On January 1, Merry Walker and Other Stockholders Established a Catering

question 149

Essay

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions a through e, each identified by a number. Following this list are the transactions that occurred in Walker’s first month of operation. You are to indicate for each transaction the accounts that should be debited and credited by placing the account numbers in the appropriate box.
1. Cash
2. Accounts Receivable
3. Supplies
4. Prepaid Insurance
5. Equipment
6. Truck
7. Notes Payable
8. Accounts Payable
9. Common Stock
10. Dividends
11. Fees Earned
12. Wages Expense
13. Rent Expense
14. Utilities Expense
15. Truck Expense
16. Miscellaneous Expense
17. Insurance Expense

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Definitions:

80/20 Principle

A rule of thumb that states that 80% of outcomes result from 20% of all causes for any given event.

Time Management

The process of organizing and planning how to divide one's time between specific activities efficiently.

Territorial Evaluation

The assessment of the sales potential or performance of a specific geographic area or market segment.

Performance Standards

are established expectations regarding the quality and speed of work for tasks or job roles, often used for evaluation purposes.