...Susan Webber Macroeconomics Journal # The Economic Downturn and how it has Affected Your Family It was really easy to do this journal on personal experiences. I think everyone this year has gone through some hard economic times. My husband was actually reading my homework with me and thought of the topic of gas prices. Gas prices have affected so many people. The rise of gas prices have affected so many people that they can’t even drive cars they have to depend on buses for transportation to get to where they have to go. People often try to get together and make car pools so they can save on the price of gas. When people can save on gas they can use the money that they have saved on their families. Most people have children and need every little penny so they can go out and spend family time and just go out to eat. I can’t even remember the last time that I went out to eat with my family. It seems like everything costs so much money that we can’t do the things that we enjoy. The economic times have made it so hard for families to just wake up and have a good day. There is always something that has to cost money. It’s like people have forgotten how to enjoy the simple pleasures of life. Much of it has to do with our children. It is like everything that they want has to do with electronics. All of the electronical devices cost so much money, however they are breaking all of the time. What happened to the simple pleasures of just spending time with...
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...Journal Entries: Reflection and Reader Response • Journal Entry 1: “What does it mean to be a soldier?” (Reflection/RR) • Journal Entry 2: “Only the dead see the end of war…” (Reflection/RR) • Journal Entry #3: “How does being a solider change a man (or woman)? Are people changed for better or worse or both? What is the effect on the person, and what is the effect on the nation?” (Reflection/RR) • Journal Entry #4: “Reflect on the duality of words. How do words hold infinite power in their ability to simultaneously create and destroy? How do words affect conflict? How do they affect people?” (Reflection/RR) • Journal Entry #5: “Who or what determines our respective identities? Who or what makes you who you are? Why? How? Is it fair? Do we have control over who we are? Who we are perceived to be?” (Reflection/RR) • Journal Entry #6: “What does Oscar Schindler prove about people amid war and destruction? What characters have we encountered thus far in the semester who could also fit into this category? Why is it so important we remember them and tell their stories?” (Reflection/RR) • Journal Entry #7: “What does it mean to have courage? Is it truly more honorable to die than to live? Is this always the case? If not, reflect on the ambiguity of such a statement.” (Reflection/RR) • Journal Entry #8: “What tangibles and intangibles do you carry with you every day? Why are they important to you?” (Reflection/RR) • Journal Entry #9: “In your opinion, can there...
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...Over the last 500 years, the double-entry system of accounting has provided the accounting profession with a reliable and accurate way of tracking the economic events of companies. However, with the implementation of computer-based accounting systems over the last few decades, event based accounting has gained popularity. The theory behind event based accounting is that each business transaction can be broken down into one, or a combination of three types of events: economic, business, and information. An economic event is one in which the quantity of resources change, such as selling an item or purchasing a service. Events like receiving an invoice from a supplier, or sending out a purchase order to a vendor are examples of business events. They are necessary to the company even though they are not the monetary or physical transactions for goods or services. Tasks like creating reports and inputting new customers are considered information events. Information events provide the necessary data for the economic or business events that transpire. The double-entry system of accounting focuses on taking those separate events and aggregating them into journal entries. By aggregating them, a great deal of the total information of the event is left out. Under an event based accounting system each event is recorded with as much of the information as possible, and then stored in tables of data that allow the user to recall and compile this information into usable reports. This...
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...Accounting is the most basic framework of business. People use accounting in their daily lives when they study financial statements to make investment decisions, assess interest rather to pay off their house mortgage and calculate rates for car payments. God himself recognize accounting, for he said in his Holy Bible that everyone would be accountable before him when this world comes to an end.(Matthew 12:36) The practice of accounting can be traced back to ancient times, with "accounting books" of various forms discovered as early as 3500 B. C. From the time of 3500 B. C., accounting has progressed slowly through the development of the modern double-entry system published by Luca Paciolo in the fifteenth century until the advent of the computer. In 1581 the first college of accountants was organized with power to regulate entry into the field. Along with the development of modern accounting, a stereotypical image of the accountant was developed, because of its task being routine and purity mathematical in function. The accountant is view as a dull person that is chain to his desk all day. A survey of college students proved that accounting is treated with mental formulaic concepts, thus it has a stereotype image. Accounting may be defined as an information system that provides reports to various individuals or groups about economic activities of an organization or other entity. Accounting is information sciences used to collect, classify, and manipulate financial data for...
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...ACCT290 WEEK 4 REVERSING ENTRIES JOAN GAPP Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one account is debited, while another account is credited. A reversing entry is a journal entry that inverts a previously recorded "regular" entry. The use of reversing entries is optional, but it offers certain advantages, making them very popular in the accounting world. When you reverse an entry made in a prior period, you prevent duplication of revenues or expenses, which improves accuracy. For example, you made an entry to recognize a phone expense last month as part of the closing of the month process. Now the bill has been entered in the accounting system, and an expense was again recognized. The reversing entry will zero out the expense, correcting the situation. Reversing entries related to period closing always are paired with entries from the past. You can enter a journal entry in January and reverse it in February to avoid duplication in February. You don't normally go back to January to reverse an entry done in February. Reversing entries is a simple process that can be performed by any employee without much knowledge of accounting. Basically, the account originally debited is now credited and vice versa. There's no need to research or conduct any calculations -- all you need to do is reverse the original entry using the same exact...
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...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...
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...Consumer Behavior Journal Entry 1 Microsoft Surface Pro 2 is the Surface-series Windows 8 tablet product of Microsoft. Microsoft Surface Pro 2 was first released on October 22, 2013. It is the update version of Surface Pro with the operating system of Windows 8.1 Pro 64-bit and the Intel Core i series CPU which has the Turbo Boost to the range of 2.6GHz and 2.9 GHz. Surface Pro 2 is value-added services. According to Jacob Kastrenakes’ report, the Surface Pro 2 has two years 200 GB of additional SkyDrive storage, free Skype calls to landlines for one year and the ability of accessing to Skype WiFi hotspots. Since the launch of the Surface Series products, Microsoft has made a profit of $853 million in one financial year from October 2012 through to the end of June 2013 and it still has the rising trend for the next financial year. As the pioneer of the information technology industry, Microsoft has popularized their products towards various consumer demographics, such as retail stores, college facilities and students, business owners and public service facilities. Owing to the brand influence and the brilliant marketing strategy, consumers believe and trust in the products of Microsoft and the brand loyalty drive them to purchase the new released Surface Pro 2. In a view of consumer, Microsoft and its new products provide consumers with the feeling of standing on the most front of the age. Comparing to the past, more and more people nowadays pay attention to simple and...
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...JOURNAL ENTRY OPTION: INTERVIEW WITH JI 1 Journal Entry option: Interview with JI By: Oluwaseun Obajolu PGCC, Child Development Dr. Dawn Wadud 2 INTRODUCTION It was a rare encounter, a friendship that developed through a chat room over the internet. Even though Felicia and I had been in the same nursing class for about 6 months, let’s just say we never noticed each other or maybe selectively ignored each other, as the other person was insignificant at that point, in comparison with the herculean task of passing the class. We both struck a cord in each other, our personalities were so much alike and a friendship blossomed. Our lives started to gradually intertwine; I thought I was totally swept away till I met Junior and Halima: Her Kids. I first met the kids in the car and right away, their personalities shone through. Halima was extremely and delightfully talkative while Junior was a little withdrawn and would only say Hi because his Mom asked him to. I thought he was just a shy kid till I observed that in the entire 20 minute ride, he hardly said two words which I thought was pretty unusual for a child of that age group. My curiosity was eventually...
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...Central Time Zone Week | Assignments Week 1-5 | Due Date(Central Time) | Week 1 | Course Attestation StatementPre-Course Self-EvaluationOrientation Quiz | WED 2359 pmWED 2359 pmWED 2359 pmWeek 1 | | Discussion Board-First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 1 | | Week 1 Application Assignment – Getting Started & Specific ExpectationsWeek 1 Progress Monitor | MON 0800Week 2 | Journal | Week 1 Journal Entry | MON 0800Week 2 | Week 2 | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 2 | | Week 2 Application Assignment – Personal Philosophy of NursingWeek 2 Progress Monitor | MON 0800Week 3 | Journal | Week 2 Journal Entry | MON 0800Week 3 | Week 3 | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 3 | | Week 3 Application Assignment – Information Retrieval Paper, Part 1Week 3 Progress Monitor | MON 0800Week 4 | Journal | Week 3 Journal Entry | MON 0800Week 4 | Week 4 | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 4 | | Week 4 Application Assignment – Team Dynamics & Information Retrieval Paper, Part 2Week 4 Progress Monitor | MON 0800Week 5 | Journal | Week 4 Journal Entry | MON 0800Week 5 | *Week 5Assignments due Saturday 0800Journal | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pm | ...
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...Link Below To Buy: http://hwaid.com/shop/accounting-211-home-work/ 14-1.On January 1, 2016, Gless Textiles issued $23 million of 8%, 20-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment. Required: A) Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) B) Prepare the journal entries for the June 30, 2020, interest payment by both Gless and Century assuming both use the straight-line method. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) C) On July 1, 2021, when Gless’s common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) -----------------------------------...
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...| General Journal Pro-forma |Date |Details |Debit |Credit | |June 30 |Electricity Expense |420 | | |(a) | Electricity Payable | |420 | | |(Adjusting entry to record electricity expense payable for quarter ending 30| | | | |June 2012) | | | | | | | | |June 30 |Owner of Swindon’s Drawings |180 | | |(b) | Cash at Bank | |180 | | |(Adjusting entry to record drawing of cash by the owner to pay a personal | | | | |phone bill) | | | | | ...
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...com/acct-2011-final-time-test BE15-1 Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercup's journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-2 Swarten Corporation issued 600 shares of no-par common stock for $8,200. Prepare Swarten's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-3 Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $510,000 Treasury stock 90,000 Retained earnings 2,340,000 Paid-in capital in excess of par 1,320,000 Prepare Wilco's December 31, 2012, stockholders' equity section. BE15-4 Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-5 On February 1, 2012, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2012, journal entry. (List multiple debit/credit entries from largest to smallest...
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...Group Work – Chapter 7 1. Assume McGregor Inc. has the following account balances at December 31, 2014 – before adjusting entries: Refer to the information above for McGregor a. If McGregor uses the Balance Sheet Approach and estimates its bad debt for the year to be 6% of the Accounts Receivable balance, prepare the adjusting journal entry as of December 31, 2014. [54,000 * .06 = 3,240] DR CR Bad Debt Expense 3,740 Allowance For Doubtful Accounts 3,740 b. What is the Net Realizable Value of Accounts Receivable that will be reported on the December 31, 2014 Balance Sheet after the adjusting entry is posted? Accounts Receivable 54,000 Allowance for Doubtful Accounts (3,240) Net Realizable Value of AR 50,760 c. Assume, on January 8, 2015, JD Rhimes Inc. contacts McGregor Inc and says they have declared bankruptcy and will not be able to pay their Accounts Receivable debt of $2,000. Prepare the journal entry to write-off this customer’s account. DR CR Allowance For Doubtful Accounts 2,000 Accounts Receivable 2,000 d. What is the Net Realizable Value of Accounts Receivable on January 8, 2015 after the customer write off? [Assume no other activity has affected those accounts since December 31, 2014.] Accounts Receivable 52,000 Allowance for Doubtful Accounts (1,240) Net Realizable Value of AR 50,760 e. Does the write off affect the Net...
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...transactions during the month of June: (1) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system); (2) paid $60,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $160,000 to credit customers for $300,000; (4) collected $280,000 in cash from credit customers; and (5) paid suppliers of inventory $225,000. | Analyze each transaction and show the effect of each on the accounting equation for the corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change for items which affect more than one account in an account category (i.e., assets, liabilities, etc.)) | | | Assets | = | Liabilities | + | Paid-in capital | + | Retained Earnings | (a) | $245,000 | | $245,000 | | | | | (b) | (60,000) | | | | | | (60,000) | (c) | 140,000 | | | | | | 140,000 | (d) | 0 | | | | | | | (e) | (225,000) | | (225,000) | | | | | A company that has a fiscal year-end of December 31: (1) on October 1, $25,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $23,000; principal and interest at 5% are due in one year; and (3) equipment costing $73,000 was purchased at the beginning of the year for cash. | Prepare journal entries for each of the above transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field...
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...ACG 2021 Take home Test Three Fall 2004-1 Instructions: • All work is due on Wed, December 8, 2004 at 1:30pm. No exceptions will be allowed. • All work must be individual work. Duplicates or cheating will not be tolerated. Students involved will receive a grade of ZERO on the examinations. • All work must be completed on the computer. Use Excel or Word. Hand written work will NOT be accepted. • Each problem must be a separate spreadsheet with your name and problem number on top. • Please format examination currently. Points will be taken off for sloppy work or failure to properly format the answers. Problem 1: The following series of transactions occurred during 2004 and 2005 when Linwood Co. sold merchandise to John Moore. Linwood's annual accounting period ends on December 31. [pic] Prepare Linwood Co.'s journal entries to record the above transactions assuming they use the allowance method of accounting for uncollectible accounts. Problem 2: Prepare general journal entries for the following transactions of Viking Company, assuming they use the allowance method to account for uncollectible accounts. [pic] Problem 3: Cairo Co. uses the allowance method of accounting for uncollectible accounts. Cairo Co. accepted a $5,000, 12%, 90-day note dated May 16, from Alexandria Co. as in exchange for its past-due account receivable. Make the necessary general journal entries for Cairo Co. on May 16 and the August 14 maturity date, assuming...
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