Acc 205 Complete Course (Assignments – Dqs – Dqs Journal – and 4 Finals) New Latest Work 2013 – a Graded

ACC 205 Complete Course (Assignments – Dqs – Dqs Journal – And 4 Finals) New Latest Work 2013 – A Graded

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WEEK 1

ASSIGNMENT:

ACC 205 Week One Exercise;

Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold, e. Amounts due from customers, f. Land held as an investment, g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers, i. Amounts paid to a mall for rent.

1. Recognition of normal balances

Asset Liability revenue expenses

Normal balances debit credit credit debit

a. The albums, tapes, and CDs held for sale to customers. asset

b. A long-term loan owed to Citizens Bank. liability

. c. Promotional costs to publicize a concert expense

d. Daily sales of merchandise sold revenue

e. Amounts due from customers asset

f. Land held as an investment asset

g. A new fax machine purchased for office use asset

h. Amounts to be paid in 10 days to suppliers liability

i. Amounts paid to a mall for rent. expense

WEEK 1 DQS AND JOURNAL

DQ 1: As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of...