Evan Jones Started a Sports Consulting Business and Completed the Following

question 127

Essay

Evan Jones started a sports consulting business and completed the following transactions during October, 2012:
1. Evan incorporated the business, Sports, Inc., and invested $15,000 for common stock.
2. Purchased a new computer on account, $2,000.
3. Purchased $1,000 of office supplies, paying cash.
4. Signed a football player to a contract and received service revenue of $8,000 on account.
5. Signed a hockey player to a contract and received service revenue of $3,000 cash.
6. Paid his secretary a salary of $2,500 for the month.
7. Paid the monthly rent of $1,000.
8. Collected cash from the football player on account, $8,000.
REQUIRED:
Set up T-accounts for Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Service Revenue, Rent Expense, and Salaries Expense. Post the transactions to the T-accounts and compute ending account balances.

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Definitions:

Flaming Effect

describes the escalation of hostile communication online, often characterized by aggressive or confrontational messages.

Electronic Discussion

Conversations or exchanges of ideas that occur through digital platforms, such as forums, email, or messaging apps.

Computer-Moderated Communication (CMC)

Forms of communication between individuals or groups primarily facilitated by computers, including email, instant messaging, and online forums.

Group Polarization

this occurs when the presence of a group intensifies the original opinions of its members, leading to more extreme positions.