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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. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement

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. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 6SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...
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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. Accounting Equation
2. Journal
3. Ledger
4. Trail Balance
5. Financial statement

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