Prepare journal entries - bussiness accounting, Financial Accounting

Question 1 

Describe and differentiate the four (4) different Financial Statements.

HINT : use examples of actual companies or transactions to illustrate your answer. Give the equations that make up the structure of each Financial Statement and break it down.

Question 2

In the development of Accounting, the basis of all recording and analysis seems to be the Business Transaction. Discuss the definition and concept of the Business Transaction over the history of trade.

HINT : you should go back to as far as the time when barter was used as a system instead of money. The objective of this question is to get you to realize the complexities of the originally simple concept of a "Business Transaction", especially due to credit and technology.

Question 3

Prepare journal entries to record the following transactions.

Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2012 and is closing its first month's accounts. The following events were among others that transpired during the past month :

a. 1/8/12 - Deposited cash from personal account into the firm's bank account, RM55,000.

b. 2/8/12 - Signed contract for lease of shop at RM2,000 per month for 3 years

c. 2/8/12 - Paid 2 months' deposit. (Note : rent is due to be paid at the end of every month)

d. 6/8/12 - Bought 5 cash registers at RM1,400 each. Paid a 10% deposit by cheque.

e. 10/8/12 - Issued a cheque for an advertisement in the monthly newsletter (for the month of September 2012), RM60.

f. 14/8/12 - Paid another 30% on the cash registers by cheque.

g. 18/8/12 - Applied for a loan to the bank for RM30,000.

h. 21/8/12 - Last month's electricity bill arrived.

i. 26/8/12 - Paid rent by cheque

j. 30/8/12 - Total Revenue for the month was RM6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only.

Additional information (the following have not been paid for):

k. Electricity & water expenses RM234

l. Telephone expenses RM99

m. Depreciation of cash registers RM1,200 p.a.

n. Total credit purchases RM3,205

o. Salaries for the month RM2,510

Posted Date: 2/27/2013 6:25:21 AM | Location : United States







Related Discussions:- Prepare journal entries - bussiness accounting, Assignment Help, Ask Question on Prepare journal entries - bussiness accounting, Get Answer, Expert's Help, Prepare journal entries - bussiness accounting Discussions

Write discussion on Prepare journal entries - bussiness accounting
Your posts are moderated
Related Questions
PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS OF LIMITED COMPANIES This is a chapter dealing with company financial statements, a topic frequently examined. Do not be

Q. Evaluate Equivalent annual cost? There are a number of techniques to answering this question and two are presented. The first difficulty is in deciding which broad approach

On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $

AskA of Surat consign goods to B of Jaipur to be sold at or above invoice price. B is entiled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real

Q. What do you mean by Grant date in Stock Option? Grant date - The date at which an employee and an employer reach a mutual understanding of key terms and conditions of a shar

Virtual Learning Inc., an Ontario-based company on the cutting edge of technology, is analyzing the possibility of providing university-level courses for York University. This virt

Describe:-1. Compare the American Institute of CPAs' (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Reven

Question: You are a member of a large accounting firm which is responsible for preparing financial reports, including statements and notes to the accounts; and for advising sta

Ask questSarah is the sole distributor agent in her area for Holmes Kitchen Tiles. Sarah purchases the titles at a trade discount and annually in May receives an agency commission

Illustration regarding profit that head office can claim E Ltd sets up a branch in Nyeri on 1 July 2001. Goods are sent to branch at an invoice price which is 10% above cost. S