Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 435

Accounting TerminologyOpen-Response Unit Assessment S/T Guide

Tasks

A. Identify and explain the 12 US GAAP standards that you will need to consider when entering Triple

A’s Law Service’s business transactions.

B. Enter the following Triple A’s Law Service business transactions in the appropriate T accounts, and

total the debits and credits for the different accounts.

1. Aubrey deposited $10,000 to open her business.


2. Aubrey purchased a desk for her office for $3,500 on account.


3. Aubrey received $1,000 for services.


4. Aubrey wrote a check for $200 for rent.


5. Aubrey withdrew $500 to get a makeover.


6. Aubrey performed an evaluation for the Board of Education and agreed to be paid $2,000 later.


7. Aubrey bought supplies for $130.


8. Aubrey sent a $50 check to Furniture World to pay on her account.


9. Aubrey contributed a computer worth $500 to the business.


10. Aubrey received a $1,000 check from the Board of Education for services performed earlier in
    the month.


11. Aubrey bought office furniture for $2,000 cash.


12. Aubrey paid her utility bill for $300.


13. Aubrey provided services for the city council and received $1,000.


14. Aubrey bought a calculator for $150.