ACCT212 Course Discussions Week 2

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ACCT212 Course Discussions Week 2
Please provide an example that covers the type of entry represented, what it means and…

SKU: ACCT 212 Accounting System Course Project  Categories: ,

ACCT212 Course Discussions Week 2

ACCT212 Course Discussions Week 2

All Students Posts – 120 Pages

Accounting System – 58 Pages

Students are encouraged to use online collaboration tools to create a submission 2-4 minutes in length, explaining research you have done on the different types of accrual entries and what they mean. Please provide an example that covers the type of entry represented, what it means and why it is being used.

Transaction Analysis is the process of reconciling the differences made to each side of the equation with each financial transaction occurs. Below are some sample transactions to get a better understanding of how the analysis and equation work.

The accounting equation for a brand new company will look like this:

Assets = Liabilities + Owner’s Equity

\$0             \$0                \$0

Transaction 1: The owner deposits \$5000 in the checking account to begin operations

Assets = Liabilities + Owner’s Equity

+\$5000    \$0              + \$5000

The asset “Cash” is increased by \$5000 and the Owner’s Equity is increased \$5000. The business owes the owner \$5000.

Transaction 2: The business purchases a computer, on credit, for \$2500.

Assets = Liabilities + Owner’s Equity

+\$2500   +\$2500         \$

The asset “Computers” is increased by \$2500 and the liability is also increased \$2500 because the business now owns the store \$2500.

Transaction 3: The business purchases office supplies using \$550 cash.

Assets = Liabilities + Owner’s Equity

+\$550
-\$550

The asset “Office Supplies” is increased \$550 and the asset “Cash” is decreased \$550.

Transaction 4: A business purchases a building for \$100,000 with a \$25,000 cash down-payment and a loan for the \$75,000 outstanding.

Assets = Liabilities + Owner’s Equity

+\$100,000  +75,000    -\$25,000

More than two accounts are affected by this transaction. The asset “Building” increases by \$100,000, the asset “Cash” decreases by \$25,000, and the liability “Bank Loan” increases by \$75,000. The net result is that both sides of the equation increase by…

Course Project – 62 Pages

In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project. As you complete the requirements of Week 2, you should review the Course Project Overview in Course Home, as you could start work on the Project. The template for the Course Project is located in the Files section.

Let’s start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and post an answer. Do show your computations.

The business paid cash expenses: employee salaries 1300.00, Office Rent 700.00, utilities 500.00

How much of the business assets does Morin really own? \$44,100

\$39,000(cash invested) + \$5,100(Retained earnings) = \$44,100

 August 15-31 Salaries Expense 1,300 Rent Expense 700 Utilities 500 Cash 2,500