Friday, November 16, 2007

Situation 3

Situation:
LynnetteTillar and Bob Rebold are co-workers and good friends. Their supervisor,George Parton, has previously reprimanded them for spending too much time chatting on the phone and visiting. George has decided to access their e-mail to see if they are wasting company time with personal online communications as well.

We determined that George Parton was following business ethics because...
  1. George can go through other peoples e-mail account in his business.
  2. Personal e-mail accounts don't have anything to do with the company so Lynnette and Bob should not be on it.
  3. Lynnette and Bob have the right to talk to each other whenever they want as long as they are doing all their work.

Wednesday, November 14, 2007

Ch. 11 Journalising Sales and Cash Receits

Customer:A person or business to whom merchandise or services are sold
Sales Tax:A tax on a sale of merchandise or servise
Cash Sale:A sale in which cash is received for the total amount of the sale at the time of the transaction
Credit Card Sale:A sale in which a credit card is used for the total amount of the sale at the time of the transaction
Journalizing cash and credit card sales
  1. write the date
  2. place check on Account Title column
  3. write the cash register tape number in the Doc. No. column
  4. place check on Post. Ref. column
  5. write the sales amount in Sales Credit column
  6. write the sales tax amount in Sales Tax Payable column
  7. write the cash amount in the Cash Debit column

Tuesday, November 13, 2007

Proprietorship vs. Partnership

Proprietorship
  • one person business
  • one capital
  • all revenue to one person
  • one person is responsible

Partnership

  • two or more people business
  • two or more capitals
  • revenue is shared between owners
  • all owners are responsible