principles of accounting 7
Assignment Question(s):(5 Marks)
Q1– Provide an example of each title here and then record the journal entries (2 Marks).
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- Issuing common stocks for cash
Given answer:
ABC Company Received an investment of 1,000 from the owner .
Jouranl entry:
Cash1000
Common Stock1000
2- Purchasing an equipment for cash.
3- Purchasing goods on credit.
4- Borrowing money from a bank.
5- Paying employees their salaries.
Q2– What types of accounts should be closed at the end of the period? What are the closing processes? (1 Mark).
Q3– . Based on the following trial balance for XYZ company, prepare the income statement (2 Marks).
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XYZ Partial Trial Balance December 31 |
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Dividends |
36,000 |
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Revenue earned |
72,000 |
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Supplies expense |
3,425 |
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Rent expense |
6,000 |
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Wages expense |
22,000 |
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