FAC101 Principles of Financial Accounting Assignment

Assignment Help Financial Accounting

Reference no: EM132390116

FAC101 Principles of Financial Accounting Assignment - Khawarizmi International College, UAE

Learning Outcomes -

1: Use basic accounting terminology and vocabulary, know the GAAP & IFRS, and to study the transactions effect on the financial statements by applying the accounting equation.

2: Apply double entry accounting system using Debit and Credit while analyzing and recording transactions, prepare the adjustment, and complete the accounting cycle.

Problem 1 -

Natalie Holden began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Holden (the owner) completed these transactions:

1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.

2. The company paid $1,500 cash for rent of office space for the month.

3. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).

4. The company completed work for a client and immediately collected the $2,500 cash earned.

5. The company completed work for a client and sent a bill for $8,000 to be received within 30 days.

6. The company purchased computers of $6,000 on credit.

7. The company paid $2,000 cash to staff as wages for the month.

8. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction 5.

9. The company paid $10,000 cash to settle the liability created in transaction 3.

10. Owner withdrew $1,000 cash from the company for personal use.

You are required to: Justify that Accounting Equation remains balanced under all the circumstances of transactions.

Problem 2 -

HV Consulting was started on April 1, 2019 by Hannah Venedict. Following are the selected events and transactions occurred during April 2019.

1. Venedict invested $............. cash along with office equipment valued at $......... in a new sole proprietorship named HV Consulting.

2. The company purchased land valued at $............ and a building valued at $............. the purchase is paid with $............ cash and a long-term note payable for $.............

3. The company purchased $............of office supplies on account.

4. Venedict invested her personal automobile in the company. The automobile has a value of $............ and is to be used exclusively in the business.

5. The company purchased $............ of additional office equipment on account.

6. The company provided services to a client and collected $............ cash.

7. The company paid $............ cash for this month's utility bills.

8. The company paid $............ cash to settle the account payable created in transaction 3.

9. The company completed $........... of services for a client, who must pay within 30 days.

10. The company paid $............ cash, salary to office staff.

11. The company received $............cash in partial payment on the receivable created in transaction 10.

12. Venedict withdrew $............ cash from the company for personal use.

Hannah Venedict uses the following accounts: Cash, Accounts Receivable, Office Supplies, Office Equipment , Automobiles , Building ,Land, Accounts Payable, Notes Payable, H. Venedict's Capital; H. Venedict's Drawings; Fees Earned, Salaries Expense, and Utilities Expense.

Note:

A- Assume numbers between $ 650 to $ 180,000.

B- Use Accounting templates

Required -

1- Prepare general journal entries to record these transactions.

2- Post to the ledger.

3- Prepare the Trial Balance at April 30, 2019.

Reference no: EM132390116

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