for which of the preceding companies is the accounting equation relevant?
Chapter 1 Introduction to Accounting and Business Obj. 1 ETHICS EX 1-2 Professional ethics A fertilizer manufacturing company wants to relocate to Yellowstone County. A report from fired researcher at the company indicates the company's product is releasing toxic by-producte The company suppressed that report. A later report commissioned by the company shows there is no problem with the fertilizer. Should the company's chief executive officer reveal the content of the unfavorable report in discussions with Yellowstone County representatives? Discuss. Obj. 2 EX 1-3 Business entity assumption Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark is owned and operated by Eric Griffith, a well-known sports enthusiast and hunter Eric's wife, Linda, owns and operates Lake Boutique, a women's clothing store. Eric and Langa have established a trust fund to finance their children's college education. The trust fund maintained by Missouri State Bank in the name of th e Obj. 2 EX 1-3 Business entity assumption Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishin trips. Ozark is owned and operated by Eric Griffith, a well-known sports enthusiast and hunt Eric's wife, Linda, owns and operates Lake Boutique, a women's clothing store. Eric and Linda have established a trust fund to finance their children's college education. The trust fund i maintained by Missouri State Bank in the name of the children, Mark and Steffy. A. For each of the following transactions, identify which of the entities listed should record the transaction in its records: Entities Lake Boutique Missouri State Bank Ozark Sports None of the above 1. Linda authorized the trust fund to purchase mutual fund shares. 2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale. 3. Eric paid a breeder's fee for an English springer spaniel to be used as a hunting guide dog. 4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank. 5. Eric paid a local doctor for his annual physical, which was required by the workers' compensation insurance policy carried by Ozark Sports. 6. Eric received a cash advance from customers for a guided hunting trip. 7. Linda paid her dues to the YWCA. 8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women's abuse shelter. 9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary. 10. Eric paid for an advertisement in a hunters' magazine. What is a business transaction? B
