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Vicki Lake Is a Computer Consultant

question 46

Essay

Vicki Lake is a computer consultant. Shown below are (a) several accounts in her ledger with each account preceded by an identification number and (b) several transactions completed by Lake. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
$\begin{array} { | l | l | l | l | } \hline \text { 1. } & \text { Accounts Payable } & 7 . & \text { Telephone Expense } \\\hline \text { 2. } & \text { Accounts Receivable } & 8 . & \text { Unearned Consulting Fees } \\\hline \text { 3. } & \text { Cash } & 9 . & \text { Common Stock } \\\hline 4 . & \text { Consulting Fees Earned } & 10 . & \text { Dividends } \\\hline \text { 5. } & \text { Office Supplies } & 11 . & \text { Insurance Expense } \\\hline \text { 6. } & \text { Office Supplies Expense } & 12 . & \text { Prepaid Insurance } \\\hline\end{array}$ $Vicki Lake is a computer consultant. Shown below are (a) several accounts in her ledger with each account preceded by an identification number and (b) several transactions completed by Lake. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction. \begin{array} { | l | l | l | l | } \hline \text { 1. } & \text { Accounts Payable } & 7 . & \text { Telephone Expense } \\ \hline \text { 2. } & \text { Accounts Receivable } & 8 . & \text { Unearned Consulting Fees } \\ \hline \text { 3. } & \text { Cash } & 9 . & \text { Common Stock } \\ \hline 4 . & \text { Consulting Fees Earned } & 10 . & \text { Dividends } \\ \hline \text { 5. } & \text { Office Supplies } & 11 . & \text { Insurance Expense } \\ \hline \text { 6. } & \text { Office Supplies Expense } & 12 . & \text { Prepaid Insurance } \\ \hline \end{array}$

Definitions:

Interstate Commerce

Economic activities or transactions that cross state lines, regulated by federal laws to ensure fair and consistent standards.

Lockup Agreement

A contract between a company's insiders and underwriters that prohibits the sale of shares for a specified period following an initial public offering.

Greenmail

A tactic where a company buys back its own shares at a premium from a hostile party to prevent a takeover.

Target Management

The process of identifying, organizing, and prioritizing business objectives and key performance indicators to achieve strategic goals.