THE AC AFFECTE Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions described below. The first item is given as an example. TRANSACTIONS ACCOUNTS TITTLES AFFECTED Example: Owner's cash investment to Owner's Capital I Cash the business 1. Sale of goods on account (disregard cost of sales) 2.Charging the cost of goods sold #1 above as expense 3.Purchase of inventory for cash 4.Payment of utilities expense 5. Payment of accounts payable

Classify each transaction whether they are operating, financing and investing. After which, indicate the reason for classification. Finally, indicate the effect of the transaction to cash flows.

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A. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)

Which of the following accounts does not appear in the acquisition and expenditure cycle?a. Cash.b. Purchases returns.c. Sales returns.d. Prepaid insurance

Identify the effects on accounts.  Example: Purchase of Equipment Answer: Equipment - Increase, Cash - Decrease   1. Purchase of inventory for cash 2. Purchase of inventory on account 3. Payment of accounts payable 4. Sale of goods on account and the charging of the cost of the goods sold as expense 5. Collections of accounts receivable

Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)

For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.

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When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable