Robin Ray's Unit 1 assignment - Unit 1 Assignment Robin Ray AC501 John Kuhn Exercise 2-7 A 6 Matching principle B 5 Historical-cost principle C 7 Full

Robin Ray's Unit 1 assignment - Unit 1 Assignment Robin Ray...

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Unit 1 Assignment Robin Ray AC501 John Kuhn 11/11/2014 Exercise 2-7 A. 6. Matching principle B. 5. Historical-cost principle C. 7. Full disclosure principle D. 2. Going-concern assumption E. 11. Conservatism
F. 1. Economic entity assumption G. 4. Periodicity assumption H. 10. Industry practices I. 9. Materiality J. 3. Monetary unit assumption Exercise 2-8 a. Historical-cost principle b. Conservatism c. Full disclosure principal d. Matching principle e. Materiality f. Industry practices g. Economic entity assumption h. Full disclosure principle i. Revenue recognition principle j. Full disclosure k. Matching principal l. Economic entity assumption m. Periodicity assumption n. Matching principle o. Materiality p. Historical-cost principle q. Conservatism r. Matching principle Exercise 3-1 Date Account Debit Credit April 2 Cash 32,000 Office equipment 14,000
Owner’s capital 46,000 April 3 Supplies inventory 700 Accounts payable 700 April 7 Rent expense 600 Cash 600 April 11 Accounts receivable 1,100 Service Revenue 1,100 April 12 Cash 3,200 Unearned revenue 3,200 April 17

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