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
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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.
ACC 205 Week 1 DQ 2 Accounts (New)
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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)
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ACC 205 Week 1 Journal Balance Sheet Journal (New)
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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?...