Accounting Project Essay

Foundations of Accounting I Accounting Project Written by: Karen Pitsch Special thanks to Donna Larner Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows: 110Cash$ 74,370 112Accounts Receivable 6,178 113Allowance for Doubtful Accounts 650 115Merchandise Inventory 2,346 116Prepaid Insurance 5,750 117Store Supplies 2,850 123Store Equipment 100,800 124Accumulated Depreciation-Store Equipment 31,060 210Accounts Payable 3,286 211Salaries Payable 0 218Interest Payable 0 220Note Payable (Due 2017) 30,000 ($6,000 to be paid in 2013) 310Randiddle, Capital (January 1, 2012) 46,288 311Randiddle, Withdrawals 60,000 312Income Summary 0 410Sales 296,130 411Sales Returns and Allowances 10,020 412Sales Discounts 7,200 510Cost of Goods Sold 30,250 520Sales Salaries Expense 34,400 521Advertising Expense 18,000 522Depreciation Expense 0 523Store Supplies Expense 0 529Miscellaneous Selling Expense 2,800 530Office Salaries Expense 25,500 531Rent Expense 24,200 532Insurance Expense 0 533Bad Debt Expense 0 539Miscellaneous Administrative Expense 1,650 550 Interest Expense 1,100 See more: Analysis of Starbucks coffee company employees essay Randiddle Co. uses the perpetual inventory system and the First-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the First-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Randiddle Co. sells three types of microwave ovens. The sale prices of each are: 900 watt microwave: $199 1000 watt microwave: $299 1200 watt microwave: $499 During December, the last month of the accounting year, the following transactions were completed: Dec. 1. Issued check number 2632 for the December rent, $2,200. 2. Sold two 1200 watt microwaves for cash. 4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10, n/30, FOB shipping point, $596. 5. Issued check number 2633 to pay the transportation charges on purchase of December 4, $89. (NOTE: Debit Merchandise Inventory. Do not include shipping and purchase discounts to the Inventory Control sheet for this project.) 6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point. 8. Issued check number 2634 for refund of cash on sales made for cash, $150. (Customer was going to return goods until an allowance was arranged.) 10. Purchased store supplies on account from Prince Co., terms n/30, $310. 10. Issued check to Matt Co. number 2635 for the full amount due, less discount allowed. (Round discount to nearest dollar.) 11. Paid Prince Co. full amount due, check number 2636. 12. Issued credit memo for one 1000 watt microwave returned on sale of December 6. (NOTE: Assume the returned microwave was from the 11/30 inventory) 13. Issued check number 2637 for advertising expense for last half of December, $3,000. 14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar). 19. Issued check number 2638 to buy five 900 watt microwaves, $495. 19. Issued check number 2639 for $596 to Joseph Co. on account. 20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point. 20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120 (NOTE: Cameron Co. will be reimbursing us for this shipping cost). 21. Received $1,396 cash from McKenzie Co. on account, no discount. 21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78 (NOTE: Debit Merchandise Inventory $825, but only put $747 in the Inventory Control Sheet). 24. Received notification that Marie Co. has been granted bankruptcy with no amount of recovery. We are to write-off her amount due. (Note: See page 365 for entry required.) 26. Issued a debit memo for return of $249 because of damage to one 1200 watt microwave purchased on December 21, receiving credit from the seller. 27. Issued check number 2641 for sales salaries of $2,050 and office  salaries of $1,400. 28. Purchased store equipment on account from Joseph Co., terms n/30, FOB destination, $1,200. 29. Issued check number 2642 for store supplies, $70. 29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30, FOB shipping point, for $1,113 on account, shipping $107. 30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number 893, terms 2/10, n/30, FOB shipping point. 30. Received cash from sale of December 20, less discount, plus transportation paid on December 20. (Round calculations to the nearest dollar.) 31. Issued check number 2643 for purchase of December 21, less return of December 25 and discount. (Round discount to the nearest dollar.) 31. Issued a debit memo for $200 of the purchase returned from December 28. Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post Reference column. 2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed. 3. Total each column on the special journals and prove the journals. 4. Post the totals of the account named columns and individually post the â€Å"Other Accounts† columns as well to the General Ledger. 5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account). 6. Prepare the unadjusted trial balance on the worksheet. 7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data: a. Merchandise inventory on December 31 $1,090 b. Insurance expired during the year 2,250 c. Store supplies on hand on December 31 850 d. Depreciation for the current year needs to be calculated. The business uses the Straight-line method, the store equipment has a useful life of 10 years with no salvage value. (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month). e. Accrued salaries on December 31: Sales salaries$1,075 Office salaries 540 $1,615 f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month. g. Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be $6,313. 8. Prepare a multiple-step income statement, a statement of owner’s equity, and a classified balance sheet in good form. (Recommend review of â€Å"Current Liabilities† on page 149.) 9. Journalize and post the adjusting entries. 10. Journalize and post the closing entries. Indicate closed accounts by inserting a zero in both balance columns opposite the closing entry. 11. Prepare a post-closing trial balance.

What is sovereignty?

The idea of sovereignty is the idea of someone holding supreme power. For example in the United Kingdom we have parliamentary sovereignty. This means that parliament holds supreme power in the land with no constraints. However sovereignty is affected and controlled by certain things such as public opinion and outside influences including the media etc. That is why although sovereignty gives supreme power to the bearer it can sometimes be restricted by uncontrollable means. However ultimately, if remove all other influences and theories, sovereignty is the word used to describe something that is given to someone or something to hold supreme power, and this power should technically be un-unquestionable, that is the idea of sovereignty. Where is sovereignty located in the UK? The monarch originally always held sovereignty. However in 1649 after the English civil war sovereignty in the UK was handed over to parliament after the execution of Charles I, and the running of the country became a dictatorship under Oliver Cromwell. Ever since then, although the monarch is still head of state, parliament has always held supreme power in the land. The monarch still holds theoretical powers such as the command of the army but in practice these powers belong to the executive and ultimately the Prime Minister. Unlike the American presidential system where the President forms only one third of the three areas of power, the British system relies on a majority to form the government. This can sometimes be a problem as the majority party holds all powers because the house of commons makes legislation and the house of lords can only block legislation for so long. The only person in theory that can stop a law being passed is the queen but this would be very unpopular so in practice is not done. Although the House of Commons and ultimately the executive hold supreme power, whilst we are a part of the European Union we must follow the laws and guidelines set by them. This was shown when be introduced the Human Rights Act after the EU had made it law. So although in theory the UK could leave the EU if it really disagreed with something, in practice this would not be economically or politically viable and so we are bound by their laws. So although sovereignty ultimately rests with the executive, the monarch still has to agree to laws and the monarch still holds military powers but these are never used in practice. The only constraint to sovereignty is the EU that we could technically leave at anytime. So practically sovereignty in the UK is located within the government but in theory the EU can say ‘no' to our legislation. This is where sovereignty is located in the UK. Why has the UK's un-codified constitution been criticised? Over the years the UK's un-written or un-codified constitution has been criticised. This criticism has not only come from countries with a codified constitution but also within the UK as well. Although the UK constitution is un-codified it has however been around longer than any constitution in the entire world. This says that that fact that it has never been fully written down means that it has had a chance to evolve and so last for a long period of time. Some may argue that the American codified constitution was a necessity, as after the American war of independence the Americans needed a quick constitution straight away in order to run the country. There is no way that a country could have been set up without a codified constitution. The advantage of a codified constitution is that all of the information is there and cannot be removed unless two thirds of the government/senate agree. Acts can only be amended. This could also pose as a disadvantage as a law that needed to be passed quickly would take at least a week to go through all of the houses to be added to the constitution. The advantage of an un-codified constitution is that not everything is in black and white. This is where we get conventions and case law. As not everything in the constitution is set in stone, if something were to be ambiguous then it could be taken to court for a ruling. Also we have conventions that are things that we do but are not written down. The advantage of having an un-codified constitution is that in an emergency and act or law can be added pr removed completely within twenty-four hours as no government can bind another government. So basically there are both advantages and disadvantages of both systems. With an un-codified constitution not everything is set in stone so things can be adjusted from case to case and also it is very quick and easy to change. The disadvantage to this is that this gives a lot of power to the executive and in theory they could run a dictatorship with no one to stop them. This is an advantage of a codified constitution because it is not very easily change and so does not give a lot of power to a few people. The disadvantage of this system is that things take a long time to change and can never be completely removed. Despite both the advantages and disadvantages of both of the systems, each system works best for the country that uses it. So all the UK's constitution has been criticised it obviously works because it has lasted for such a long period of time.

The Usefulness of Websites for Historical Research Essay

The Usefulness of Websites for Historical Research - Essay Example A website may be the work of an individual, a business, or any other type of organization for that matter, which is typically dedicated to some particular topic or purpose. Websites are extremely useful in the studying of various research topics. However when it comes to historical research, there are certain values and limitations of websites for studying this history. The aim of this paper is to examine and assess these values and limitations, in order to come to a clearer and more knowledgeable understanding on how accurate and useful websites truly are for studying history. By examining six websites in particular, we can base our results on how successful the average website is when used for studying history. Basing our historical research around the Civil War, the websites which will be used in this study will be as follows: By thoroughly examining these six websites, we can come to a critical assessment of how accessible and resourceful the average website is in historical research. This is what will be dissertated in the following. The immediate content of this website was professional and direct, with the home page offering separate corresponding timelines to choose from. Information such as: Civil War experience, Civil War timeline, Civil War battles, and Civil War people were also available to choose from on the home page; giving the visitor a vast array of options to choose from. In terms of visual presentation, it was accurately appropriate for the topic, and good design allowed for easy access through this site. There was in fact even a design labeled as the 'best graphic on site' in the 'Civil War Experience' page.1 Thinkquest offered a vast exhibition of useful information in regards to the Civil War, and even offered a 'Fun Fact of the day'; random factual occurrences which relate to the Civil War. The corresponding timelines offered accurate and incredibly informational timelines on the Civil War, and were significantly useful directional tools in terms of accessing around the website. In terms of what was negative about this site, or what more could have been done, the only true factor would be in regards to the actual design layout of the page. Although all the information was easily accessible, the visible attractiveness of it could certainly be updated and laid out more efficiently. However, as a website for allocating and using resourceful information on the Civil War, it can certainly be considered overall as positive. The Civil War Home Page This website was easily the most informational, graphically pleasing, and overall positive out of the six. The home page itself contained more educational and resourceful information that might even be expected; while still remaining to be pleasing to the eye. The layout and content of the site was done so in a way most certainly methodologically in order to allow visitors an easily accessible and highly information tour through the site. The immediate presentation of the website was not the only positive element; after selecting any of the numerous offered links to

Al Hirschfeld's Art Research Paper Example | Topics and Well Written Essays - 1750 words

Al Hirschfeld's Art - Research Paper Example This made him become one of the most significant figures in contemporary art (Shea 4). Hirschfield was born in Missouri, St. Louis on June 21, 1903. His family moved to Manhattan when he was eleven, where he joined the Art Students League. On the tender age of seventeen, he already worked at Metro Goldwyn Pictures, later becoming the Selznick Studios artistic director. Hirschfield relocated from New York to France - Paris, where he expended much of his twenties studying art. He stood as a young man thriving through the art world in Paris and the theatrical world in New York when he toppled upon his passion (Shea 5). One evening in the year 1926, he went to a theater with his friend Richard Maney, the legendary promotional agent. During the show, Al Hirschfield sketched Sasha Guidry, the French actor on his program. Richard Maney recognized Hirschfield’s talent instantly and invigorated him to reconstruct the sketch on a sheet of paper. Richard sold the finished slice to the He rald Tribune (Niemi 7). Shortly, Hirschfield’s work appeared in the press. Drawn in the dimmed theater, his simple yet unique images caught the responsiveness of much of the publishing world. In 1929, he made a remarkable agreement work in New York Times. While working for the New York Times, the artist style gained unparalleled notoriety fetching synonymous with theatrical reputation. His aptitude to contain the spirit of an actor or a presentation in few lines made his exertion seem both honest and natural. Of his portraiture, Hepburn Katherine warned: â€Å"It tells the entire story - terrifying† (Clare Bell 38). For many, though, Hirschfield’s â€Å"the whole story† was their first exposure to a bigger audience. According to Channing Carol, he was accountable for jump - starting her profession. â€Å"Al Hirschfield picked me out of twenty nonentities in a little review named â€Å"Lend an Ear†, and placed me on the fore page of the New York Ti mes.† She added (Clare Bell 39). Throughout the 1940s, Hirschfield began to diversify as an artist, exemplifying books for authors including Fred Allen, Brooks Atkinson and S. J. Perlman. He continued to work on many artistic mediums including watercolor, etching, sculpture and lithography. By the 1950s, his imagining stood universally recognized as a Broadway fundamental part and the rest of the theatrical world (Clare Bell 11). In the year 1951, he initiated work on a book in which he was both the illustrator and author – â€Å"show business is no business†. He eventually sequentially introduced â€Å"the world of Hirschfield† in 1968 in which, he clarified much of his autobiography and process. More than 10 years later he published his third book in 1979 titled, â€Å"Hirschfield by Hirschfield†. During his long career, Hirschfield’s imagery has remained a keystone of the industry he adores with a passion. In their plain, unobtrusive manne r, they have spoken volumes concerning their subjects and have renowned the modern history of a significant American art. Between this actor and the critic, Hirschfield carved out a room for himself in American and global theatrical culture. Al Hirschfield died at the age of 99, on January 20th, 2003. Though his caricatures often distort and exaggerate the faces of his focuses, he become often labeled as being an essentially "nicer" caricaturist than numerous of his contemporaries and his appeasement

Altered and disordered physiology Essay Example | Topics and Well Written Essays - 500 words

Altered and disordered physiology - Essay Example If the secretion is not proper such as hyper secretion [increase in secretion], or hyposecretion [decrease in secretion] might resuly in growth disorders. The secretion is classified as hyper secretion and hypo secretion depending on the amount of hormones secreted. The results ends in affceting the growth. For example hyper secretion reults in gigantism in chidren, and acromegaly in adults. Hypo secretion of hormones happens in glands like piptutory gland , the disordered secretion results in dwarfism during childhood, and also reduses long bone growth. The disorder in pancreas leads to diabetes insipidus. Etc. Tradionally scientisits classified the endocrine disorders into hyper and hypo secretion according to the imbalance in hormones and glands secretion and disorders into primary and secondary disorders. The thyroid glands has the disorder of hyothyroidism and hyperthyroidism. Similarly the insulin secretion resuots in primary and secondary diabets level. The primary hyperthyroiism results in a stage where excess of parathyroid But now a days with the advent of molecular biology the classifaction that was insisted based on hyper and hypo secretion of glands and hormones seem to be inappropriate as the scientists review the endocrine secretion in terms of the genes that is present in the cells. This method helps in the detailed analysis of the glands with the help of the characteisitcs of the particular gene. Molecular biologists discovered the mehanism of the chromosomes pairng and seperation that helped them in understaning what are the techniques that could be appointed to review the genes. To be more precise the invention of DNA helix, the gene expression was understood clearly and this included the protein synthesis also. So the molecular biology helps a lot in understanding the pattern of the secretion with the help of the DNA in the chromosomes. Wikiepedia [2006] says that â€Å"Molecular biology chiefly

Economics of Advertising Essay Example | Topics and Well Written Essays - 2250 words

Economics of Advertising - Essay Example No company can imagine economic growth without this strong tool called advertisement. Even non-profit organizations and public authorities to promote national programmes such as health campaign, anti drug campaign, literacy drive, cultural mission etc use this vehicle to reach their people. Some organizations which frequently spend large sums of money on advertising but do not strictly sell a product or service to the public, include political parties, interest groups, religion-supporting organizations, and militaries looking for new recruits. Additionally, some non-profit organizations are not typical advertising clients and rely upon free channels, such as public service announcements. The advertising industry is large and growing. In the United States alone in 2005, spending on advertising reached $144.32 billion, reported TNS Media Intelligence. That same year, according to a report titled Global Entertainment and Media Outlook: 2006-2010 issued by global accounting firm Pricewat erhouseCoopers, worldwide advertising spending was $385 billion. The accounting firm's report projected worldwide advertisement spending to exceed half-a-trillion dollars by 2010. Nowadays, advertisement has become the common medium of commercial interaction in competitive bids. Advertising has gone through five major stages of development: domestic, export, international, multi-national, and global. For global advertisers, there are four, potentially competing, business objectives that must be balanced when developing worldwide advertising.... me organizations which frequently spend large sums of money on advertising but do not strictly sell a product or service to the public, include political parties, interest groups, religion-supporting organizations, and militaries looking for new recruits. Additionally, some non-profit organizations are not typical advertising clients and rely upon free channels, such as public service announcements. The advertising industry is large and growing. In the United States alone in 2005, spending on advertising reached $144.32 billion, reported TNS Media Intelligence. That same year, according to a report titled Global Entertainment and Media Outlook: 2006-2010 issued by global accounting firm PricewaterhouseCoopers, worldwide advertising spending was $385 billion. The accounting firm's report projected worldwide advertisement spending to exceed half-a-trillion dollars by 2010. Nowadays, advertisement has become the common medium of commercial interaction in competitive bids. Advertising ha s gone through five major stages of development: domestic, export, international, multi-national, and global. For global advertisers, there are four, potentially competing, business objectives that must be balanced when developing worldwide advertising: building a brand while speaking with one voice, developing economies of scale in the creative process, maximizing local effectiveness of ads, and increasing the company's speed of implementation. Born from the evolutionary stages of global marketing are the three primary and fundamentally different approaches to the development of global advertising executions: exporting executions, producing local executions, and importing ideas that travel. (Global marketing Management, 2004, pg 13-18) MERITS OF ADVERTISEMENTS If a vehicle runs with an

The Christian Symbols of Cross and the Body of Christ Essay - 6

The Christian Symbols of Cross and the Body of Christ - Essay Example God’s purpose for creating Adam was His desire to replicate Himself, reproduction of Himself and He implemented this in the Garden of Eden. Adam was God manifested in the flesh in the Garden of Eden. In Copeland’s teaching, it was a way to show that racism was not in Gods mind. Those disagreeing with this use the bible to militate against Copeland’s teaching. Adam was not God manifested in the flesh. Jesus was exceptional in this respect (John 1:14). Beyond that, Adam was undeniably subordinate to God (Copeland, audiotape #01-0304, side 1). Copeland alleged that Jesus became a demonic being on the cross: Copeland insists "Satan dominated Jesus on the Cross and took His spirit to the dark regions of hell Copeland's description of Christ's ordeal in the hell is nothing short of chilling. He (Jesus) allowed Himself to come under Satans control" (Copeland, audiotape #02-0017, side 2). Copeland stated that the physical death on the cross did not pay the price for sin and that anybody could do that. According to him all prophets that walked on earth guided by the Abrahamic covenant would have paid the price if it were for the physical death (Copeland, audiotape #02-0017, side 2). Those in disagreement with Copeland’s allegation say because of Jesus’ atoning sacrifice on the cross, people who have their faith and trust in Him (Jesus) alone for salvation are guaranteed endless life (John 3:16). However, Jesus called His disciples to take up their cross and follow Him "If any of you wants to be my follower, you must turn from your selfish ways, take up your cross, and follow Me."