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Identify and explain the accounting principles involved in the following transactions of a company, Flyfli.
Question 1) In October, Flyfli sold goods to its customer and the customer will pay next month. Revenue is recognized in income statement in October.
Question 2) Flyfli purchased the goods sold to the customer in question above from its supplier and record expenses in October, despite the payment will be paid to supplier two months later.
Question 3) Today, Flyfli signed an employment contract with an employee. No accounting entry is recorded.
Question 4) Mr Chan, one of the owners of Flyfli took $500 from the company's cash account and instructed the accountant to record it as an expense. The accountant indicated that this is not proper. In your answer, you should also indicate the proper alternative treatment, if any.
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