ACCOUNT ACCOUNT CODE ACCOUNT NAME CODE ACCOUNT NAME 100-199 Current Assets 400-499 Equity Accounts 101 Checking Account 400 Common Stock 102 Savings
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Question

Indicate whether each phrase is more descriptive of financial accounting or managerial accounting.

(a) May be subjective


Financial accounting


Managerial accounting



(b) Often used to obtain financing


Financial accounting


Managerial accounting



(c) Typically prepared quarterly or annually


Financial accounting


Managerial accounting



(d) May measure time or customer satisfaction


Financial accounting


Managerial accounting



(e) Future oriented


Financial accounting


Managerial accounting



(f) Has a greater emphasis on cost-benefit analysis


Financial accounting


Managerial accounting



(g) Keeps records of assets and liabilities


Financial accounting


Managerial accounting



(h) Highly aggregated statements


Financial accounting


Managerial accounting



(i) Must conform to external standards


Financial accounting


Managerial accounting



(j) Special-purpose reports


Financial accounting


Managerial accounting



(k) Decision-making tool


Financial accounting


Managerial accounting



(l) Income statement, balance sheet, and statement of cash flows


Financial accounting


Managerial accountingmedia_568_568c18cc-e855-4eb2-9588-7f044c14757a_phpkECWZo.pngq17.pngwr.pngwr1.pngz10.png

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ACCOUNT ACCOUNT CODE ACCOUNT NAME CODE ACCOUNT NAME 100-199 Current Assets 400-499 Equity Accounts 101 Checking Account 400 Common Stock 102 Savings Account 410 Retained Earnings 103 Petty Cash 120 Accounts Receivable 500-599 Revenues 125 Allowance for Doubtful Accounts 501 Cash Sales 130 Notes Receivable 502 Credit Sales 150 Inventory 510 Sales Returns & Allowances 160 Supplies 511 Sales Discounts 170 Prepaid Rent 520 Interest Revenue 180 Prepaid Insurance 530 Miscellaneous Revenue 200-299 Noncurrent Assets 600-799 Expenses 200 Land 600 Cost of Goods Sold 210 Buildings 611 Wages Expense 215 Accumulated Depreciation-Buildings 612 Commissions Expense 230 Equipment 613 Payroll Tax Expense 235 Accumulated Depreciation-Equipment 620 Rent Expense 240 Furniture & Fixtures 630 Insurance Expense 245 Accumulated Depreciation-Furniture & Fixtures 640 Supplies Expense 250 Other Assets 650 Bad Debt Expense 701 Depreciation Expense-Buildings 300-399 Liabilities 702 Depreciation Expense-Equipment 300 Accounts Payable 703 Depreciation Expense-Furniture & Fixtures 310 Wages Payable 710 Income Tax Expense 321 Employee Income Tax Payable 322 FICA Tax Payable 900-999 Summary Accounts 323 Federal Unemployment Tax Payable 910 Income Summary 324 State Unemployment Tax Payable 330 Accrued Interest Payable 360 Other Liabilities

Discussion Topic [Marks: 101 fintech-case-study BitPay Inc. "Disrupting Traditional Payments and Infrastructure" Overview and Origin BitPay Inc.: The company was incorporated in May, 2011. It is a payment service provider for Bitcoin and Bitcoin Cash. The founders of the company are Tony Gallippi and Stephen Pair. They started their headquarters in Orlando, FL. The company came about in 2011 when the founders saw the potential of bitcoin as a way to revolutionize the financial industry making it safer, cheaper, and easier to send, receive and store money. By making payments safer by "completely eliminating" the fraud that exists in credit cards payments. Bitcoin eliminates the intermediaries that can increase transaction costs for the consumers like payment gateways. The founders see bitcoin as a way for businesses and consumers to take more control and ownership of money. They wanted to change the way the world does payments and how businesses interact in a more seamless and cost efficient process for sending and receiving bitcoin. The company was funded from multiple sources of investors. People like Shakil Khan, Barry, Silbert, Jimmy Furland, Roger Ver, and Trace Mayer. In early 2013, after they made an announcement that they will move their headquarters in Atlanta, GA, they received $510 thousand dollars from angel investors. In mid-summer 2013, BitPay received $2 million from a venture capital firm based in San Francisco called the Founders Fund. This firm has a portfolio of firms that provided funding for such as Airbnb, Spotify, Stripe, and Oscar Health. The Founder Fund was formed in 2005 and was organized by Peter Theil, Ken Howery, and Luke Nosek. In December of 2013. Bitcoin received another $2.7 million fund from Hong Kong business magistrate, Li Ka-Shing who funded the money through a ventrue capital firm called Horizons Venture Limited. This firm focused on "disruptive and technology focus startups" such as, but not limited to, BitPay, Siri that was later purchased by Apple, Deepmind that was also later purchased by Google, and Meta. Li Ka-Shing is currently the 30th richest man in the world. In May 2014, Bitpay received additional funding of $30 million from multiple investors such as, but not limited to, Index Ventrues, Jerry Yang, the founder of Yahoo, and Richard Branson, the founder of Virgin Group. Business Activities: The problem BitPay is trying to solve is payment complications that exist in traditional banking and payment processing companies such as fraud issues, long time frame to send and receive payments, expensive intermediary payment processing fees that are more expensive compared to merchant services, wire transfers, and credit card payments. Knowing that bitcoin is a new form of currency that is not tied to a specific type of currency like US Dollar, Euro, etc. Allows full

Instructions Chart of Accounts General Journal < Instructions On June 30 (the end of the period). Brown Company has a credit balance of $2 095 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $28 555 Required: Journalize the appropriate adjusting entry Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Brown Company General Ledger ASSETS REVENUE

General Journal Journalize the appropriate adjusting entry. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF, DEBIT CREDIT

Accounting for Credit Card Sales Chassoul & Company pays a three percent credit card fee on all credit sales, and receives a cash deposit immediately following each credit card transaction. If credit sales for the company total $30,000 on January 15, what journal entry should be recorded to recognize the receipt of cash and the credit card fee expense? Debit Cash $29,100; debit Credit Card Fee Expense $900. CDebit Cash $29,100; credit Credit Card Fee Expense $900. CDebit Cash $30,900; debit Credit Card Fee Expense $900. Debit Cash $30,900; credit Credit Card Fee Expense $900.

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