What is the affect (in a horizontal accounting grid) of each transaction or event? 1)...
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Accounting
What is the affect (in a horizontal accounting grid) of each transaction or event?
1) Corona buys (and receives) two computers from Beta Co. for $5,000 each, agreeing to pay Beta soon
2) Corona provides $8,200 of service to customer Delta; they agree to pay soon.
3) On July 1, Corona rents a garage to store the vehicle. Per the rental agreement, Corona pays $12,000 now to cover the next 12 months rent.
4) Corona collects $2,000 from customer Delta for the service in event 2 and Delta agrees to pay the remaining balance soon
5) By the end of the period, Corona determines it has used the rented garage (event 3) for 6 months but has not yet recorded that use.
6) Customer Epsilon pays $600 immediately as a deposit toward service which Corona will provide in the future.
7) Corona completes 1,000 worth of service for customer Epsilon for which Epsilon has paid a deposit in event 6; epsilon will pay the balance soon.
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