ACCT 550 Week 1 Assignment

Topics: Generally Accepted Accounting Principles, Revenue, Depreciation Pages: 2 (281 words) Published: November 16, 2014
CA 1-3
GAAP stands for:
d) Generally accepted accounting principles
E 2-5
(a) Arises from peripheral or incidental transactions. Gains, Losses (b) Obligation to transfer resources arising from a past transaction. Liabilities (c) Increases ownership interest. Investment by owners, comprehensive Income (d) Declares and pays cash dividends to owners. Distribution to owners (e) Increases in net assets in a period from non-owner sources. Comprehensive Income (f) Items characterized by service potential or future economic benefit. Assets (g) Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners. Comprehensive Income (h) Arises from income statement activities that constitute the entity’s ongoing major or central operations. Revenue (i) Residual interest in the assets of the enterprise after deducting its liabilities. Equity (j) Increases assets during a period through sale of product. Revenue (k) Decreases assets during the period by purchasing the company’s own stock. Distribution to owners (l) Includes all changes in equity during the period, except those resulting from investments by owners and distributions to owners. Comprehensive Income


April 2
Cash 30,000
Equipment 14,000
Owner’s Capital 44,000

April 2: It's an important event; but it's not a financial transaction. It's not until the end of the month when you either pay the employee or accrue salaries payable that you make a transaction on the books.

April 3
Supplies 700
Account Payable 700

April 7
Rent Expense 600
Cash 600

April 11
Account Receivable 1,100
Service Revenue 1,100

April 12
Cash 3,200
Unearned Revenue 3,200

April 17
Cash 2,300
Revenue 2,300

April 21
Insurance Expense 110
Cash 110

April 30
Salaries Expense 1,160
Cash 1,160

April 30
Supplies Expense 120
Supplies 120

April 30
Equipment 5,100
Capital 5,100


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