Identify the effects of each of the following items of information on the accounting equation.Show the correct dollar amount and name the accounts involved.The first transaction has been done for you.
a.Supplies used up during the period,$56
b.Prepaid rent used up during the period,$120
c.Interest accrued on a note payable but unpaid,$203
d.Depreciation on long-term assets,$4,000
e.The portion of unearned revenue that has been earned,$1,000
f.A $12,000,12-month insurance policy was purchased 7 months ago
Definitions:
Contribution Margin
The amount of revenue remaining after deducting variable costs, contributing to covering fixed costs and profit.
Standard Sensor
A predefined device used to detect or measure physical properties.
Special Sensor
A device designed to detect, measure, and respond to specific inputs from the physical environment, such as light, heat, motion, moisture, pressure, or any one of a great number of other environmental phenomena.
Transfer Price
The cost incurred for products or services exchanged between the divisions or departments within the same organization.
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