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Instructions for your initial post - Due Friday 09/08/23 - Add a new discussion topic in this forum by the due date at 11:59pm. To add a discussion topic, simply click the "Reply" button at the top of my introduction thread below. - In your post please include the following: 1. Why are the notes to the financial statements important? What kind of things are reported in the notes? (Hints are on the course notes/slides. Remember this is graded on reasonable effort only so do your best) 2. Look up the Notes to the Financial statements for The Buckle in Appendix B. What are the titles of the first four notes? 3. Imagine a small company reported the purchase of a $10,000 piece of equipment with a debit to an expense instead of an asset (and a credit to Loan Payable). How would this adversely affect the financial statements? Why do you think a small company might do this? (a guess is ok). Is this ethical? 4. When reading the descriptions of business transactions/activities what does "on account" mean? (Example: Purchased on account). What. two accounts would be affected if a company purchased supplies on account? 5. What is the difference between the Supplies account and the Supplies Expense account? 6. What type of account is Unearned Revenue? How is Unearned Revenue different than Revenue? 7. If the trial balance is in balance at the end of the year is that a guarantee the accounting transactions were done perfectly? Why or why not? "NOTE: you will not be able to see the posts of others until you make an initial post

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