ACCT 212 DEVRY WEEK 2 COMPLETE WORK LATEST
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<strong>ACCT</strong> <strong>212</strong> <strong>DEVRY</strong> <strong>WEEK</strong> 2 <strong>COMPLETE</strong> <strong>WORK</strong> <strong>LATEST</strong><br />
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<strong>ACCT</strong> <strong>212</strong> DeVry Week 2 Complete Work Latest<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 2 Discussion 1<br />
Last week, we discussed “The Language of Business” and why the accounting information system is<br />
important in business. This week, we are going to look at the mechanics of how it all works. It might be a<br />
bit easier if we started with an example which would be the Genie Car Wash, Inc. in Chapter 2 of your<br />
textbook. Pick a transaction from Genie and let us know how it impacts the accounting equation. Make<br />
sure to identify the two accounts impacted. Why is it important to record your selected transaction?<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 2 Discussion 2<br />
In this graded discussion, we will be examining the operation of the Accounting Information System (AIS)<br />
with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to<br />
ensure an opportunity for your successful completion of the Course Project. As you complete the<br />
requirements of Week 2, you should review the Course Project tab in Course Home, as you could start<br />
work on the Project. The template for the Course Project is located in Doc Sharing.<br />
Let’s start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Bob<br />
Morin, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct<br />
peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and<br />
post an answer. Do show your computations.<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 2 Check Point
(TCO 2) A company received cash in exchange for issuing stock. This transaction increased assets and<br />
increased expenses.<br />
increased revenues.<br />
increased liabilities.<br />
increased equity.<br />
Question 2. Question :<br />
(TCO 2) A company performed services for a customer for cash. This transaction increased assets and<br />
decreased equity.<br />
increased liabilities.<br />
increased expenses.<br />
increased revenues.<br />
Question 3. Question :<br />
(TCO 2) A company performs services for a client on account. When the company receives the cash from<br />
the customer 1 month later<br />
a revenue account is increased.<br />
a liability account is decreased.<br />
an asset account is increased.<br />
an expense account is decreased.<br />
Question 4. Question :<br />
(TCO 2) The left side of a T-account is always the<br />
increase side.<br />
decrease side.<br />
debit side.<br />
credit side.
Question 5. Question :<br />
(TCO 2) An account is increased by a debit and has a debit balance. This account is<br />
an expense account.<br />
a liability account.<br />
an asset account.<br />
both an expense account and an asset account.<br />
Question 6. Question :<br />
(TCO 2) When journalizing and posting transactions in the books<br />
the rules of debit and credit are followed to increase or decrease each account.<br />
the credit side of the transaction is entered on the left margin.<br />
it is not necessary to use both the journal and the ledger.<br />
debits in the journal can be posted as credits in the ledger.<br />
Question 7. Question :<br />
(TCO 3) Under accrual accounting, revenue is recorded<br />
when the cash is collected, regardless of when the services are performed.<br />
when the services are performed, regardless of when the cash is received.<br />
either when the cash is received or the sale is made.<br />
only if the cash is received at the same time the services are performed.<br />
Question 8. Question :<br />
(TCO 3) The event that triggers revenue recognition for the sale of goods is the<br />
date a contract is signed.<br />
date cash is received.<br />
transfer of control of the goods to the purchaser.<br />
completion of the services.
Question 9. Question :<br />
(TCO 3) The balance sheet reports<br />
assets, liabilities and stockholders’ equity.<br />
the changes in retained earnings.<br />
assets, liabilities, revenues and expenses.<br />
revenues and expenses.<br />
Question 10. Question :<br />
(TCO 3) To close the books of a company, you should<br />
debit each revenue account, credit each expense account, and debit the dividends account.<br />
credit each revenue account, debit each expense account, and debit the dividends account.<br />
debit each revenue account, credit each expense account, and credit the dividends account.<br />
debit each revenue account, debit each expenses