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Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 24E
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Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Journal entries in the books of Mr. O company for November 2020:- Ledgers are as follows in the books of Mr. O:- Date Accounts title and explanation Ref. Debit Credit 01-Nov Cash 25,000 Cash Capital (Being Capital investment recorded) Accounts Title 25,000 02-Nov Office Equipment 1,400 08-Nov Insurance Expenses 750 10-Nov Accounts Payable 25,000 Date Accounts Title Debit Date Credit 01-Nov Capital 05-Nov Service Revenue 7,000 1,200 07-Nov Service Revenue 500 02-Nov Office Equipment Cash |(Being office equipment purchased recorded) 7,000 20-Nov Accounts Receivables 23-Nov Accounts Receivables 400 25-Nov Accounts Payable 900 28-Nov Withdrawal 30-Nov Salaries & Wages Expenses 30-Nov Rent Expenses 300 7,000 1,600 1,200 500 02-Nov Depreciation Expenses (OMR 7,000/10 years) Accumulated Depreciation-Office Equipment 700 30-Nov Closing Balance 16,150 700 (Being Depreciation recorded in books) 28,450 28,450 03-Nov Supplies-Papers Accounts Payable 1100 Саpital Date 25,000 01-Nov Cash 1100 Date Accounts Title 30-Nov Closing Balance Debit Accounts Title Credit (Being Supplies purchased on credit) 25,000 05-Nov Cash 1,400 25,000 25,000 Service Revenue 1,400 (Being cash received from service rendered) Office Equipment Debit Date 7,000 30-Nov Closing Balance Accounts Title Accounts Title Date 02-Nov Cash Credit 07-Nov Cash 750 7,000 Accounts Receivables Service Revenue 1,250 2,000 7,000 7,000 (Being some received cash and some on account for Depreciation Expenses Debit Date 700 30-Nov Closing Balance service rendered) Date Accounts Title Accounts Title Credit 02-Nov Accumulated Depreciation 700 08-Nov Insurance Expenses Cash (Being insurance policy purchased) 1,200 Accumulated Depreciation-Office Equipment Debit Date Accounts Title 700 02-Nov Depreciation Expenses 1.200 Accounts Title 30-Nov Closing Balance Date Credit 700 10-Nov Accounts Payable 500 Cash (Being Partial payment made for supplies purchased) 500 15-Nov Advertising Expenses 300 Accounts Payable (Being Advertising expenses recorded on credit) 300 Supplies paper Debit Date 1,100 30-NovClosing Balance Accounts Title Date |03-Nov Accounts Payable 17-Nov Salaries 350 Accounts Title Credit Salary Payable (Being Salary payable recorded) 350 1,100 20-Nov Cash 400 Accounts Receivables (Being amount received from debtors) 400 Accounts Payables Accounts Title Accounts Title Date 10-Nov Cash 25-Nov Cash 30-Nov Closing Balance Debit Date 500 03-Nov Supplies-Papers 300 15-Nov Advertisement Expenses 750 29-Nov Electricity Expenses Credit 1,100 23-Nov Cash 900 300 Accounts Receivables 900 150 |(Being amount received from debtors) 1,550 1,550 25-Nov Accounts Payable 300 Service Revenue Accounts Title Cash (Being advertisement bill has paid recorded) Debit Date Accounts Title Date 30-Nov Closing Balance 300 Credit 3.400 05-Nov Cash 07-Nov Cash 07-Nov Accounts Receivables 1,400 750 28-Nov Withdrawal 1,600 1.250 3,400 3,400 Cash Being withdrawal for personal use) 1,600 Accounts Receivables Date Accounts Title 07-Nov Serivce Revenue Debit Date 1.250 20-Nov Cash 50 23-Nov Cash Accounts Title Credit 29-Nov Electricity Expenses 150 400 Accounts Payable (Being electricity bill has received) 150 30-Nov Closing Balance 900 1,300 1.300 30-Nov Salaries and wages Expenses Cash (Being salaries paid in cash) 1,200 Insurance Expenses Date 08-Nov Cash Debit Date 1,200 30-Nov Closing Balance 1,200 Accounts Title Accounts Title Credit 1,200 30-Nov Rent Expenses 500 vateWindov Advertisement Expenses Debit Date Date Accounts Title 15-Nov Accounts payable Accounts Title 300 30-Nov Closing Balance Cash Credit 300 (Being Rent paid in cash) Goto Settings to acti Date Accounts Title 17-Nov Salary Payable 30-Nov Cash Salaries & Wages Expenses Debit Date 350 30-Nov Closing Balance 1,200 Accounts Title Credit 1,550 Activate Wir Go to Settings t 1,550 1,550 Withdrawal Date Accounts Title Debit Date Accounts Title Credit 28-Nov Cash 1,600 30-NovClosing Balance 1,600 Date 29-Nov Accouunts Payable Electricity Expenses Debit Date 150 30-Nov Closing Balance Accounts Title Accounts Title Credit 150 Rent Expenses Date 500 30-Nov Closing Balance Accounts Title Accounts Title Credit Date 30-Nov Cash Debit 500
Transcribed Image Text:Journal entries in the books of Mr. O company for November 2020:- Ledgers are as follows in the books of Mr. O:- Date Accounts title and explanation Ref. Debit Credit 01-Nov Cash 25,000 Cash Capital (Being Capital investment recorded) Accounts Title 25,000 02-Nov Office Equipment 1,400 08-Nov Insurance Expenses 750 10-Nov Accounts Payable 25,000 Date Accounts Title Debit Date Credit 01-Nov Capital 05-Nov Service Revenue 7,000 1,200 07-Nov Service Revenue 500 02-Nov Office Equipment Cash |(Being office equipment purchased recorded) 7,000 20-Nov Accounts Receivables 23-Nov Accounts Receivables 400 25-Nov Accounts Payable 900 28-Nov Withdrawal 30-Nov Salaries & Wages Expenses 30-Nov Rent Expenses 300 7,000 1,600 1,200 500 02-Nov Depreciation Expenses (OMR 7,000/10 years) Accumulated Depreciation-Office Equipment 700 30-Nov Closing Balance 16,150 700 (Being Depreciation recorded in books) 28,450 28,450 03-Nov Supplies-Papers Accounts Payable 1100 Саpital Date 25,000 01-Nov Cash 1100 Date Accounts Title 30-Nov Closing Balance Debit Accounts Title Credit (Being Supplies purchased on credit) 25,000 05-Nov Cash 1,400 25,000 25,000 Service Revenue 1,400 (Being cash received from service rendered) Office Equipment Debit Date 7,000 30-Nov Closing Balance Accounts Title Accounts Title Date 02-Nov Cash Credit 07-Nov Cash 750 7,000 Accounts Receivables Service Revenue 1,250 2,000 7,000 7,000 (Being some received cash and some on account for Depreciation Expenses Debit Date 700 30-Nov Closing Balance service rendered) Date Accounts Title Accounts Title Credit 02-Nov Accumulated Depreciation 700 08-Nov Insurance Expenses Cash (Being insurance policy purchased) 1,200 Accumulated Depreciation-Office Equipment Debit Date Accounts Title 700 02-Nov Depreciation Expenses 1.200 Accounts Title 30-Nov Closing Balance Date Credit 700 10-Nov Accounts Payable 500 Cash (Being Partial payment made for supplies purchased) 500 15-Nov Advertising Expenses 300 Accounts Payable (Being Advertising expenses recorded on credit) 300 Supplies paper Debit Date 1,100 30-NovClosing Balance Accounts Title Date |03-Nov Accounts Payable 17-Nov Salaries 350 Accounts Title Credit Salary Payable (Being Salary payable recorded) 350 1,100 20-Nov Cash 400 Accounts Receivables (Being amount received from debtors) 400 Accounts Payables Accounts Title Accounts Title Date 10-Nov Cash 25-Nov Cash 30-Nov Closing Balance Debit Date 500 03-Nov Supplies-Papers 300 15-Nov Advertisement Expenses 750 29-Nov Electricity Expenses Credit 1,100 23-Nov Cash 900 300 Accounts Receivables 900 150 |(Being amount received from debtors) 1,550 1,550 25-Nov Accounts Payable 300 Service Revenue Accounts Title Cash (Being advertisement bill has paid recorded) Debit Date Accounts Title Date 30-Nov Closing Balance 300 Credit 3.400 05-Nov Cash 07-Nov Cash 07-Nov Accounts Receivables 1,400 750 28-Nov Withdrawal 1,600 1.250 3,400 3,400 Cash Being withdrawal for personal use) 1,600 Accounts Receivables Date Accounts Title 07-Nov Serivce Revenue Debit Date 1.250 20-Nov Cash 50 23-Nov Cash Accounts Title Credit 29-Nov Electricity Expenses 150 400 Accounts Payable (Being electricity bill has received) 150 30-Nov Closing Balance 900 1,300 1.300 30-Nov Salaries and wages Expenses Cash (Being salaries paid in cash) 1,200 Insurance Expenses Date 08-Nov Cash Debit Date 1,200 30-Nov Closing Balance 1,200 Accounts Title Accounts Title Credit 1,200 30-Nov Rent Expenses 500 vateWindov Advertisement Expenses Debit Date Date Accounts Title 15-Nov Accounts payable Accounts Title 300 30-Nov Closing Balance Cash Credit 300 (Being Rent paid in cash) Goto Settings to acti Date Accounts Title 17-Nov Salary Payable 30-Nov Cash Salaries & Wages Expenses Debit Date 350 30-Nov Closing Balance 1,200 Accounts Title Credit 1,550 Activate Wir Go to Settings t 1,550 1,550 Withdrawal Date Accounts Title Debit Date Accounts Title Credit 28-Nov Cash 1,600 30-NovClosing Balance 1,600 Date 29-Nov Accouunts Payable Electricity Expenses Debit Date 150 30-Nov Closing Balance Accounts Title Accounts Title Credit 150 Rent Expenses Date 500 30-Nov Closing Balance Accounts Title Accounts Title Credit Date 30-Nov Cash Debit 500
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