Reference no: EM131271055
Learning outcomes to be achieved by completion of the assessment:
1. Record income and receipts from credit customer, purchases, expenditures and payments to supplier.
2. Differentiate between accrual and cash basis accounting.
CASE STUDY
Brian Nnaji formed the Macdonald Sign Enterprise on October 1, 2016. During the month, the following financial transactions occurred:
| 2016 October |
|
| 1 |
Brian Nnaji invested OR 60,000 in the new business. |
| 2 |
Acquired supply of advertising materials in the amount of OR 20,000 on account. |
| 3 |
Acquired supplies for cash, OR 54,000. (Note: Supplies are charged to expense right away.) |
| 9 |
Received OR 70000 cash for services performed. |
| 10 |
Paid insurance policy OR 4,000. |
| 11 |
Painted signs for Compaj Company on account, OR 160,000 |
| 16 |
Withdrew OR 20,000 for personal use. |
| 23 |
Collected OR40,000 from Bahwan Company. |
| 27 |
Brian Nnaji owes OR 28000 for the month. |
| 31 |
Paid Ooredoo OR10,000 for communication services for the month. |
Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own.
Q1. Record each of the above transactions in general journal. Explanations maybe omitted. Use the following account titles to journalize the transactions:
a. Cash
b. Accounts Receivable
c. Supply of Advertising
d. Accounts Payable
e. Nnaji, Capital
f. Nnaji, Withdrawal
g. Service Fee Income
h. Supplies Expense
i. Insurance Expense
j. Salary Expense
k. Utility Expense
Q2. Prepare the end-of-month report to account for the incomes and expenses of Macdonald Sign Enterprise under cash basis accounting.
Q3. Prepare the end-of-month report to account for the incomes and expenses of Macdonald Sign Enterprise under accrual basis accounting.
Q4. How does accrual accounting differ from cash basis accounting. The student may define/explain and give example for both cash basis and accrual basis computation of accounting net income.
Instructions for completing the assignment:
1. The assignment must have a cover page indicating the module title, name of student, name of faculty and date of submission.
2. The assignment should have a table of contents, answers to the requirements and appropriate references, if necessary. Use Coventry Harvard style of referencing.
3. The assignment should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices; main body of the report should be black and white.
4. Last date of submission: 8th week of the semester. The assignment should be submitted on time through Moodle. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information Guide.
|
Explain the concept of television programming sponsorship
: Explain the concept of television programming sponsorship.- Discuss sponsorship practice in terms of the dangers of ambush marketing.
|
|
Stowability-handling-liability and market
: Transportation economics are driven by seven factors. While not direct components of transport tariffs, each factor influences rates. The factors are: (1) distance, (2) weight, (3) density, (4) stowability, (5) handling, (6) liability, and (7) market..
|
|
Estimate the number of tellers needed for forecasted sales
: Using your plot, estimate the number of tellers needed for forecasted sales of $1,547.81 million and $1,702.27 million. Answer in paragraph form: Given the trends and the nature of the banking industry, what other advice can you give the HR planner?..
|
|
Elements of the analysis stage of a crisis management dsm
: Explain why you agree or disagree with the contention that the APIC-type model is useful as a framework for PR generally and crisis management in particular.
|
|
Differentiate between accrual and cash basis accounting
: Principles of Accounting Record income and receipts from credit customer, purchases, expenditures and payments to supplier and Differentiate between accrual and cash basis accounting.
|
|
Provide examples of each of the eight types of waste
: Provide examples of each of the eight types of waste described in chapter 12 for the following operations
|
|
Discuss the importance of establishing targets
: The planning stage of a DSM involves consideration of ‘where do we want to go?' having already established targets. Discuss the importance of establishing targets early on in a crisis management campaign.
|
|
Discuss different creative approaches to crisis management
: Creative strategy is part of ‘how do we get there?' Discuss the different creative approaches to crisis management and avoidance.
|
|
Discuss key media characteristics for this sort of context
: Media strategy is also part of ‘how do we get there?'- Discuss the key media characteristics for this sort of context.
|