Financial Accounting Concepts Essay Example | Topics and Well Written Essays - 500 words - 4

Financial Accounting Concepts - Essay Example Advise to Dr. Leo Krusack on basic accounting procedures for the month of July showing how each transaction is handled on the accrual basis of accounting: - On July 1st, he paid out $1,200 in office rent for the month of July. This is considered as expense for the month of July. .He purchased a new dental chair for $1,300 cash on July 6th. This is capital investment and hence a Balance sheet item. This is not to be considered in the revenue account for July. On July 10th, he purchased $2,000 worth of dental supplies on account. Under the accrual system of accounting only the actual supplies used during the month is considered and not the total purchases. He used $1,300 worth of dental supplies in July. This is an expense for July. On July 10th, he paid an electric bill for $250 This pertains for the month of June and even though paid in July cannot be considered in the revenue account for July under the accrual system of accounting. On July 12th, he paid $75 to place an ad in the loc al newspaper. This is an expense for July. He paid out $1,500 in wages to his hygienist on July 15th and 31st. This is an expense for July. On July 18th, he withdrew $250 for personal expenses. Personal drawings are accounted for in the Balance Sheet when the profits are added to the Capital account.

Any recent news from wall street journal Essay Example | Topics and Well Written Essays - 250 words

Any recent news from wall street journal - Essay Example My reasoning relies on the fact that housing is amongst the most significant contributors of our economy and yet the mortgage rates that are in place are not affordable to the low-income earners. The idea of adopting mortgages has always been meant to make the reality of building homes easier (Green 6). Nevertheless, according to the Department of Housing and Urban Development reports, though the housing sector has registered far-reaching improvement in recent years, a considerable section of the new homeowners resorted to constructing their homes instead of embracing the mortgage plan. Comparing both population growth and the need to replace older houses to the development of the housing sector, one will not fail to recognize the fact that more houses should be put up. This can only be achieved if the housing rates are reviewed in favor of the market. By putting in place, favorable housing policies will create not only more jobs for the unemployed, but also boosts our economy and result in the housing sector recording its highest sales value