Daniels Company Is Owned and Operated by Thomas Daniels $\$ 55,000$

question 119

Essay

Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during May:
1. Received cash from owner as additional investment $\$ 55,000$
2. Paid creditors on ac count $\$ 7,000$ .
3. Billed customers for services on account $\$ 2,565$ .
4. Received cash from customers on accounts $\$ 8,450$ .
5. Paid cash to owner for personal use, $\$ 2,500$ .
6. Received the utility bill $\$ 160$ , to be paid next month. Indicate the effect of each transaction on the accounting equation:
1) By Account type - (A) assets, (L)liabilities, (O)owner's (E) equity, (R)revenue, and (E) expense
2) Name of Account for the entry
3) The amount by of the transaction
4) Indicate the direction of change in the account that is affected. Note: Each transaction has two entries.

Gain insight into trends and challenges in achieving productivity growth.

Comprehend the scope of operations management activities including planning, organizing, leading, and controlling.

Understand the principle of hidden production functions in various sectors.

Understand the concept of sustainable growth rate and its calculation.

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Definitions:

Developmental History

The study of the sequence of events and processes that lead to the growth and maturation of organisms, including humans.

Shoplifting

The act of stealing goods from a store while pretending to shop, a common form of theft.

Psychopath

An individual with a personality disorder characterized by persistent antisocial behavior, impaired empathy, and often, bold, disinhibited, and egotistical traits.

Manipulative

Characterized by skillful control or influence over others, often in a deceptive or unfair manner.