FINANCIAL ACCOUNTING ASSIGNMENT HELP

PRIN of FINANCIAL ACCOUNTING FEEDBACK

8/23/21

Walter,

Thank you for this submission and there are comments to assist you in the rubric,

Jim

1) Applies the most relevant accounting principle for each business transaction. NOT MASTERED!!!!!

8/23/21 Good job on this section and you have made significant progress toward mastery. Remember that all transactions need to have 2 accounts for each scenario that is being included. I will comment on the accounts selected that are correct. If we are not including the scenario then no accounts are necessary. The account choices are revenue, expense, asset, liability and equity. Retained earnings is not the same as equity and is not used in this project. Here are the comments for this submission. Parents $5000—Principle needs revision for this cash transaction. $5000 work completed—does increase as noted so we need the other account for the income as equity is not applicable. Rent paid—No retained earnings. Telephone bill paid—see rent paid comment. Internet bill paid—see rent paid comment. Personal $1000 withdrawal—Principle needs revision for this cash withdrawal. Business seminar—this scenario is missing. Paid health insurance—Assets do decrease as noted but there are no retained earnings in any scenario. Mileage reimbursement—see rent paid comment. Side business—Would we include this non-business personal event? Petty cash replenishment—Principle needs revision for this business expense. The rest is blank. Received bill for future seminar—Expenses do increase as noted and liabilities is the other account, but will it increase or decrease?

2) Explains rationale for applying each accounting principle. NOT MASTERED!!!!!

3) Decides to include or omit each business transaction. NOT MASTERED!!!!!

8/23/21 Good job on this section and you have made significant progress toward mastery. Remember that all transactions need to have 2 accounts for each scenario that is being included. I will comment on the accounts selected that are correct. If we are not including the scenario then no accounts are necessary. The account choices are revenue, expense, asset, liability and equity. Retained earnings is not the same as equity and is not used in this project. Here are the comments for this submission. Parents $5000—Principle needs revision for this cash transaction. $5000 work completed—does increase as noted so we need the other account for the income as equity is not applicable. Rent paid—No retained earnings. Telephone bill paid—see rent paid comment. Internet bill paid—see rent paid comment. Personal $1000 withdrawal—Principle needs revision for this cash withdrawal. Business seminar—this scenario is missing. Paid health insurance—Assets do decrease as noted but there are no retained earnings in any scenario. Mileage reimbursement—see rent paid comment. Side business—Would we include this non-business personal event? Petty cash replenishment—Principle needs revision for this business expense. The rest is blank. Received bill for future seminar—Expenses do increase as noted and liabilities is the other account, but will it increase or decrease?

4) Determines the appropriate account type for each business transaction. NOT MASTERED!!!!!

8/23/21 Jim Monroe Good job on this section and you have made significant progress toward mastery. Remember that all transactions need to have 2 accounts for each scenario that is being included. I will comment on the accounts selected that are correct. If we are not including the scenario then no accounts are necessary. The account choices are revenue, expense, asset, liability and equity. Retained earnings is not the same as equity and is not used in this project. Here are the comments for this submission. Parents $5000—Principle needs revision for this cash transaction. $5000 work completed—does increase as noted so we need the other account for the income as equity is not applicable. Rent paid—No retained earnings. Telephone bill paid—see rent paid comment. Internet bill paid—see rent paid comment. Personal $1000 withdrawal—Principle needs revision for this cash withdrawal. Business seminar—this scenario is missing. Paid health insurance—Assets do decrease as noted but there are no retained earnings in any scenario. Mileage reimbursement—see rent paid comment. Side business—Would we include this non-business personal event? Petty cash replenishment—Principle needs revision for this business expense. The rest is blank. Received bill for future seminar—Expenses do increase as noted and liabilities is the other account, but will it increase or decrease?

5) Determines whether each account type results in an increase or decrease of the account. NOT MASTERED!!!!!