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ACCT 212 DeVry Week 2 Complete Work Latest

ACCT 212 DeVry Week 2 Discussion 1

Last week, we discussed “The Language of Business” and why the accounting information system is important in business. This week, we are going to look at the mechanics of how it all works. It might be a bit easier if we started with an example which would be the Genie Car Wash, Inc. in Chapter 2 of your textbook. Pick a transaction from Genie and let us know how it impacts the accounting equation. Make sure to identify the two accounts impacted. Why is it important to record your selected transaction?

ACCT 212 DeVry Week 2 Discussion 2

In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project. As you complete the requirements of Week 2, you should review the Course Project tab in Course Home, as you could start work on the Project. The template for the Course Project is located in Doc Sharing.

Let’s start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and post an answer. Do show your computations.

ACCT 212 DeVry Week 2 Check Point

(TCO 2) A company received cash in exchange for issuing stock. This transaction increased assets and

increased expenses.

increased revenues.

increased liabilities.

increased equity.

Question 2. Question :

(TCO 2) A company performed services for a customer for cash. This transaction increased assets and

decreased equity.

increased liabilities.

increased expenses.

increased revenues.

Question 3. Question :

(TCO 2) A company performs services for a client on account. When the company receives the cash from the customer 1 month later

a revenue account is increased.

a liability account is decreased.

an asset account is increased.

an expense account is decreased.

Question 4. Question :

(TCO 2) The left side of a T-account is always the

increase side.

decrease side.

debit side.

credit side.

Question 5. Question :

(TCO 2) An account is increased by a debit and has a debit balance. This account is

an expense account.

a liability account.

an asset account.

both an expense account and an asset account.

Question 6. Question :

(TCO 2) When journalizing and posting transactions in the books

the rules of debit and credit are followed to increase or decrease each account.

the credit side of the transaction is entered on the left margin.

it is not necessary to use both the journal and the ledger.

debits in the journal can be posted as credits in the ledger.

Question 7. Question :

(TCO 3) Under accrual accounting, revenue is recorded

when the cash is collected, regardless of when the services are performed.

when the services are performed, regardless of when the cash is received.

either when the cash is received or the sale is made.

only if the cash is received at the same time the services are performed.

Question 8. Question :

(TCO 3) The event that triggers revenue recognition for the sale of goods is the

date a contract is signed.

date cash is received.

transfer of control of the goods to the purchaser.

completion of the services.

Question 9. Question :

(TCO 3) The balance sheet reports

assets, liabilities and stockholders’ equity.

the changes in retained earnings.

assets, liabilities, revenues and expenses.

revenues and expenses.

Question 10. Question :

(TCO 3) To close the books of a company, you should

debit each revenue account, credit each expense account, and debit the dividends account.

credit each revenue account, debit each expense account, and debit the dividends account.

debit each revenue account, credit each expense account, and credit the dividends account.

debit each revenue account, debit each expenses