Principles of Accounting

Principles of Accounting.

I’m working on a Accounting exercise and need support.

Assignment Question(s):(5 Marks)

Q1– Provide an example of each title here and then record the journal entries (2 Marks).

Following is the first given answer.

  • 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).

XYZ

Partial Trial Balance

December 31

Dividends

36,000

Revenue earned

72,000

Supplies expense

3,425

Rent expense

6,000

Wages expense

22,000

Principles of Accounting

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