AC 107 Week 5 Discussion

AC 107 Week 5 Discussion

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Discussion Questions

  1. Journal Entries for Sales and Cash Receipts: Note: One way to meet the 250-word minimum requirement for your primary post is to define the new terms that you are using. Before you begin, review the preparation of journal entries in the Demonstration Problem on pages 375 – 381 and the video demonstrations in the Unit 5 Resources explaining the preparation of sales journal entries. Once you understand how these journal entries are prepared, select one transaction from Problem 10-11B on page 393 of the text, for Paul Jackson’s retail store and answer the questions below for that transaction. Note: Each of you must select an entry that has not been completed by a classmate! If all the journal entries have been chosen, select one from the Chapter 11 discussion question. First come, first served!  Please be sure to identify your entry by the date of the transaction and provide your response in your own words. Remember, the primary posting is a short answer essay that fully explains your responses.
    1. What happened? (Describe the transaction)
    2. Which accounts are affected by this transaction? Are they increased or decreased?
    3. What is the normal balance of each of these accounts?
    4. Which accounts are debited and by what amount? Explain how you arrived at that amount. 
    5. Which accounts are credited and by what amount? Explain how you arrived at that amount.
  2. Journal Entries for Purchases and Cash Payments:  Note: One way to meet the 250-word minimum requirement for your primary post is to define the new terms that you are using. Review the preparation of journal entries in the Demonstration problem on pp. 418-421 and the demonstration video in the Unit 5 Resources explaining the preparation of journal entries for purchase transactions. Once you understand how these journal entries are prepared, please select one transaction from Problem 11-11B, on page 433 of the text, for Debbie's Doll House, and answer the questions below for that transaction. There are 12 journal entries in this problem, but each of you must select an entry that has not been completed by a classmate! If all of the journal entries have been prepared select an entry from the Chapter 10 discussion question. First come, first served! Please be sure to identify your entry by the date of the transaction and provide your response in your own words. Remember, the primary posting is a short answer essay that fully explains your responses.
    1. What happened? (Describe the transaction)
    2. Which accounts are affected by this transaction? Are they increased or decreased?
    3. What is the normal balance of each of these accounts?
    4. Which accounts are debited and by what amount? Explain how you arrived at that amount.
    5. Which accounts are credited and by what amount? Explain how you arrived at that amount.
  3. Sales Ethics: Note: This question may not be used as your primary posting. It may be answered only as a secondary or reply post with a minimum 100-word count requirement. Barbara’s Brownies produces different varieties of brownies that she sells to grocery, candy, and gift shops. These sales are made with the terms FOB shipping point, and she generally ships the brownies on the same day that the order is received or on the next day if necessary. The company’s fiscal year end is December 31. During the last week of December Barbara takes a look at her financial reports before deciding when to ship orders received that week. If sales and profits for the month and year have been good, she may delay shipments until early January. If sales and profits have been poor, she will deliver all that she can in December.
    1. With terms of FOB shipping point, when does Barbara record a sale? If she ships in January and records the sale in January has she violated any accounting rules?
    2. Do you think it is ethical for Barbara to delay shipments until the next year? Why or why not? Who may be harmed by that decision?
    3. What impact will delaying the recording of sales until January have on her financial statements for December and January? Who may be harmed by that decision?

 

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