What is the difference between cash and accrual accounting? When would a company prepare its financial statements on a cash basis? When would a company prepare its financial statements on an accrual basis?
ACCT 301 Week 1 Homework
Problem 1
Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you!
Problem 2
Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you! (35 points total, 5 points each)
1. Sold $30,000 in merchandise for cash
2. Paid $5,000 for rent with cash
3. Paid $10,000 in salaries to employees with cash
4. Sold $25,000 in merchandise and customer paid on credit
5. Collected $10,000 cash for transaction #4...