ACC 556 WEEK 2 DISCUSSION

"Accounting Systems and Accruals"  Please respond to the following:

Instructions: For Step (a) select 3 transactions and describe them. The description must explain the financial impact on the accounting equation and relevent  financial statements. Also complete Steps (b) and (c). Explain your work, showing all computations. Enhance your discussion by explaining how the financial statements would be different with the use of cash accounting instead of accural accounting. 

NOTE THAT IN FOR STEP (a) YOU ONLY NEED TO DO 3 OF THE TRANSACTIONS.  ALSO NOTE THAT ITEM 9 DOES NOT BALANCE! YOU MAY USE THIS ITEM AS $5000 OR $550