Answered: 1-Abbas and Rahim want to start a…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.3: Transactions Affecting Owner’s Equity And Asset Accounts

Problem 1WT

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1-Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining different forms of business and its benefits and limitations? 2-Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: • Started business with cash • Goods purchase for cash • Goods purchased on credit • Any asset purchased and paid cash • Any asset purchase on credit • Sold goods for cash • Sold goods on credit • Paid any bill • Paid salary to staff • Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement

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Use only the books
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SHCT Library:
Question No 1
Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining
different forms of business and its benefits and limitations?
Question No 2
Assume that you are going to start a Business after graduation. Describe 10 transactions that the .
business might undertake by using your own idea with the following assumptions:
Principles of financial
accounting by M.
Reeve, James
Started business with cash
Goods purchase for cash
Goods purchased on credit
Any asset purchased and paid cash
Any asset purchase on credit
Sold goods for cash
Sold goods on credit
Paid any bill
Paid salary to staff
Cash withdraw from business for personal use
Financial Accounting:
Concepts, Analyses,
Methods and Uses by
Banerjee, B.K.
Based on your own 10 transactions, prepare:
1. Accounting Equation
2. Journal
3. Ledger
4. Trail Balance
5. Financial statement

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