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AccountingAccounting (Text Only)26th Edition

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Chapter 1, Problem 1.3EX
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 1.1APE
Problem 1.1BPE
Problem 1.2APE
Problem 1.2BPE
Problem 1.3APE
Problem 1.3BPE
Problem 1.4APE
Problem 1.4BPE
Problem 1.5APE
Problem 1.5BPE
Problem 1.6APE
Problem 1.6BPE
Problem 1.7APE
Problem 1.7BPE
Problem 1.8APE
Problem 1.8BPE
Problem 1.1EX
Problem 1.2EX
Problem 1.3EX
Problem 1.4EX
Problem 1.5EX
Problem 1.6EX
Problem 1.7EX
Problem 1.8EX
Problem 1.9EX
Problem 1.10EX
Problem 1.11EX
Problem 1.12EX
Problem 1.13EX
Problem 1.14EX
Problem 1.15EX
Problem 1.16EX
Problem 1.17EX
Problem 1.18EX
Problem 1.19EX
Problem 1.20EX
Problem 1.21EX
Problem 1.22EX
Problem 1.23EX
Problem 1.24EX
Problem 1.25EX
Problem 1.26EX
Problem 1.27EX
Problem 1.1APR
Problem 1.2APR
Problem 1.3APR
Problem 1.4APR
Problem 1.5APR
Problem 1.6APR
Problem 1.1BPR
Problem 1.2BPR
Problem 1.3BPR
Problem 1.4BPR
Problem 1.5BPR
Problem 1.6BPR
Problem 1COP
Problem 1.1CP
Problem 1.2CP
Problem 1.3CP
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
38 views

Business entity concept

Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark Sports is owned and operated by Eric Griffith, a well-known sports enthusiast and hunter. Eric’s wife, Linda, owns and operates Lake Boutique, a women’s clothing store. Eric and Linda have established a trust fund to finance their children’s college education. The trust fund is maintained by Missouri State Bank in the name of the children, Mark and Steffy.

a. For each of the following transactions, identify which of the entities listed should record the transaction in its records:

Entities
L Lake Boutique
M Missouri State Bank
O Ozark Sports
X None of the above
  1. 1. Linda authorized the trust fund to purchase mutual fund shares.
  2. 2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.
  3. 3. Eric paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.
  4. 4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank.
  5. 5. Eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Ozark Sports.
  6. 6. Eric received a cash advance from customers for a guided hunting trip.
  7. 7. Linda paid her dues to the YWCA.
  8. 8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
  9. 9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.
  10. 10. Eric paid for an advertisement in a hunters’ magazine.

    b. What is a business transaction?

a)

To determine

Business Entity Concept:

Business Entity Concept emphasizes that the transactions related to a business needs to be recorded separately. It denotes that each business is a separate, individual unit, and all the transactions relating to that particular business should be recorded separately.

To Identify: The given transactions and their associated entities.

Explanation

Find below the Entity and the number of the transaction.

Entity Transaction number
L 2,8
M 1,4
O 3,5,6,10
X 7,9

Table (1)

Entity L: The following transactions are recorded under the Entity L, as both of these transactions have a financial impact in the business of Entity L.

  • Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.
  • Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.

Entity M: The following transactions are recorded under the Entity M, as both of these transactions have a financial impact in the business of Entity M.

  • Linda deposited a $2,000 personal check in the trust fund at MS Bank...

b)

To determine

To Explain: The business transaction.

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Ch-1 P-1DQCh-1 P-2DQCh-1 P-3DQCh-1 P-4DQCh-1 P-5DQCh-1 P-6DQCh-1 P-7DQCh-1 P-8DQCh-1 P-9DQCh-1 P-10DQ
Ch-1 P-1.1APECh-1 P-1.1BPECh-1 P-1.2APECh-1 P-1.2BPECh-1 P-1.3APECh-1 P-1.3BPECh-1 P-1.4APECh-1 P-1.4BPECh-1 P-1.5APECh-1 P-1.5BPECh-1 P-1.6APECh-1 P-1.6BPECh-1 P-1.7APECh-1 P-1.7BPECh-1 P-1.8APECh-1 P-1.8BPECh-1 P-1.1EXCh-1 P-1.2EXCh-1 P-1.3EXCh-1 P-1.4EXCh-1 P-1.5EXCh-1 P-1.6EXCh-1 P-1.7EXCh-1 P-1.8EXCh-1 P-1.9EXCh-1 P-1.10EXCh-1 P-1.11EXCh-1 P-1.12EXCh-1 P-1.13EXCh-1 P-1.14EXCh-1 P-1.15EXCh-1 P-1.16EXCh-1 P-1.17EXCh-1 P-1.18EXCh-1 P-1.19EXCh-1 P-1.20EXCh-1 P-1.21EXCh-1 P-1.22EXCh-1 P-1.23EXCh-1 P-1.24EXCh-1 P-1.25EXCh-1 P-1.26EXCh-1 P-1.27EXCh-1 P-1.1APRCh-1 P-1.2APRCh-1 P-1.3APRCh-1 P-1.4APRCh-1 P-1.5APRCh-1 P-1.6APRCh-1 P-1.1BPRCh-1 P-1.2BPRCh-1 P-1.3BPRCh-1 P-1.4BPRCh-1 P-1.5BPRCh-1 P-1.6BPRCh-1 P-1COPCh-1 P-1.1CPCh-1 P-1.2CPCh-1 P-1.3CP

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