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Assignment Question(s):(5 Marks) Q1- Provide an example of each title here and then record the journal...
Assignment Question(s):(5 Marks)
Q1- Provide an example of each title here and then record the journal entries .
Following is the first given answer.
1-Purchasing Equipment for cash
Given answer:
ABC company purchased equipment for SAR20,000 cash .
Cash 20,000
Consulting Revenue. 20,000
2-Issuing common stocks receiving cash.
3-Providing service receiving cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying employees their salaries.
Q2- What is the accrual basis of accounting? When should revenue and expense be recognized in the accrual basis? Provide an example. (1 Mark).
Q3- On your own words, explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019 (2 Marks)
|
Consulting revenue |
|
SAR70,000 |
|
Rental revenue |
|
30,000 |
|
Supplies expense |
5,000 |
|
|
Rent expense |
20,000 |
|
|
Wages expense |
30,000 |
|
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Q1- Provide an example of each title here and then record the journal entries (2 Marks). ...
Q1- Provide an example of each title here and then record the
journal entries .
Following is the first given answer.
1-Purchasing Equipment for cash
Given answer:
ABC company purchased equipment for SAR20,000 cash
.
Equipment 20,000
Cash
20,000
2-Issuing common stocks receiving cash.
3-Providing service receiving cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying employees their salaries.
PLEASE ALL EXAMPLES SHOULD BE THE SAME WAY ON THE GIVING
ANSWER
Q1- Provide an example of each title here and then record the journal entries .
Q1- Provide an example of each title here and then record the journal entries .
Following is the first given answer.
1-Purchasing Equipment for cash
Given answer:
ABC company purchased equipment for SAR20,000 cash .
Equipment 20,000
Cash 20,000
2-Issuing common stocks receiving cash.
3-Providing service receiving cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying employees their salaries.
___
Q2- What...
QUESTION 1 5 MARKS What are “insolvent transactions”? Provide an example. Explain the “presumption of...
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Provide an example. Distinguish secured creditors and unsecured
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Here are selected transactions of the Escobedo Shipping Service. Record a journal entry for each transaction.
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Assignment Question(s):(Marks
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1-
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2-
Describe in detail the substantive analytical procedures can be
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3-
Explain in detail the inherent risks factors are involved while
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Assignment #1: 3-Day Diet Record Required to Submit: Title Page 3-Day Diet Record Title page must...
Assignment #1: 3-Day Diet Record
Required to Submit:
Title Page
3-Day Diet Record
Title page must include the following information, which
must be centered vertically and horizontally on the first
page:
∙ The title: Semester Diet Project
∙ Your Name
∙ Course Title and Section Number
Completing the 3-Day Diet Record
For this assignment, you will be completing a 3-day diet
record, which will include two weekdays and one weekend
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In the Diet Project Resources Module in Canvas, you...
Assignment Question(s):(5 Marks) 1. 1. Write in your own words what is fraud as per Accounting...
Assignment Question(s):
1. 1. Write in your own words what is fraud as per Accounting
Information System. Explain Fraud triangle as per Accounting
Information Systems. ( 1 Marks)
2. Explain how can AIS add value to the organization? (1
Mark)
3. What are the components of the accounting information
system and what is the role of each components in making the system
successful? (1 Mark)
4. Choose one of the social Engineering Techniques and write a
scenario how it could...
Record each transaction in the journal. Be sure to record the date in each entry. Explanations...
Record each transaction in the journal. Be sure to record the
date in each entry. Explanations are not required.
2.
Post the transactions to the T-accounts, using transaction
dates as posting references. Label the ending balance of each
account Bal.
3.
Prepare the trial balance of
Wortham ServicesWortham Services,
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OctoberOctober
31 of the current year.
4.
MarkMark
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Provide the journal entry to record each transaction. (1) In March 2014, Kicker Inc. received an...
Provide the journal entry to record each
transaction.
(1) In March 2014, Kicker Inc. received an advance payment of
$14,000 from Rally Corporation for consulting services. Kicker
performed half of the consulting in 2014 and the remainder in 2015.
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Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and...
Example 6-5
The journal entry to record the payroll from Figure 6.1, on
pages 6-2 and 6-3, would be:
Debit
Credit
Wages Expense
24,762.70
FICA Taxes Payable—OASDI
1,535.29
FICA Taxes Payable—HI
359.06
FIT Payable
3,714.00
SIT Payable
55.25
Group Insurance Payments W/H
54.70
Cash
19,044.40
Example 6-7
The journal entry to record the payroll tax entry from Figure
6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of
3.0%):
Debit
Credit
Payroll Taxes
2,785.81
FICA Taxes...
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