ACCY 202 1st Edition Lecture 12Outline of Last LectureI. Collection #41. Question 12. Question 2A. Requisition3. Question 3A. Indirect Cost4. Question 45. Question 56. Question 67. Question 78. Question 89. Question 9A. Idle Time10. Question 1011. Question 1112. Question 12Outline of Current LectureI. Week 5 Overview1. CostsII. Balance Sheet Income Statement1. Items That Transfer into Journal Entry2. CapitalizationIII. Property Costs1. AdditionCurrent Lecture I. Week 5 Overview1. Costs- Businesses incur costsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Recurring costs happen over and over again, like steadily buying food for the concession stand to have the flow over and over againII. Balance Sheet Income Statement1. Items That Transfer Into Journal Entry- Supplies Supplies Expense- Pre-paid Rent Rent Expense- Furniture & Fixtures Depreciation Expense2. Capitalization- When an asset is recorded and prepared for intended use on the balance sheet3. Bulk or Lump-Sum Purchases: the purchase price is allocated amongst the different types of assets based on their relative market values.III. Property Costs1. Addition- Purchase Price + Real Estate Commissions + Legal Fees + Expenses of clearing the land + Expenses to remove old
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