1. Select one of the four scenarios below and answer the questions presented. Justify your answer by giving an acceptable response using accounting concepts and principles studied. 1. Scenario 1. John Grimes owns a small appliance repair shop. This month his business's electric bill was $375, and his home electric bill was $125. John wrote a single check to the utility company and debited the Utilities Expense account for the total. Was what John did acceptable according to Generally Accepted Accounting Principles? Give a concept or principles studied in Chapter 1 to support your answer. 2. Scenario 2. On April 18, 2016, Bontanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount period had expired, Shelby Davey subtracted the discount of $196 when he processed the documents for payment on May 1, 2016. Use the concepts studied in Chapter 6 to answer these questions: Is Shelby behaving in a professional manner? Why or why not? Give reasons for your answer. 3. Scenario 3. During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the assistant controller, discovered that Lone Peak National Bank incorrectly recorded a $3,290 check written by Building Concepts Co. as $329. Joel has decided not to notify the bank but wait for the bank to detect the error. Joel plans to record the $2,961 error as Other Income if the bank fails to detect the error within the next three months. Use the concepts studied in Chapter 8 to answer these questions: Is Joel behaving in a professional manner? Why or why not? Give reasons for your response. 4. Scenario 4. Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs generally accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.'s computers and laser printers Occasionally, Dave's clients will call him at the office during regular working hours. Use the concepts studied in Chapter 10 to answer these questions: Is Dave behaving in a professional manner? Who or why not? Give reasons for your response. 1. Select one of the four scenarios below and answer the questions presented. Justify your answer by giving an acceptable response using accounting concepts and principles studied. 1. Scenario 1. John Grimes owns a small appliance repair shop. This month his business's electric bill was $375, and his home electric bill was $125. John wrote a single check to the utility company and debited the Utilities Expense account for the total. Was what John did acceptable according to Generally Accepted Accounting Principles? Give a concept or principles studied in Chapter 1 to support your answer. 2. Scenario 2. On April 18, 2016, Bontanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount period had expired, Shelby Davey subtracted the discount of $196 when he processed the documents for payment on May 1, 2016. Use the concepts studied in Chapter 6 to answer these questions: Is Shelby behaving in a professional manner? Why or why not? Give reasons for your answer. 3. Scenario 3. During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the assistant controller, discovered that Lone Peak National Bank incorrectly recorded a $3,290 check written by Building Concepts Co. as $329. Joel has decided not to notify the bank but wait for the bank to detect the error. Joel plans to record the $2,961 error as Other Income if the bank fails to detect the error within the next three months. Use the concepts studied in Chapter 8 to answer these questions: Is Joel behaving in a professional manner? Why or why not? Give reasons for your response. 4. Scenario 4. Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs generally accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.'s computers and laser printers Occasionally, Dave's clients will call him at the office during regular working hours. Use the concepts studied in Chapter 10 to answer these questions: Is Dave behaving in a professional manner? Who or why not? Give reasons for your response