Identifying Events as Accounting Transactions
Half Price Books is the country’s largest family-owned new and used bookstore chain. Do the following events result in a recordable transaction for Half Price Books? Answer yes or no for each.
______ 1. Half Price Books bought an old Laundromat in Dallas.
______ 2. The privately held company issued stock to new investors.
______ 3. The company signed an agreement to rent store space in Columbia Plaza near Cleveland.
______ 4. The company paid for renovations to prepare its Seattle store for operations.
______ 5. The vice president of the company spoke at a literacy luncheon in Indiana, which contributed to. building the company’s reputation as a responsible company.
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Fundamentals of Financial Accounting
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- Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021from the books of the business. This company operates one bank account to reflect all cash and cheque transactions.You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines$350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service)$800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque…arrow_forwardAssume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021from the books of the business. This company operates one bank account to reflect all cash and cheque transactions.You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines$350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service)$800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque…arrow_forwardScenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…arrow_forward
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