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ACC 529 Fundamentals of Financial Statements Simulations
Essay specific features
Written by:
Clarence B
Date added:
July 13, 2014
Level:
Grade:
B
No of pages / words:
4 / 928
Was viewed:
7475 times
Rating of current essay:
Essay content:
Below identifies five accounting transactions and specific information that is conveyed to the manager.
1. Connie Rocha withdraws $80,000 from her personal account and invested in a new checking account (Aunt Connie's Cookies).
The transaction is recorded on the balance sheet under the accounting principle: Asset = Liabilities + Owners' Equity
Identify increase and decrease on specific transaction
In this accounting transaction $80,000 debit (own) to "Invested Cash" and credit (owe) to "Connie Rocha Capital...
displayed 300 characters
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Purchase $20,000 worth of operation infrastructure (oven, etc., equipment)
The transaction is recorded on the balance sheet
Identify which chart of accounts are effected by the transaction (Asset under the Cash and Equipment ledger)
Balance Sheet: Debit asset (Equipment) increase by $20,000
Cash flow: Credit (decrease) of $20,000
Conveyed to manager that the firm purchased equipment worth $20,000 and paid cash for the procurement...
displayed 300 characters
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