ACC 205 Week 1 DQ 2 Debit and Credit
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Define the terms “debit” and “credit”. Explain how debits and credits affect the following: assets, liabilities, owner’s capital account, revenues and expenses. Respond to at least two of your classmates’ postings.
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ACC 205 Week 2 DQ 1 Ethical Issue 3
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From Chapter 3, Ethical Issue 3-1
Compute the overall effects of these transaction o the store’s reported income 2014.
Why is Steinbach taking this action? Is his action ethical? Give your reason, identifying the parties helped and the parties harmed by Steinbach’s action.
As a personal friend, what advice would you give the accountant?
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ACC 205 Week 2 DQ 2 Adjusting Entries
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Explain the purpose of adjusting entries. How is net income affected if adjusting entries are not made? Describe the four closing entries and explain their purpose. Respond to at least two of your classmates’ postings.
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ACC 205 Week 3 DQ 1 Ethical Issue 5
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From Chapter 5, Ethical Issue 5-1
Under Dobbs’ FOB policy, when should the company record a sale?
Do you approve or disapprove of Dobbs’ manner of deciding when to ship goods to customers and record the sales revenue? If you approve, give your reason. If you disapprove, identify a better way to decide when to ship goods.
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ACC 205 Week 3 DQ 2 FIFO and LIFO
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Describe the inventory valuation methods FIFO and LIFO. Which items are...