Solved

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:

Decision Making

The cognitive process of making a choice from a set of alternatives, encompassing judgement, evaluation, and problem solving.

Bounded Rationality

A concept suggesting that the cognitive limitations of the mind restrict the rationality of decision-making.

Evaluating Alternatives

The process of assessing and comparing different options or courses of action in order to make an informed decision.

Cognitive Style

The preferred way an individual processes information, reflecting differences in perception, memory, and problem-solving skills.