The Following Schedule Reflects the First Month's Transactions of the Blue

question 151

Essay

The following schedule reflects the first month's transactions of the Blue Real Estate Company.
$\begin{array}{|r|r|r|r|r|r|r|r|}\hline&\text { Cash }+ & \begin{array}{c} \text { Accounts } \\\text { Receivable }+\end{array} & \text { Supplies }+ & \text { Equipment }- & \begin{array}{c}\text { Accounts } \\\text { Payable }+\end{array} & \begin{array}{c}\text { Common } \\\text { Stock }+\end{array} & \begin{array}{l}\text { Retained } \\\text { Earnings }\end{array}\\\hline 1 . & -20,000 & & & & & +20,000 & \\\hline 2 . & -5,000 & & & -5,000 & & & \\\hline 3 . & & & +1,500 & & +1,500 & & \\\hline 4 . & +3,000 & & & & & & +3,000 \\\hline 5 . & +1,000 & +1,500 & & & & & +2,500 \\\hline 6 . & -750 & & & & -750 & & \\\hline 7 . & +500 & -500 & & & & & \\\hline 8 . & & & -400 & & & & -400 \\\hline 9 . & -2,000 & & & & & & -2,000 \\\hline\end{array}$
Provide descriptions for each transaction.

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Definitions:

Fair Value Designation

The process of assessing the estimated market value of an asset or liability, based on current market conditions and not the historical cost.

IFRS Qualifying Criteria

Specific conditions and standards companies must meet to comply with International Financial Reporting Standards.

Internal Controls

Processes and procedures implemented by an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Controls Over Cash

Procedures and practices employed by a company to safeguard its cash and ensure accuracy in its financial transactions.