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In: Accounting
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...
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