Strayer ACC 557 Week 1 Chapter 1 (E1-4, E1-7, E1-11, P1-2A)
E1-4: The following situations involve accounting principles and assumptions.
For each of the three situations, state, if the accounting method used, is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated………..
E1-7: Collins Computer Timeshare Company entered into the following transactions during May 2014.
Describe the effect of each transaction on assets, liabilities, and stockholder’s equity……….
STATUS
E1-11: Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.
Determine the missing amounts………..
P1- 2A: On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred………………….
