{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:50:59-04:00", "answer_date": "2024-06-28 09:50:59", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4289044", "url": "\/study-help\/questions\/e19-identify-gaap-lo-3-5-6-c-james-4289044", "question_creation_date_js": "2024-06-28T09:50:59-04:00", "question_creation_date": "Jun 28, 2024 09:50 AM", "meta_title": "[Solved] --------------------- E1-9 Identify GAAP. | SolutionInn", "meta_description": "Answer of - --------------------- E1-9 Identify GAAP. (LO 3, 5, 6) C James Company, a proprietorship, had the following selected b | SolutionInn", "meta_keywords": "---------------------,e1-9,identify,gaap,lo,3,5,6,c,james,company,proprietorship", "question_title_h1": "--------------------- E1-9 Identify GAAP. (LO 3, 5, 6) C James Company, a proprietorship, had the following selected business transactions during the year: 1. Land with", "question_title": "--------------------- E1-9 Identify GAAP. (LO 3, 5, 6) C James Company, a", "question_title_for_js_snippet": " E1 9 Identify GAAP (LO 3, 5, 6) C James Company, a proprietorship, had the following selected business transactions during the year 1 Land with a cost of $415,000 was recorded at its fair value of $465,000 2 A lease agreement to rent equipment from an equipment supplier starting next year was signed The rent is $500 per month and the lease is for two years Payments are due at the start of each month Nothing was recorded in James Company's accounting records when the lease was signed 3 James paid the rent for an apartment for the owner's personal use and charged it to Rent Expense 4 James prepaid for a one year insurance policy for $1,200 The amount was charged to Insurance Expense 5 James included a note in its financial statements stating the company is a going concern and is following ASPE Instructions (a) In each situation, identify whether the accounting treatment is correct or not, and why (b) If it is incorrect, state what should have been done", "question_description": "

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\"image<\/div><\/div><\/div> E1-9 Identify GAAP. (LO 3, 5, 6) C James Company, a proprietorship, had the following selected business transactions during the year: 1. Land with a cost of $415,000 was recorded at its fair value of $465,000. 2. A lease agreement to rent equipment from an equipment supplier starting next year was signed. The rent is $500 per month and the lease is for two years. Payments are due at the start of each month. Nothing was recorded in James Company's accounting records when the lease was signed. 3. James paid the rent for an apartment for the owner's personal use and charged it to Rent Expense. 4. James prepaid for a one-year insurance policy for $1,200. The amount was charged to Insurance Expense. 5. James included a note in its financial statements stating the company is a going concern and is following ASPE. Instructions (a) In each situation, identify whether the accounting treatment is correct or not, and why. (b) If it is incorrect, state what should have been done", "transcribed_text": "", "related_book": { "title": "Principles Of Accounting Volume 2 Managerial Accounting", "isbn": "0357364805, 9780357364802", "edition": "1st Edition", "authors": "OpenStax", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2022\/04\/626124ab6f7b1_547626124ab246f0.jpg", "uri": "\/textbooks\/principles-of-accounting-volume-2-managerial-accounting-1st-edition-9780357364802", "see_more_uri": "" }, "free_related_book": { "isbn": "979-1186697528", "uri": "\/textbooks\/number-three-php-1st-edition-979-1186697528-312792", "name": "Number Three PHP", "edition": "1st Edition" }, "question_posted": "2024-06-28 09:50:59", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/lucy-west-the-director-of-vogel-corporations-mailorder-division-is", "description": "Lucy West, the director of Vogel Corporations Mail-Order Division, is preparing the divisions budget proposal for next year. 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