A list of concepts, principles and recognition criteria are provided below. 

Required

For each of the items in the list above, prepare a journal entry (ignore GST) and explain how the journal entry is guided by the accounting concept, principle, recognition criterion or constraint. For example, for the accounting entity concept:

In this case, the accounting entity concept guides the recording of the transaction. The accounting entity concept indicates that the personal transactions of the owner should be recorded separately from the transactions of the entity. Hence, the purchase of the vehicle for personal use out of company funds is recorded as a withdrawal of capital rather than an asset of the entity. 

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1 Accounting entity concept 2 Monetary principle 3 Accounting period concept 4 Cost principle 5 Full disclosure principle 6 Going concern principle 7 Revenue recognition criteria Expense recognition criteria 8