DeVry ACCT 212 Week 2 DQs

DQ-1)

 

Last week, we discussed “The Language of Business” and why the accounting information system is important in business. This week, we are going to look at the mechanics of how it all works. It might be a bit easier if we started with an example which would be the ShineBrite Car Wash, Inc. in Chapter 2 of your textbook. Pick a transaction from ShineBrite and let us know how it impacts the accounting equation. Make sure to identify the two accounts impacted. Why is it important to record your selected transaction?
 

 

The business buys supplies
 on account, agreeing to pay $3,700 within 30 days.
 This transaction increases both the assets and the liabilities of the business (pg. 68).
 

  

DQ-2) 
In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of Course Project 1. As you complete the requirements of Week 2 you should review the Course Project tab in Course Home as you could start work on Project 1.  The template for Course Project 1 Parts A & B is located in Doc Sharing.

Let’s start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Harry Samson, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and post an answer. Do show your computations.