FINANCIAL ACCOUNTING
15th Edition
ISBN: 9781337885928
Author: WARREN
Publisher: CENGAGE L
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Question
Chapter 1, Problem 3E
a)
To determine
Identify the given transactions and their associated entities.
b)
To determine
Explain the business transaction.
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Big Sky Sports sells hunting and fishing equipment and provides guided hunting and fishingtrips. Big Sky Sports is owned and operated by Joe Flannery, a well-known sports enthusiastand hunter. Joe’s wife, Pam, owns and operates Glacier Boutique, a women’s clothing store.Joe and Pam have established a trust fund to finance their children’s college education. Thetrust fund is maintained by Kalispell State Bank in the name of the children, Trey and Brooke.a. For each of the following transactions, identify which of the entities listed shouldrecord the transaction in its records:
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Business entity conceptBig Sky Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Big Sky Sports is owned and operated by Joe Flannery, a well-known sports enthusiast and hunter. Joe’s wife, Pam, owns and operates Glacier Boutique, a women's clothing store. Joe and Pam have established a trust fund to finance their children's college education. The trustfund is maintained by Kalispell State Bank in the name of the children, Trey and Brooke.
a. For each of the following transactions, identify which of the entities listed should record the transaction in its records:
Entities
G
Glacier Boutique
K
Kalispell State Bank
B
Big Sky Sports
X
None of the above
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Chapter 1 Solutions
FINANCIAL ACCOUNTING
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