Our group

Jessica A.
Kara B.
Courtney B.

Business ethics: sititation #3

Situation:

LynnetteTillar and Bod Rebold are co-workers and good friends. Their supervisor,George Parton, has previously reprimanded them for spending too much time chatting on the phone and visiting. George has decided to access their e-mail to see if they are wasting company time with personal online communications as well.

Our assignment was to determine if this situation was following business ethics.

We determined that George Parton was not following business ethics because...

1. George should not go through other peoples e-mail accounts without their permission
2. Personal e-mail accounts don't have anything to do with the company so George should have no reason to look through it.
3. Lynnette and Bob have the right to talk to each other whenever they want to as long as they are doing their work.

Ch. 11 Journalizing sales and cash receipts

VOCAB.

• Sales tax is a tax on a sale of merchandise or services.
• Cash sale when cash is paid for the total ammount of the goods at the time of the purchase.
• Credit card sale when a credit card is used to pay for the goods

BASIC INFO

The amount of sales tax collected in a business is a liability untill it is paid off to the government. Therefore sales tax is recorded in a seperate account called Sales Tax payable. This account has acredit normal balance. In order to find the sales tax u have to multiuply the price of the goods by the sales tax rate. When ruling an extended journal you would take the same steps as you did with an 8 column journal.

paper tape is the recipt for a customer who paid with a credit card.

• Accounts receivable has a normal balance of a debit
• Sales has a normal balance of credit
• sales tax payable has a normal balance of a credit

Proving and ruling an expanded journal

When carring totals forward:

1. Single rule
2. wirte the date in the date column
3. write carried forward in the account title column
4. put a check mark in the post reference column
5. write the totals for each column below below the single line
6. double rule if all credits equal all debits if they don't equal CHECK YOUR MATH

When bringing totals forward

1. write the page # @ the top of both pages
2. write the date in the date column
3. write "carried forward" on the account title column
4. put a check mark in the post reference column

ruling an expanded journal is done in the same way that a regular journal is.

1. single rule
2. add up all the credits
3. add up all the debits
4. double rule if the credits and debits equal if not CHECK YOUR MATH

What's the difference between a Proprietorship and Partnership?

Proprietorship

• Owned by one person


• Only one person has the responsibility of the business


• Only one capital


• Usually a service business


• All the revenue goes to one person


• Uses an 8 column journal

Partnership

• Owned by two or more people


• Everyone involved shares the responsibility


• More than one capital


• The revenue is dived up among the partners


• Usually a merchandising business


• Uses an 11 colomn journal