Consider the followng transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction detals Determine the new brilance. for each component of the accounting equation resulling from the transaction cYou will not need to enter the amount of cach transacticn, only the balance afler the transaction y if an amourit box does not require an entry. lewve it blank. Ifansuctions Principles and Assumptions Scenario Accounting Principle or Assumption Thomas Company provides eamings infomation to investors at the end of every quarter Monetary unit assumption Thomas records expenses incurred to produce the saler for the month. Expense recognition principle F GGE Enterpises records a deposit received from a customer for work to be performed later in the month The customer is billed for the remaining amount after the work is complete, and the custcmer's Historical eost principle paryment is recorded The home of Rob Elliot, the owner of GGE Enterprises inc, is not listed among the company's assets. Eiconomic entity assumption w The accounting records of Thomas Company are in dollars, not euros, alkough the Ohio-based Monetary unit assumption company is owned by a German firm Sevoral years after Thomas Company purchased new office equipment, the companys accounting Monetary unit a sumption records stil show the original purchase price Despite several years of faling snies Thomas Company continues to forecast sales and make strategic pians to raise revenues and cut expenses. Despite several years of falling sules, Thomas Company continues to forecast sales and make strategic plans io mise revehues and cut expenses Going concem assuntption 2. Thomas Compiny has decided to purchase a compary vehicle. The accountant was given all of the purchase details. Which should be used to record the vehicle in the accouritin records? The amouint of the loan with the bank The average seling price of similar vehicles in the area. The price negosated with the dealer. The manufacturer's suggested retail price (MSrPP) Consider the followng transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction detals Determine the new brilance. for each component of the accounting equation resulling from the transaction cYou will not need to enter the amount of cach transacticn, only the balance afler the transaction y if an amourit box does not require an entry. lewve it blank. Ifansuctions Principles and Assumptions Scenario Accounting Principle or Assumption Thomas Company provides eamings infomation to investors at the end of every quarter Monetary unit assumption Thomas records expenses incurred to produce the saler for the month. Expense recognition principle F GGE Enterpises records a deposit received from a customer for work to be performed later in the month The customer is billed for the remaining amount after the work is complete, and the custcmer's Historical eost principle paryment is recorded The home of Rob Elliot, the owner of GGE Enterprises inc, is not listed among the company's assets. Eiconomic entity assumption w The accounting records of Thomas Company are in dollars, not euros, alkough the Ohio-based Monetary unit assumption company is owned by a German firm Sevoral years after Thomas Company purchased new office equipment, the companys accounting Monetary unit a sumption records stil show the original purchase price Despite several years of faling snies Thomas Company continues to forecast sales and make strategic pians to raise revenues and cut expenses. Despite several years of falling sules, Thomas Company continues to forecast sales and make strategic plans io mise revehues and cut expenses Going concem assuntption 2. Thomas Compiny has decided to purchase a compary vehicle. The accountant was given all of the purchase details. Which should be used to record the vehicle in the accouritin records? The amouint of the loan with the bank The average seling price of similar vehicles in the area. The price negosated with the dealer. The manufacturer's suggested retail price (MSrPP)
