ACCT212 Course Project Discussions Week 2

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ACCT212 Course Project Discussions Week 2
In this graded discussion, we will be examining the operation of the Accounting Information System…

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ACCT212 Course Project Discussions Week 2

ACCT212 Course Project Discussions Week 2

All Students Posts 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 15-31Salaries Expense1,300
Rent Expense700
Utilities500
Cash            2,500