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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..........
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......................
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ACC 557 Week 2 Chapter 1 Quiz (all possible questions)
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