Week 1 Assignment - Exercise 2-7(a(b(c(d(e(f(g(h(i(j 6 5 7 2 11 1 4 10 9 3 Exercise 2-8(a Historical cost principle(b Conservatism(c Full disclosure

Week 1 Assignment - Exercise 2-7(a(b(c(d(e(f(g(h(i(j 6 5 7...

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Exercise 2-7 (a) 6 (b) 5 (c) 7 (d) 2 (e) 11 (f) 1 (g) 4 (h) 10 (i) 9 (j) 3 Exercise 2-8 (a) Historical cost principle (b) Conservatism (c) Full disclosure principle (d) Matching principle (e) Materiality (f) Industry practices (g) Economic entity assumption (h) Full disclosure principle (i) Revenue recognition principle (j) Full disclosure principle (k) Matching principle (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 Titles Ref. Debit Credit Apr. 2 Cash Equipment Capital 32,000 14,000 46,000 3 Supplies Accounts Payable 700 700 7 Rent Expense Cash 600 600 11 Accounts Receivable Service Revenue 1,100 1,100 12 Cash Unearned Service Revenue 3,200 3,200 17 Cash Service Revenue 2,300 2,300 21 Insurance Expense Cash 110 110 30 Salaries Expense Cash 1,160 1,160 30 Supplies Expense Supplies 120 120 30 Equipment Capital 6,100 6,100
Exercise 3-4 Watteau Co. Trial Balance June 30, 2008 Debit Credit Cash 2,920 Accounts Receivable 3,051 Supplies 300 Equipment 4,300 Accounts Payable 2,200 Unearned Service Revenue

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