Ozark sports sells hunting and fishing equipment and provides guided hunting and fishing trips. ozark sports is owned and operated by eric griffith, a well-known sports enthusiast and hunter. eric’s wife, linda, owns and operates lake boutique, a women’s clothing store. eric and linda have established a trust fund to finance their children’s college education. the trust fund is maintained by missouri state bank in the name of the children, mark and steffy. a. for each of the following transactions, identify which of the entities listed should record the transaction in its records. entitiesl lake boutiquem missouri state banko ozark sportsx none of the above 1. linda authorized the trust fund to purchase mutual fund shares.2. linda purchased two dozen spring dresses from a st. louis designer for a special spring sale.3. eric paid a breeder’s fee for an english springer spaniel to be used as a hunting guide dog.4. linda deposited a $2,000 personal check in the trust fund at missouri state bank.5. eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by ozark sports.6. eric received a cash advance from customers for a guided hunting trip.7. linda paid her dues to the ywca.8. linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.9. eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.10. eric paid for an advertisement in a hunters’ magazine. b. what is a business transaction?

(a)

1. Linda authorized the trust fund to purchase mutual fund shares.

Missouri State Bank

2. Linda purchased two dozen spring dresses from a St. Louis designer for a special spring sale.

Lake Boutique

3. Eric paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.

Ozark Sports

4. Linda deposited a $2,000 personal check in the trust fund at Missouri State Bank.

Missouri State Bank

5. Eric paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Ozark Sports.

Ozark Sports

6. Eric received a cash advance from customers for a guided hunting trip.

Ozark Sports

7. Linda paid her dues to the YWCA.

None of the above

8. Linda donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.

Lake Boutique

9. Eric paid for dinner and a movie to celebrate their twelfth wedding anniversary.

None of the above

10. Eric paid for an advertisement in a hunters’ magazine

Ozark Sports

(b) Business Transaction:

A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. For instance, an asset is acquired or a loan is paid off

Explanation:

(a)

1. The transaction pertains to Trust fund, hence it should be recorded by Missouri State Bank

2. The transaction pertains to the clothing boutique, hence it should be recorded by Lake Boutique

3. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports

4. The transaction pertains to the bank, hence it should be recorded by Missouri State Bank

5. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports

6. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports

7. The transaction is not a business transaction.

8. The transaction pertains to the donations made via lake boutique, hence it should be recorded by Lake Boutique

9. The transaction is not a business transaction.

10. The transaction pertains to the business expenditure of Ozark Sports, hence it should be recorded by Ozark Sports

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answer; (a) conduct a worksite inspection;