For your main Discussion post, list at least one of each transaction related to all of...

For your main Discussion post, list at least one of each transaction related to all of the following business events:

Purchase of goods or services for cash
Providing services for cash
Providing services on account
Purchase of goods or services on account
Payment of a previously recorded expense
Receipt of a previously recorded revenue earned

Be sure to explain your logic in the analysis of your business transactions and do not repeat examples from the textbook. Also, list the type of source documents that may serve as evidence for each accounting transaction. Here is an example of a purchase of goods for cash:

My Company purchased $1,000 of supplies during the current accounting period; payment was made at the time of purchase. The source I would need is a sales receipt from the company from which I purchased the supplies.

Additionally, for each business transaction presented, answer these questions:

Which accounts are affected for each transaction?
How is each account affected (debit or credit, increase or decrease), specifically?

Solutions

Expert Solution

ekkarill92 answered 5 months ago

Next > < Previous

Related Solutions

Address all of the following as your Main Post, using at least 250 words: What is...

Address all of the following as your Main Post, using at least 250 words: What is a job order cost system? Describe how you think a job order cost system might be used for professional service businesses. Describe factory overhead costs and give one example of an overhead cost. Lastly, write about one definition or additional concept related to job order costing

ALL of the transactions/questions in this section are related to each other, i.e. if one transaction...

ALL of the transactions/questions in this section are related to each other, i.e. if one transaction decreases Allowance for Doubtful Accounts the balance will change for the next question. Starting Information: On July 31, 2019, the company's end-year, Diamond Drills had the account balances as follows: Accounts Receivable $340 00 (DR) Allowance for Doubtful Accounts 5 200 (CR) a. Diamond Drills' credit department determined that $5 900 should be written off. Record the transaction to do this. b. Diamond Drills'...

For your main Discussion post, describe at least two typical adjusting entries a service-type business would...

For your main Discussion post, describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. For your examples, one of the adjusting entries should be an accrual and another a deferral. You may use similar examples as those in your textbook, and you may also research other typical adjusting entries for service-type companies. Be sure to address the following questions: What are the purposes of each of your example adjusting entries?...

For your main Discussion post, share your understanding of bonds as a form of financing a...

For your main Discussion post, share your understanding of bonds as a form of financing a corporation. Discuss how the price of a bond is determined and provide an example of each of the following: • A bond issued at a premium, • A bond issued at par, • A bond issued at a discount. Additionally, provide the journal entry that would be made to record each of your bond examples as well as the first journal entry that would...

For this discussion post, you will need to write an original post of at least 450...

For this discussion post, you will need to write an original post of at least 450 words. Then respond to at least two peers by Saturday. Nearly everyone knows someone with type 2 diabetes. It may be your grandfather, mother, professor, or even the young person sitting next to you. Those with type 2 diabetes often do not talk about it and may not even realize they have it. Type 2 diabetes mellitus is rapidly increasing in the United States...

For this discussion post, you will need to write an original post of at least 450...

Read the discussion questions below, select one, and post a comment of at least 150 words....

Read the discussion questions below, select one, and post a comment of at least 150 words. If a "typical" firm reports $20 million of retained earnings on its balance sheet, could its directors declare a $20 million cash dividend without any qualms whatsoever? Explain why or why not?

Read the discussion questions below, select one, and post a comment of at least 150 words....

Read the discussion questions below, select one, and post a comment of at least 150 words. After you have posted your answer, post at least 2 responses to your classmates' answers. If a "typical" firm reports $20 million of retained earnings on its balance sheet, could its directors declare a $20 million cash dividend without any qualms whatsoever? Explain why or why not?

1) The main difference between a spot market transaction and a future market transaction is related to the:

1) The main difference between a spot market transaction and a future market transaction is related to the: a. Maturity of the Financial Instrument. b. Priority in the Capital Stack. c. Timing of Cash Flows. d. Cost of Capital. 2) Which of the following statements is true? a. Since Debt has priority in terms of payments from earning, it has a higher return. b. Since Equity has priority in terms of payments from earning, it has a higher return....

1. List all the chemical bonds and interactions. Give at least one example for each. Make...

1. List all the chemical bonds and interactions. Give at least one example for each. Make sure to include a biological molecule in the examples. Draw four molecules which shows polar and nonpolar covalent bond, H-bond and ionic bond.

Subjects