Question 3 a). Financial information have different group of users. Mention any six (6) groups of financial information users and briefly outline their information needs.  b). Enter the following transactions in a general journal for the month of July 2019 1st Started business with ¢9,750 cash 2nd Received a loan of ¢12,000 from Barnes by cheque 3rd Bought a computer for cash ¢6,000 5th Bought a camera on credit from Kodak ltd ¢4.020 8th Took ¢2,000 out of the bank and put it in the cash till 15th Paid part of Barnes’s loan by cheque ¢5,000 17th Paid Kodak Ltd ¢4,020 by cheque 24th Final payment of Barnes’s loan by cash 31st Bought a printer on credit from F. Jones ¢2,550

Q: II. For each transaction indicate whether the assets, liabilities, or owner"s equity increased (I),…

A: Below is the effect of the transactions

Q: Question Required 1- Recording the flowing-mentioned operations in the Accounting Equation 2-The…

A: Accounting equation sets the basic principle of accounting and is also the foundation of double…

Q: II. Computational. Look for the balances of the different accounts using the following transactions:…

A: The transactions that a company indulges into are to be taken to ledgers after entering into the…

Q: Require: 1. Analyze the following transactions and use the table below. 2. Indicate increases by…

A: Under an accounting equation, assets are always equal to sum of owner's equity and outside…

Q: II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities…

A: Assets, liabilities and Owner's equity are three important elements of accounting equation. After…

Q: Question Required 1- Recording the flowing-mentioned operations in the Accounting Equation 2-The…

A: Accounting Equation says that after recording every transaction, total of assets must be equal to…

Q: M. Gonzales has the following transactions during August of the current year. Indicate (a) the…

A: Assets = Liabilities + Owner's Equity

Q: 1. Prepare a Statement of Financial Position as of December 31,2021 the using the following accounts…

A: The financial statements of a firm is prepared at the end of the period. The financial statements…

Q: Question 1. From the following transactions, classify Debit and Credit and record Journal Entries.…

A: A. Journal Entries of the given transactions are as follows: DATE PARTICULAR DEBIT CREDIT Mar 1…

Q: For each of the transactions below, determine the effect on (a) the current ratio and (b) the…

A: Current ratio: The financial ratio which evaluates the ability of a company to pay off the debt…

Q: Problem 1-5 Prepare a Statement of Financial Position using the following accounts of Amaya Trading…

A: Statement of financial position forms a part of financial statement and is prepared with a view to…

Q: following account code for posting reference. Write your answers on a Directions: Record the…

A: Journal entries are used to record each business transactions that have an impact on the financial…

Q: 3. Record the following transactions for the month of August 2020 in the general journal and post to…

A: The first and foremost step in accounting is recording the transactions in journals which are then…

Q: Ms. Marwa started a flower shop during May 2018, Prove the accounting equation by balancing the…

A: Accounting Equation: Sl.No Assets = Liabilities + Capital 1. No effect = +500 (Accounts…

Q: Q1 The following is the general ledger summary for Akiko's Sushi Bar after posting transactions for…

A: A trial balance is a list of all the general ledger accounts in a business.  Trial Balance is an…

Q: 2. M. Knight owns a business called "Accounting Done Right" which has the following account balances…

A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the…

Q: 1.D Balance off the accounts and prepare a Trial Balance On June 2019, Started Business with capital…

A: A trial balance is a bookkeeping worksheet in which all ledger balances are aggregated into equal…

Q: II. Accounting Vouchers Entries Enter the following transactions in the same company created above.…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Question Required 1- Recording the flowing-mentioned operations in the Accounting Equation 2-The…

A: Accounting is based on double entry system of recording only, where for every transaction atleast…

Q: ll cash and

A: The transactions are given as,

Q: 1. Required, Journalize these transactions in General Journal Post these entries to the Ledger…

A: Journal entries:

Q: Answer ALL questions. Question 1 EPL Enterprise sells computer accessories like keyboard, printer…

A:

Q: Prepare an income statement for Alert Security Services Co.

A:

Q: action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation.…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: affecting the capital account that does not affect profit. 2. What was the change in the Cash…

A: Accounting equation of the business says that total assets in the business must be equal to total…

Q: flowing-mentioned operations in the Accounting Equation 2-The balance of the accounts in the ledger…

A: All recording in journals are based on double entry system of accounting. After every transaction,…

Q: You are required to prove the accounting equation after each of the transactions by preparing the…

A: Accounting Equation: An accounting equation shows the relationship between assets and liabilities or…

Q: Case Scenario1 - Hien Hien is in business selling high quality glassware to retailers. Her…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Required : Prepare the following in good form (1) Statement of Comprehensive Income (2) Statement of…

A: Financial statements are those statements which are prepared at the end of accounting period for the…

Q: 3. Record the following transaction in the appropriate journal, ledger accounts, balance off the…

A: This Numerical has covered the concept of Journal Entry, Ledger Accounts, and Trial balance.

Q: Ms. Marwa started a flower shop during May 2018, Prove the accounting equation by balancing the…

A: In the books of MS. Marwa Accounting equation Assets                        = Liabilities…

Q: QUESTION : 2 The following Trial balance was extracted from the book of Jim Jones a Sole Trader at…

A: The balance sheet of an organization is also called the Statement of Financial position. It is…

Q: Question 1. Enter the following transactions in T accounts. Label each debit and credit with the…

A: Transactions of business are posted to T accounts in chronological order

Q: PRACTICAL EXERCISE 2 Instruction: From the following partial worksheet of Atty. Villanueva for…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: 1. M. Beneby began her business on 1 January 2010. Leger numbers are given at the end of each…

A: The cash book is prepared to post the cash transactions to the book.

Q: Q1. Record each of the above transactions in general journal including the explantion/narration. Use…

A:

Q: 3. The following is extracted trial balance of Bibi Florist, drawn up on conclusion of her first…

A: Income statement is a part of financial statement which is prepared by the company to know about the…

Q: 2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year's trading,…

A: Statement of Profit and Loss and Other Comprehensive Income for the year ended 30 June 2020…

Q: TUTORIAL vome ACCOUTING CYCLE QUESTION 1 2 Pecord the following transactions for November 20X2,…

A: Accounting is a complete process of recording accounting transactions into journals and then posting…

Q: A) Journalize the following transactions in the books of AHMED for the month of March. 2020 B)…

A: In the books of AHMED For the month of March 2020 Date Accounts title $ explanation…

Q: Part II. Record the following transactions on the general journal using double-entry bookkeeping.…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Financial information have different group of users. Mention any six (6) groups of financial…

A: Financial Statements prepared by the Companies are used by different categories of individuals,…

Q: Question : 2021 Jan. 1 Rs.200,000 6. Amir started business with capital of Goods purchased from…

A: Journal entry:   It is the first step of recording transactions of a company. Before this, no other…

Q: Q4: From financial data; -Prepare trail balance. -Prepare suspense account. -Show suspense account…

A: Trial Balance   PARTICULAR DEBIT CREDIT       Rent 250   Cash 4200   Salaries 12,000…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is