Acct 216 Accounting Theory and Applications Entire Course Essay
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1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013:
a.Tammy had $16,000 in her …show more content…
ACCT 216 Week 2 Homework
Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them?
During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions:
a.The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.
b.Borrowed $15,800 from the bank and signed a note payable to them
c.Paid $12,000 for equipment
d.Purchased supplies on account for $200
e.Paid employees’ salaries of $2,100
f.Performed services for customer on account, $2,800
g.Paid $100 of the accounts payable in transaction d above
h.Received a $800 bill for advertising expense that will be paid in the near future
i.Received cash on account, $1,600
j.Paid rent of $1,200
Prepare the journal entries for the above transactions
ACCT 216 Week 3 Homework
1.Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:
2.During 2013, Jimmy Enterprises completed the following transactions:
a.Sales revenue on account, $550,000.
b.Collections on account, $325,000
c.Write-offs of uncollectibles, $13,000