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
I have this assignment. Is there a cost associated for help?

1. Jepsen Corp had the following transactions relating to shares of stock: • Issued 1,000 shares • Purchased 100 shares • Re-issued 50 shares • Declared and distributed a 2-1 stock

On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem

Q. Define Return on capital employed? Return on capital employed (ROCE) is as well called accounting rate of return. Distinctly IRR ROCE uses average annual accounting profit b

Illustration of consolidated cashflow statements The voice of the Nation Limited is a Nairobi based media company. Its Consolidated Income Statement for the year ended 30 April

Any non-quantifiable factors you feel might influence the decision to accept the proposal. Net present value methods are merely assessments of factors that we can quantify. The


1.   Briefly explain what is "utility". Briefly explain which is worth more, a dollar today or a dollar in the future (in your explanation be sure and explain "why")? How does infl

Q. Explain Forward loading with example? Terms may involve option to be issued with price to be determined based upon lowest price as of the issue date or for the subsequent 30

Q. Problems and difficulties associated with forecasting? We have relied to a great degree on the forecasting of data in order to provide an evaluation of the proposal. Not the