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On January 1, 2010, Cary Parsons Established a Catering Service

question 39

Essay

On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.
$\begin{array}{|l|l|}\hline 1 . & \text { Cash } ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\\\hline 2 . & \text { Accounts Receivable } \\\hline 3 . & \text { Supplies } \\\hline 4 . & \text { Prepaid Insurance } \\\hline 5 . & \text { Equipment } \\\hline 6 . & \text { Truck } \\\hline 7 . & \text { Notes Payable } \\\hline 8 . & \text { Accounts Payable } \\\hline 9 . & \text { Cary Parsons, Capital } \\\hline 10 . & \text { Cary Parsons, Drawing } \\\hline 11 . & \text { Fees Earned } \\\hline 12 . & \text { Wages Expense } \\\hline 13 . & \text { Rent Expense } \\\hline 14 . & \text { Utilities Expense } \\\hline 15 . & \text { Truck Expense } \\\hline 16 . & \text { Miscellaneous Expense } \\\hline & \\\end{array}$ $On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. \begin{array}{|l|l|} \hline 1 . & \text { Cash } ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\\ \hline 2 . & \text { Accounts Receivable } \\ \hline 3 . & \text { Supplies } \\ \hline 4 . & \text { Prepaid Insurance } \\ \hline 5 . & \text { Equipment } \\ \hline 6 . & \text { Truck } \\ \hline 7 . & \text { Notes Payable } \\ \hline 8 . & \text { Accounts Payable } \\ \hline 9 . & \text { Cary Parsons, Capital } \\ \hline 10 . & \text { Cary Parsons, Drawing } \\ \hline 11 . & \text { Fees Earned } \\ \hline 12 . & \text { Wages Expense } \\ \hline 13 . & \text { Rent Expense } \\ \hline 14 . & \text { Utilities Expense } \\ \hline 15 . & \text { Truck Expense } \\ \hline 16 . & \text { Miscellaneous Expense } \\ \hline & \\ \end{array}$

Definitions:

Analyzing Alternatives

The process of evaluating different options or approaches to identify the most effective solution to a problem or decision.

Best Course of Action

The most appropriate or effective decision or strategy to take in a given situation.

Setting Objectives

The process of establishing specific, measurable, achievable, relevant, and time-bound goals for individuals or organizations.

Management Function

The roles and activities undertaken by managers to achieve organizational objectives, including planning, organizing, leading, and controlling.