ACC 205 Week 1 Complete

ACC 205 Week 1 Complete

DQ1.From Chapter 1, Ethical Issue 1-1, page 59.  Complete all parts of the case and respond to at least two of your classmates’ postings. 

What is the fundamental ethical issue in this situation?

How do the two suggestions of the company owner differ?

DQ2.Define the terms “debit” and “credit”.  Explain how debits and credits affect the following:  assets, liabilities, owner’s capital account, revenues and expenses.  Respond to at least two of your classmates’ postings.

ACC 205 Week 1 Individual Assignment Basic concepts

1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm’s viewpoint.

a. The inventory of boating supplies owned by the company.

b. Monthly rental charges paid for store space.

c. A loan owed to Citizens Bank.

d. New computer equipment purchased to handle daily record keeping.

e. Daily sales made to customers.

f. Amounts due from customers.

g. Land owned by the company to be used as a future store site.

h. Weekly salaries paid to salespeople.

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