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?
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Question No 2 Assume that you are going to start a Business after graduation. Describe 10…
A: As per Bartleby policy if there are multiple sub parts given then we are allowed to do only first 3…
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Lesson 6: On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint…
A: The question is based on the concept of Financial Accounting.
Q: TASK 1: CREATE A BUSINESS (STARTS IN JANUARY 2020) Must be a trading business Describe your…
A: As per our protocol we provide solution to one question only or first three sub-parts but as you…
Q: Activity 2. Please solve the problems below. Esther has a small business store. Last month, she…
A: The gross profit is calculated as difference between sales and cost of goods sold. The net profit is…
Q: Activity 1. Profit or Loss? Directions: Read and analyze each business transaction and identify if…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Requirement: Journalize the transactions using the ff: account: Cash: Accounts Receivable;…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: PROBLEM 3: Angel De Jesus, a business graduate student who was working as a mere employee in a…
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…
Q: Question 1 Identify the accounts and the debit/credit entries to be made in the ledger to record…
A: Entry c : Owner’s private car brought into the business : The capital will be increased in this case…
Q: Question 3 A businessman has bought the following items for his business uses: Machinery…
A: Machinery RM100,000Computers RM50,000Pen RM10A4 paper rim…
Q: Write the debit or credit amount in each T account to show the transaction's effect Analyzing…
A: According to double entry system, for every transaction if there is debit there will be…
Q: Transaction Account to be Account to be debited credited a.Started a business with RM100,000 by cash…
A: Trade Receivables are the amount that the customers owe to the business on the account of services…
Q: Activity 4-2. Natural Form VS. Functional Form Mercedita's business is had just opened last year.…
A: Answer: Natural form of income statement is booking of expenses on the basis of nature. Functional…
Q: Question 3 A businessman has bought the following items for his business uses: Machinery RM100,000…
A: As per the materiality concept, only those transactions involving significant amount are recorded…
Q: 1-Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Question The following transactions related to Muthu Barber Shop. No. Date Transaction 1 1 Dec 2020…
A: Preparation of T- Account of Mathur Barber Shop
Q: Transaction Account to be debited Account to be credited a.Started a business with RM100,000 by cash…
A:
Q: Comprehensive Problem: Walang Oras Store supplies. Her main customers are the students and teachers…
A: A statement of Financial Position is a representation of an individual's personal or corporation's…
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: Activity 4: Directions: For each transaction, tell whether the assets, liabilities, anco equity will…
A: The accounting equation shows the relationship between assets, liabilities and equity. When a…
Q: 1) know the difference between a service business and a manufacturing business. 2) What does…
A: I am answering the first 3 questions as per bartleby guidelines. Please re-submit the remaining…
Q: Question 2 The following are the transactions of Lim Trading in May: May 1 Start a business with…
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: QUESTION 3 "A customer places an order for 10 bicycles to be customized with colour red and white…
A: Financial accounting is concerned with recording each and every financial transaction of an…
Q: Kindly help with 1. Explaining what drawings are concerning small business in the above scenario…
A: Drawings - Drawings will be defined as amount withdrawn from the business for personal use.
Q: Tutorial 1 Jimmy established Fashion Appeal Trading, a small local own fashion brand in year 2020.…
A: Recording of journal entries is the first step in accounting process.
Q: Part A The basic accounting equation is Assets = Liabilities + Owner's equity. Replacing the words…
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: Question 4: Mrs. arsalan started business with 60,000 Bought furniture from Modern Furniture for…
A: Journal Entry Date Particulars Amount (Dr) Amount(Cr) 10-Nov Cash A/c Dr 60000…
Q: DIRECTIONS : SOLVE AND USE ACCOUNTING EQUATION. 1. MS. LUISA STARTED HER MILKTEA BUSINESS ON FEB. 2,…
A: Accounting equation: The accounting equation describes the relationship between the total assets,…
Q: (Learning Objective 3: Analyze the impact of business transactions on accounts)Ford’s Catering began…
A: a) Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: Financial Statement: It is the record of all financial activities of a firm. The firms prepare…
Q: Multiple choice: 1. The drawing account should be used to show A. The amount the owner has invested…
A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: QUESTION 2 The following are the transactions of Hus Cycle Enterprise in May: 1 Started a business…
A: The journal book is the book where the company will record all the transactions in a chronological…
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the.…
A: An executed arrangement between a producer and the consumer to trade products, services, or…
Q: Subject: principle of accounting Question No 2 Assume that you are going to start a Business…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: BOOKS OF ORIGINAL OR PRIME ENTRY: GROUP ASSIGNMENT Question One (1) Frankie Bobo, a top Bank…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Transaction Example : Start a business with cash in hand a) The owner brought in his furniture for…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: Problem 1. Mr. Amjad started his Car Repair Business in Muscat in June 2020. During the month of…
A: Journal entries are the reporting of the transactions in the books of accounts. It is the foremost…
Q: PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his…
A: The balance sheet is one of the important financial statement of the business which represents the…
Q: Direction: Encircle the letter of the best answer. 1.) jade invested P200,000 in a repair…
A: Transactions - Transaction are entered into by the organization in the normal course of business. To…
Q: Question 1. Mrs. Blue, the owner of Blue Moon Company, formed an architectural office at the…
A: Journal entries shows the recording of transaction during an accounting year.
Q: Question No 1 (10) Enter the following transaction in the ledger of MR Alpha Required: you are…
A: Trial Balance is a statement that summarizes the closing balances of all the ledger accounts at the…
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:
• 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.
2. Journal
3. Ledger
4. Trail Balance
5. Financial statement
Step by step
Solved in 3 steps
- 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 statementQuestion No 2Assume 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 useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statementi hope you will can solve it quickly Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness 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 useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement
- Subject: principle of accounting 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: 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 Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1: Accounting Equation 2. Trail Balance 3. Financial statementAssume 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 Basedsubject: principle of accounting Question no 1: Salim and Rashid want to start a Furniture shop at Sohar. How can you help them by explaining different forms of business and its benefits and limitations?
- 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. JournalAssume 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. Trail BalanceAssume 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. Ledger
- 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. Financial statementMade from Wood is new business founded by Mr. A in July 2022. The business was registered as a sole proprietorship and is starting small by purchasing wood furniture (table, chairs, cabinets) from suppliers and selling them to individual and business customers online or through its furniture shop located in Lipa City, Batangas. *Use Accrual Accounting Base Method Chart of Accounts: ASSETS: Cash and Cash Equivalents Petty Cash Cash on Hand Cash in Bank Accounts Receivable Merchandise Inventory Prepaid Expenses Supplies Fixed Assets Leasehold Improvements Accumulated Depreciation – Leasehold Improvements Transportation and Other Equipment Accumulated Depreciation – Transportation and Other Equipment Other Assets LIABILITIES: Accounts Payable Accrued Expenses and Other Liabilities Income Tax Payable EQUITY: Owner’s Capital Retained Earnings INCOME STATEMENT: Income: Sales Sales Discount Sales Returns and Allowances Cost of Sales: Cost of Sales…3.TransactionAssetLiabilitiesCapitalExample : Start a business with cash in hand+ Cash+ Capitala) The owner brought in his furniture for business useb) Bought motor van on credit for business usec) Deposited cas into a bankd) Sold goods on credit to Ayoyo Sdn Bhde) Paid creditor Imran Enterprise by chequef) Bought goods on credit from Batani Enterpriseg) The owner invested additional cash into businessh) Goods are returned by Batani Enterprise because damagei) Received a loan from OACC Bank