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ACCT 212 Week 7 Homework – Graded An A+ Preston Stores is authorized to issue 18,000 shares of common stock. During a two-month period, Preston completed these stocktransactions: Question 1 a: Journalize the first transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) Answer 1a: Explanation 1a: We are told that on February 23, the company issued 1,700 shares of $2.00 par common stock for cash of $12.50 per share. Before we can journalize the transactio...

ACCT212 - Week 7 – Quiz – With 100% Correct Answers 1. The advantages of a corporation compared to a sole proprietorship or partnership include: 2. Preferred stock is called preferred because it usually has two preferences over common stock. These preferences relate to: 3. When a company issues 35,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include: 4. Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 pe...

ACCT 212 Week 5 Quiz – 100% Correct Answers- Download To Score An A+ Flag this Question (TCO 6) Which of the following is a natural resource? Patents Timber Gas reserves both B and C Flag this Question (TCO 6) Depreciation expense allocates a portion of the cost of an asset against the revenue the asset helps earn each period. is not required for plant assets according to GAAP. is reported on the balance sheet. is required for land according to GAAP. Flag this Question (TCO 6) Natural resource...

ACCT 212 Week 5 Discussion: Inventory Management Discuss with examples the two methods of inventory control. Which method do you think is better for a retail store with several items of small value? Inventory accounting consist of two main systems: periodic, and perpetual. Periodic means that items are accounted for by hand, then priced at different intervals. I believe this method would be better for a retail store with several items of small value. This is because the store can count and price...

ACCT 212 Week 5 Homework – 100% Correct ( Graded An A+) Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018 (assume sales returns arenon-existen t): Exhibit 1 Question 1a. Journalize Allegheny's inventory transactions for the year under the perpetual system. The first transaction is the purchase of inventory. Record the entry. Answer 1a: Explanation 1a: This exercise is not concerned with the costing method of inventory; the amounts are given...

ACCT-212 Week 4 Quiz – 100% Correct Answers – Graded An A+ Flag this Question (TCO 4) The financial statements of a merchandising company will show the same accounts as the financial s tatements of a service company. gross profit after net income on the income statement. inventory as a current asset on the balance sheet. cost of goods sold as an operating expense on the income statement. Flag this Question (TCO 4) Two accounts that would appear on the financial statements of a merchandising ...

ACCT 212 Week 4 Homework – Graded An A+ Select the appropriate provisions of the sarbanes-oxley act (sox) for each of the following descriptions. Executives must personally certify the compa ny's financial statements Corporate Executive Accountability Audit firm cannot provide a variety of other services to its clients, such as investment advising Non-audit Services PCAOB establishes standards related to the preparation of audited financial reports Oversight Board Lead audit partners are requ...

ACCT-212 Week 3 Discussion: Reasons Why Accountants Use The Accrual Method Why do accountants use accrual accounting instead of the cash basis of accounting? The accrual basis of accounting furn ishes an enhanced representation of a company's profits during an accounting period. This is because revenues are reported on the income statement when they are earned, which frequently occurs before the cash is received from the customers. Also, expenses are reported on the income statement when they m...

ACCT212 - Week 3 – Homework – Graded A+ Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account informatio n: Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 3,000 The following information is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500. 2. No insurance payments are made in Dec...

ACCT-212 Week 2 Quiz – 100% Correct Answers – Graded An A+ (TCO 2) When a business purchases land on account both assets and stockholders' equity are increased. assets are decreased and stockholder's equity is increased. both assets and liabilities are increased. assets are increased and liabilities are decreased. Flag this Question (TCO 2) Which of the following transactions will increase one asset and decrease another asset? The purchase of office supplies on account. The performance of ...