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Question # 00084216
Subject: Accounting
Due on: 08/22/2015
Posted On: 07/23/2015 07:40 AM

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Hi! Thank you for looking. Before accepting this simple assignment know that I need to check your answers against text book answers for accuracy and I have to use a plagiarism checker to check the work. If the answers are cut and paste from textbook responses on sites, I’ll have to turn the work down. Answers need to be in your own words – if you know the material, this should not be a problem and a quick buck. Thanks for listening. DS

Answer each of the following questions in your own words. (Do not plagiarize from the textbook or any other source.) I want to see what you have learned in Chapter 3.

Question 1: You are visiting with a friend, Jerry Bidwell, who wants to start a new business. During discussions on forming the business, Jerry makes this statement:

"Our business will have accounts receivable and accounts payable. It will also acquire a substantial amount of computers and equipment. Will it be acceptable to use the cash basis of accounting?"

Prepare a response for Jerry.
Answer here:

Question 2: "Adjusting entries are required by the cost principle of accounting." Do you agree with this statement? Explain fully.

Question 3: "Depreciation is a valuation process that results in the reporting of the fair value of the asset." Do you agree with this statement? Explain fully.

Question 4: Distinguish between the two categories of adjusting entries and identify the types of adjustments applicable to each category. Explain fully.


Questions 5: Will an adjusting entry ever affect the asset account called "Cash?" Why or why not? Explain fully.

Tags need check know aignment simple accepting explain answers fully adjusting busine work textbook question jerry agree cash entries accounts questions need know statement check accounting cost arerequired principle response equipment computers substantial acceptable basis jerryanswer accountingprepare

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Tutorial Preview …have xxxxxxxx receivable xxx accounts payable xx will also xxxxxxx a xxxxxxxxxxx xxxxxx of xxxxxxxxx and equipment xxxx it be xxxxxxxxxx to xxx xxx cash xxxxx of accounting?" xxxxxxx a response xxx Jerry xxxxxx xxxxx Question xx "Adjusting entries xxx required by xxx cost xxxxxxxxx xx accounting x Do you xxxxx with this xxxxxxxxxx…
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Preview: Jerry xxxxx this xxxxxxxxxxxxxx business will xxxx accounts receivable xxx accounts xxxxxxx xx It xxxx also acquire x substantial amount xx computers xxx xxxxxxxxx   xxxx it be xxxxxxxxxx to use xxx cash xxxxx xx accounting?"Prepare x response for xxxxx Answer here:Solution: xxxx the xxxxxxxx xxxx basis xx accounting and xxxxxxx basis of xxxxxxxxxx are xxxxxxxxxx xxxxxxx to xx the accounting xx the business xxxx have xxxxxxxx xxxxxxxxxx and xxxxxxxx payable, then xx is preferred xx use xxxxxxx xxxxx of xxxxxxxxxxx as cash xxxxx of accounting xxx an xxxxxxxxx xx tracking.....
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