Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 408 Weeks Ago, 6 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 09 Oct 2017 My Price 9.00

ANALYZING TRANSACTIONS

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WEEK 1: ANALYZING TRANSACTIONS
Instructions:
Using the accounts listed below, identify the account affected given the increase and decrease information. (10 points each for a total of 120 points)
Account classifications and official account names:
Assets Liabilities Revenue
Cash Accounts Payable Fees Income
Accounts Receivable    
Supplies Owner's Equity Expenses
Prepaid Rent J. Jones, Capital Utilities Expense
Computer Equipment J. Jones, Drawing Rent Expense
Office Equipment   Salaries Expense
EXAMPLE: Issue a check to pay the current month's rent.
Account Increased Rent Expense  
Account Decreased Cash  
     
1. Starting the business: The owner invests their personal cash savings into the business.
Account Increased    
Account Increased    
     
2. Issue a check to purchase supplies.
Account Increased    
Account Decreased    
     
3. Purchase computer equipment on account (also considered "on credit) due in 30 days.
Account Increased    
Account Increased    
     
4. Issue a check to purchase office equipment.
Account Increased    
Account Decreased    
     
5. Issue a check to prepay future month's rent.
Account Increased    
Account Decreased    
     
6. Issue a check to pay on account due from transaction 3.
Account Decreased    
Account Decreased    
     
7. Perform services for cash clients who pay immediately.
Account Increased    
Account Increased    
     
8. Perform services to charge account clients who will pay in 60 days.
Account Increased    
Account Increased    
     
9. Issue a check to pay the current month's utility bill.
Account Increased    
Account Decreased    
     
10. Receive payment from charge account clients.
Account Increased    
Account Decreased    
     
11. Issue a check to pay the current month's salaries.
Account Increased    
Account Decreased    
     
12. Issue a check to J. Jones, the owner, as a draw for personal use.
Account Increased    
Account Decreased    
     
EXTRA CREDIT: Compound Transactions (5 points each)
Issue a check to pay the current month's rent and to prepay 2 future month's rent.
Account Increased    
Account Increased    
Account Decreased    
     
Purchase computer equipment issuing a check for half of the amount due and the balance payable in 30 days
Account Increased    
Account Increased    
Account Decreased

 

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Oct 2017 01:10 PM My Price 9.00

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