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

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