Discuss the difference in the role of the journal

Assignment Help Accounting Basics
Reference no: EM13670175

Part A

Discuss the difference in the role of the journal and the ledger in capturing accounting information efficiently and effectively.

Outline the entity concept and how it impacts on the recording of personal and business transactions.

Identify the type of errors that could be discovered by preparing a trial balance and provide examples of each.

Provide examples of two transactions and examine the application of the debit and credit rule.

Part B

The following business transactions relate to Ray Rosa (financial planner) for his first month of business operations in August 2015:

2015

August 1 Commenced business operations with a $300? 000 cash injection of personal funds.
            2          Paid monthly rent $1500.
            4          Purchased office stationery $2000 on credit from Stationery Plus.
            7         Purchased office equipment on credit from Supplies Inc. $10? 000.
            9         Sent invoice to client M. Birt for services $3000.
            11       Purchased MYOB software for laptop computer $700 cash.
            13       M. Birt paid amount outstanding.
            14        Met with prospective client and negotiated the provision of financial advice for client and family quoting $5000.
            17        Paid car parking permit $220.
            19       Withdrew cash from business $2000 for personal use.
            22        Paid WWW Ltd for monthly internet use $182.
            29        Received interest from business bank account $15.

State the impact on the accounting equation for each transaction above.

For example:

1 Aug↑Capital $300?000   ↑Cash $300?000

Prepare a worksheet for the month of August 2015 from the above information.

Part C

Using the business transactions in part B, record the transactions in the ledger of Ray Rosa.

Prepare a trial balance for Ray Rosa at 31 August 2015.

Prepare an income statement for the month ending 31 August 2015.

Prepare a balance sheet as at 31 August 2015.

Verified Expert

Reference no: EM13670175

Find the enactment highlights

Using an Internet search, find the enactment highlights of 2004 and future proposed changes. Who is impacted, positively or negatively? How do you feel this impacts you? Wer

Calculate the current and debt ratios for the company.

Using the work sheet data that you prepared, journalize the closing entries and post the adjusting and closing entries to T-accounts. Use dates and show the ending balance o

What is talley pension expense to be recorded for year 8

what is talley's pension expense to be recorded for year 8? (hint the expected return on plan assets equals beginning of year plan assets times the settlement rate)

Selling comics is serious business

Just about everyone remembers a favourite comic book hero from childhood-whether it was Spiderman, Tin Tin, or even Garfield. LeonAvelino and Barry Matthews readily admit th

Profitability index of the project

The management of Crail Corporation is considering a project that would require an initial investment of $51,000. No other cash outflows would be required. The present value

How many units did they manufacture during the month

Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials cost of $100,000, direct labor costs of $75,000, and overhead costs of $45,000

Explain the return to deficit spending

Explain the decline in deficits and subsequent surpluses in the late 1990's. Explain the return to deficit spending since the turn of the century. Consider the causes of the d

Organizational structures-hrm in developing nations

Identify three organizations that include a global emphasis in their mission statement.   Explore their websites and identify their organizational structures.

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd