...Exercise 7-6 (Part level Submission) | | Gomes Company uses special journals and a general journal. The following transactions occurred during September 2014. Sept. 2 | | Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30. The cost of the merchandise sold was $420. | 10 | | Purchased merchandise on account from A. Pagan $650, terms 2/10, n/30. | 12 | | Purchased office equipment on account from R. Cairo $6,500. | 21 | | Sold merchandise on account to G. Holliday, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480. | 25 | | Purchased merchandise on account from D. Downs $860, terms n/30. | 27 | | Sold merchandise to S. Miller for $700 cash. The cost of the merchandise sold was $400. | Exercise 7-6 (Part level Submission) Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) GOMES COMPANY Sales Journal | | | | | S1 | Date | Account Debited | Invoice No. | Ref | Accounts Receivable Dr. Sales Revenue Cr. | Cost of Goods Sold Dr. Inventory Cr. | 2014 | | | | | | res_EAT_1354683923723_0_07795340332621592_002 | res_EAT_1354683923723_0_07795340332621592_009 | res_EAT_1354683923723_0_07795340332621592_015 | | 620 | 420 | res_EAT_1354683923723_0_07795340332621592_025 | res_EAT_1354683923723_0_07795340332621592_030 | res_EAT_1354683923723_0_07795340332621592_036 | | 800 |...
Words: 1404 - Pages: 6
...ACCT 101 Accounting Equation Assets = Liabilities + Stockholders Equity Balance Sheet An entity's assets, liabilities, and stockholders equity as of a specific date Charter Document that gives the states permission to form a corporation Accounting The information system that measures business activities, processes that information into reports, and communicates the results to decision makers. Audit An examination of a company's financial situation Contributed Capital The amount invested in the corporation by its owners, the stockholders. Entity An organization or a section of an organization that, for accounting purposes, stands apart from other organization and individuals as a separate economic unit. Managerial Accounting The branch of accounting that focuses on information for internal decision makers of a business. Net Loss Excess of total expenses over total revenues Expenses Decrease in equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers. Going-Concern Concept This concept assumes that the entity will remain in operation for the foreseeable future Creditor Those to whom a business owes money Asset An economic resource that is expected to be of benefit in the future Corporation A business owned by stockholders. Begins when the state approves its articles of incorporation and the first share of stock is issued. It's a legal entity, an artificial person...
Words: 468 - Pages: 2
...Horeb Company, a ski tuning and repair shop, opened in November 2011. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2012. [pic] You learn that the repair equipment has an estimated useful life of 4 years. The company rents space at a cost of $175 per month on a one-year lease. The lease contract requires payment of the first and last months’ rent in advance, which was done. The part-time helper is owed $420 at April 30, 2012, for unpaid wages. At April 30, 2012, customers owe Mt. Horeb Company $420 for services they have received but have not yet paid for. Instructions (a) Prepare an accrual-basis income statement for the 6 months ended April 30, 2012. (b) Prepare the April 30, 2012, classified balance sheet. SOLUTION: (a) MT. HOREB COMPANY Income Statement For the Six Months Ended April 30, 2012 Revenues Repair services ($32,150 + $420) $32,570 Expenses Income tax expense $10,000 Salaries and Wages expense ($2,600 + $420) 3,020 Rent expense ($1,225 – $175) 1,050 Utilities expense 970 Depreciation expense [($9,200 ÷ 4) X 6/12] 1,150 Advertising expense 375 Total expenses 16,565 Net income $16,005 (b) MT. HOREB COMPANY Balance Sheet April 30, 2012 Assets Current Assets Cash $27,780 Accounts receivable 420 Prepaid rent ...
Words: 295 - Pages: 2
...The Role of Accounting on Business and Our Society Adrian Smith Accounting 100 Prof. Eric Osei A Financial statement is a record of financial activities of a business entity. Main objective of financial statements is to provide information about financial position, performance and changes in financial position, and flows of cash in the business organization which in turn is essential in making decisions. In order for financial statements to provide the necessary information, they have to abide by the principles of understandability, relevance, reliability and comparability (Alexander et al, 2005). The first financial statement under consideration is statement of financial position. It is used to report on assets, liabilities, and capital of an entity. Assets are resources which have economic value attached to them, for example cash, debtors and inventory. Liabilities on the other side include creditors, deferred tax and accruals. Finally, capital is the owner’s equity. Statement of financial position is used to ensure that assets balance with combination of liabilities and capital. Second is the statement of comprehensive income. It provides information on revenues, expenses and profits incurred in a particular period of time. Its major purpose is to help in determining whether the business entity is operating at a profit or loss in a particular trading period. It also serves to reveal the rate of earning per share that is the amount of to be given to each stakeholder. Statement...
Words: 966 - Pages: 4
...that these objectives are met in large part by a set of financial statements. In this chapter, we take up the task of introducing the balance sheet, income statement, and the statement of cash flows. The presentation is organized around the accounting equation. The equation serves as the basis for elementary transaction analysis. A continuing illustration examines the impact of a number of simple transactions upon the balance sheet of a simple service business. Revenue and expense transactions have been included so that we might introduce the income statement and statement of cash flows at an elementary level. This in turn has provided the opportunity to discuss and illustrate statement articulation. Before closing, the chapter emphasizes the importance of adequate disclosure regarding both financial and nonfinancial information, thereby reinforcing the Chapter 1 theme that the financial reporting process is broader than the financial statements. The chapter also covers accounting principles dealing with asset valuation, as well as an introduction to forms of business organization. Learning Objectives 1. Explain the nature and general purpose of financial statements. 2. Explain certain accounting principles that are important for an understanding of...
Words: 3069 - Pages: 13
...Decide were to apply ACL and in which directions. There for I will place the access list on F0/0 of 2811 the nearest port of 182.64.0.0 R1>enable R1#configure terminal Enter configuration commands, one per line. End with CNTL/Z R1 (config) # access-list 101 deny ip host 182.64.0.0 182.62.0.0 0.0.0.0 R1 (config) # access-list 101 permit ip any any R1 (config) # interface fast Ethernet 0/0 R1 (config-if) # ip access-group 101 in R1 (config - if) # exit R1 (config) # Now I will block host to network R1 (config) # access-list 102 deny ip host 182.64.0.0 182.62.0.0 255.255.255.255 R1 (config) # access-list 102 permit ip any any R1 (config) # interface fast Ethernet 0/0 R1 (config-if) # ip access-group 102 in R1 (config - if) # exit R1 (config) # Block all telnet R1 (config) # access-list 104 deny ip host 182.64.0.0 182.62.0.0 0.0 0.0.0.0 eq23 R1 (config) # access-list 104 deny ip any any eq23 R1 (config) # access-list 104 permit ip any any R1 (config) # interface fast 0/0 R1 (config-if) # ip access-group 104 in R1 (config - if) # exit Block all ftp traffic R1 (config) # access-list 103 deny ip host 182.64.0.0 182.62.0.0 0.0 0.0.0.0 eq23 R1 (config) # access-list 103 deny ip any any eq23 R1 (config) # access-list 103 permit ip any any R1 (config) # interface Ethernet 0/0 R1 (config-if) # ip access-group 103 in R1 (config - if) # exit Reference Cisco. (n.d.). Configuring Commonly Used IP ACLs. Retrieved from http://www...
Words: 355 - Pages: 2
...STAFF ACCOUNTING BULLETIN 101’S EFFECT ON MAJOR RETAILERS Staff Accounting Bulletin No. 101 (SAB 101), “Revenue Recognition in Financial Statements” summarizes the staff’s beliefs regarding the application of generally accepted accounting principles (GAAP) to revenue recognition in the financial statements (Securities and Exchange, 1999). Specifically AIA 2-3 relates SAB 101 to Wal-Mart stores and its recognition of revenues due to layaway contracts. Before the issuance of SAB 101, Wal-Mart was recording the revenue from layaway contracts and membership fees at the point of sale and time of receipt, respectively. SAB 101 caused retailers such as Wal-Mart to adhere more closely to basic accounting principles while recording layaway transactions and the collection of membership fees, resulting in increased comparability amongst competitors. Revenue Recognition Principle The revenue recognition principle states that revenue recognition occurs when it is both realizable and earned. Satisfaction of these requirements can take place during production, at the end of production, at the point of sale, or upon the receipt of cash. Revenue can be recognized during production for certain long-term construction contracts because a percentage of the revenue has been earned based on the percentage of completion of the project. Recognition can happen at the end of production but before the sale when the products are salable at readily determinable market prices. In the agriculture...
Words: 1377 - Pages: 6
...Adrian Howley Classical Argument Reporting earthquakes are very critical to studying the behavior of tectonic plates. The very first recorded earthquake occurred in the year 1831 B.C. and is currently known today as the 526 Antioch Earthquake. The area affected was Antioch, China (located between the Syria and Turkey regions). Not much is known about how the report was formed. However, this historic report did include information about how the aftershocks lasted for twelve months. Other details from this report indicate that the death toll is around 250,000 to 300,000 casualties. Scientists today can only prove that the earthquake occurred between May 20 and May 29 (date translated from B.C. to Calendar Year). The first instrument to measure the seismic waves of earthquakes was invented by Charles F. Richter at the California Institute of Technology. (Bellis, 2013) He introduced his new instrument called the Richter scale, to the world of science. His invention allows scientists today to study the mechanics behind earthquakes and locate the epicenter to which the natural disaster originated. The largest earthquake recorded by the Richter scale was measured on May 22, 1960 at a magnitude of 9.5. The quake resulted in 1,886 deaths, 2,000,000 homeless, and $1,175,000,000 total in damages. (“The Largest Earthquake”, [PDF file]) If we want to see these large numbers slide down to zero, the impossible will need to be challenged by science. Skyscrapers are buildings consisting...
Words: 914 - Pages: 4
...Building the Burj Khalifa: Main: Chronological order 200 Mechanical, electrical and plumbing: air conditioning (temperature), 300 Safety – (getting everyone out) refuge rooms 300 Elevators– mention of transition from steam to motor and latched systems and electrical brakes and coping with load 100 Spire 100 Maintenance - Broadcast and communications floors, Mechanical Floors Conc: How it has progressed engineering and enabled more (buttress structure). Future plans – The kingdom Tower in Saudi (1km into the sky) Building potential: Space elevator, new arising problems, strength of materials, what that would mean and enable if possible. Throughout history, progression and advancement in technology has fundamentally separated us from our evolutionary antecedents, enabling a life of greater comfort, extravagance and an increased ability to procreate and sustain ourselves. This improvement is especially apparent in the world of architecture and civil engineering, where there has been an unremitting ambition to surpass the existing boundaries, particularly with regards to height. The most renowned early example of a structure where height was key are the Pyramids of Giza where elevation was crucial in order to radiate power and divine authority. The tallest pyramid, standing at 146.5m, was built more than 4500 years ago, and remained the tallest manmade structure for the next 3800 years, until the 1300s when Lincoln Cathedral was built topping it by only 13.5m [1][2]...
Words: 3583 - Pages: 15
...western hemisphere. High building consists of approximately 104 standard floor is 541 meters. This building was opened in November 2014. One World Trade Center (Freedom Tower) looks like a pyramid when viewed from the road surface near to the building, as seen in the image of the building. https://timedotcom.files.wordpress.com 7. Taipe 101 (509m) This building is located in Taipei, Taiwan. Height of the building is 509 m with the total floors are 101. In many cases, the building is recognized as one of the most advanced skyscrapers in the world. One of the superiorities of this building is having a fiber-optic and internet connection satellite which can reach speeds of 1 gigabyte per second. Besides, the elevator building also was fastest than Burj Khalifa, 63 km/hour means that to reach the 89th floor, it only takes 39 seconds. The building was already used in 2004 has a sophisticated tools that can stabilize the building from the force of earthquakes and hurricanes. http://www.taipei-101.com.tw/ 8. Shanghai World Financial Center (492m) The tower is located in Pudong, Shanghai, China and has a height of 492 m with the floors total 101. The top floor is 474 m and was built in 1997-2008. The most distinctive of this building is the trapezium aperture at the top. Aperture with a diameter of 46 m it functions for reducing the pressure of the wind. And the uniqueness of this building if we observed it looks like a giant corkscrew. http://www.maersk.com/ 9. International...
Words: 1169 - Pages: 5
...Photography Photography * Transforms the passing moment of a three dimensional event into a frozen instant reduced in size on a flat piece of paper. * Transforms a three dimensional composition into two dimensional. Uses of Photography in the Philippines * Portraiture * In the Philippines, the first forms of photos were of the size of calling cards called cartes de visite (4” x 2 ½”) and the tarjeta (3 ½” x 5 ½”) used for mailing as a postcard. * In the 1800’s, photo studios sprouted in Sta. Cruz, Binondo and Quiapo. * Life-size photos are hung in living rooms and became status symbols. * Research and Documentation * Photo journalism became a field which shows a visualized history through photos captured in actual events. * Travel and Tourism * Photos are used widely to promote the beauty of the country like photos of colorful festival celebrations, beautiful tourist spots and night life posted in the net and magazines. * Propaganda * Used as an effective communication tool to promote political messages. * Photos are also incorporated in the campaign materials of the government. * Advertising * Photographs are used to sell products, services and personalities. * Billboards and print ads used photographs more than text to sell. * Artists’ tool and art medium * Augusto Fuster is the first painter who used photographs to composed pictures as paintings. * Photographs are also used by artists...
Words: 2084 - Pages: 9
...SUCCESS QUOTES Your Ultimate Inspirational Guide By Patric Chan “Enrich Your Mind, Unleash Your Potential. Success Begins Within You.” http://www.esuccessmastery.com * Anthony Robbins * Dale Carnegie * Dr. Stephen Covey * Brian Tracy * Jim Rohn * * Napoleon Hill * Mark Victor Hansen * Robert Kiyosaki * Brought to you by : Noel Hynes http://ebookdirectory.com Congratulations on taking the first step toward achieving success!! Why I wrote and compiled this ebook ... Because I know how you feel. The burning desire for success and the determination you have to achieve it. The rich knowledge and resources provided in this ebook had been read personally by me, and I had benefited from it. I guess, all the featured successful men in the ebook don’t have to be introduced anymore as I’ll assume that you would have heard of them. If you do not know about them yet, just type their name in the search engine and you will find them. I will only recommend authors and coaches whom I know from my personal experience who are successful and inspirational. If you sell the product in which you believe in or you have benefited from personally, you will be a very successful person. I’ll always prefer to promote the products/services that I had used, reviewed, joined or read before. We live in abundance of wealth today. There is no limit to our earnings; we have the capacity to earn extraordinary income if we are determined to achieve it. What is most important is how we deliver our...
Words: 7593 - Pages: 31
...5 BEST PLACES TO VISIT IN THE WORLD | | BURJ KHALIFA, DUBAI * It is a skyscraper in Dubai, UAE. * It is the tallest man-made structure in the world, standing at 829.8 m (2,722 ft). 1)At 828 meters (2,716.5 feet) tall, Burj Khalifa is 3 times as tall as Eiffel Tower and twice as tall as the Empire State Building.2. Burj Khalifa holds the world Records on: tallest freestanding structure in the world, highest number of stories in the world, highest occupied floor in the world, highest outdoor observation deck in the world, elevator with longest travel distance in the world, and tallest service elevator in the world.3. It is said that the weight of concrete used to build the skyscraper is equivalent to 100,000 elephants and the steel used to construct the frame is equal to that of 5 Airbus 380 aircrafts.4. The building design takes after the Greek flower, Hymenocallis. The name is translated as Beautiful Membrane in Greek.5. The building was constructed by a South Korean Company called South Korean company, Samsung Engineering and Construction.6. Burj Khalifa was built at a cost of $1.5 billion, It is supplied with about 250,000 gallons of water daily, and its electricity needs can go up to 360,000 100-watt bulbs burning at once.7. During the peak of construction, atleast 12,000 workers worked on the construction site per day.8. The tip of the sphere of Burj Khalifa can be seen from 95 kilometers away.9. The tower was to be called Burj Dubai but this was changed at...
Words: 395 - Pages: 2
...structure. The Burj Dubai, situated in Dubai, will soon be the tallest building in the world, bypassing the previous record holder, the Taipei 101 by almost 290 metres giving it an astonishing 800 metre height. With over 2700 feet, designing and constructing such a vast building has given significant challenges to engineers and designers alike. Since the building can hold up to 35,000 people at once, it is essential that it is strong, comfortable and able to move people up and down it at a steady rate. This essay will explore how the designers and engineers went about solving these issues. One of the key problems the engineers had to overcome was effect of the wind load and how it would affect the building motions due to the extraordinary height of the tower. Wind load is something that must be taken into account for all buildings, but obviously the wind velocity increases the higher you go and since the structure is over 800 metres tall, there is guaranteed to be a large wind force acting on the building. Three different engineering firms: Skidmore, Owings and Merrill who were all working on the project, hired the RWDI (Rowan Williams Davies & Irwin Inc.) a wind and environmental engineering firm to conduct wind studies on the Burj Dubai’s design. The RWDI had worked on a number of previous projects such as the Petronas Towers and the Taipei 101 and its facilities included four boundary wind tunnels. Their job was to minimize the effects of the wind load and building motion of the...
Words: 2012 - Pages: 9
...Entry 1 (24th September 2012) It's exactly 12:01 am now, and seeing that this is my first entry, I should update a little of myself. I'm currently at Taiwan for a short vacation with my high school friends of about 10years. And they are Lee Sue Ee, Soh Pei Ling, and Chong Yee Wun. We arrived here on Saturday, 22nd September 2012, and so far it has been an hectic journey seeing that we are here on our own for the first time and we did not go through any travel agency. Enough of updating, I just finish my STA assessment and e-mailed it to my group mates to submit later in the morning. I just hope that I did good enough despite my heavy schedule and with little initiative. Oh yes, I am now in my room while the girls are sleeping and the view is just amazingly breath-taking. How fortunate i am that I could do my assignment while looking at this sea view. The sound of the rushing waves eases my mind to relaxation and light music as my background to suit my emotion. The only thing that lack, is a partner to share this spectacular moment. Anyway, I should sleep now. Gotta be up early later for another tour around the north-east Taiwan before heading to the capital city Taipei later in the evening. I will update my entry again later whilst exploring every possibility here. Good Night ! Good afternoon, it was quite a day after waking up restlessly. Breakfast here was amazing, I mean, what more can we ask with such nature phenomenal as our spectacular view. After finishing our...
Words: 701 - Pages: 3
