After completing Chapter 2, provide your answers to Exercise 2-6A parts a, b, c, and d, events 1 thru 7. With your answers, you need to explain your reasoning and how you solved the problem. This is an exercise to help each other learn, so be as specific as possible. You may not be correct, but that provides an opportunity for learning, so do not be concerned. What is important here is your process in solving and identifying where you are having difficulties. After posting your response, respond to one other person’s posting.
After completing Chapter 3, identify the following for Events 1, 6a, 6b, 7, 8, 9 and 10 based on Exercise 3-11A: the impact on the accounting equation, if and how it affects net income, and if and how it affects cash. Using Event 1 as an example: Purchased merchandise inventory for cash: assets: + inventory and – cash; no what are the effect on liabilities or equity; no effect on net income, – cash. With your answers, you need to explain your reasoning and how you solved the problem. Do not follow the instructions in the textbook but complete based on the example given above.
This is an exercise to help each other learn, so be as specific as possible. You may not be correct, but that provides an opportunity for learning, so do not be concerned. What is important here is your process in solving and identifying where you are having difficulties. After posting your response, respond to one other person’s posting.
