Instruction: Answer ALL questions.Q1: Fill in the blanksa. The fundamental of accounting equation states that Assts = Liabilities +b. Debts owed to other are calledc. Assets are increased viawhile liabilities and capital areincreased viad. Revenue is recognised whene. The steps taken by the accountant to maintain the books and preparestatements is referred to as theQ2: White Company has the following information relating to its accounts on31 December 2019. Prepare the adjusting journal entries.a. Ending inventory of goods is RO 25000.b. An insurance policy for the next year was purchased on 31 December 2019,and the total premium of RO 4000 was prepaid.c. Revenue for services performed on 29 December 2019 in the amount of RO2000 has not yet been collected. (Outstanding)d. Depreciation rate for Motor Vehicles is 25% per annum. Motor vehicles havebook value of RO 50000.

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Q1: Fill in the blanks a. The fundamental of accounting equation states that Assts = Liabilities + %3D b. Debts owed to other are called c. Assets are increased via while liabilities and capital are increased via d. Revenue is recognised when e. The steps taken by the accountant to maintain the books and prepare statements is referred to as the

Q1: Fill in the blanks a. The fundamental of accounting equation states that Assts = Liabilities + %3D b. Debts owed to other are called c. Assets are increased via while liabilities and capital are increased via d. Revenue is recognised when e. The steps taken by the accountant to maintain the books and prepare statements is referred to as the

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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