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Hasibul Hossain
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23 views

Assignment

Uploaded by

Hasibul Hossain
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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ASSIGNMENT

Ques: 1

On April 1, Julie Spengel established Spengel’s Travel Agency. The following transactions were
completed during the month.
1. Invested $15,000 cash to start the agency.
2. Paid $600 cash for April office rent.
3. Purchased equipment for $3,000 cash.
4. Incurred $700 of advertising costs in the Chicago Tribune, on account.
5. Paid $900 cash for office supplies.
6. Performed services worth $10,000: $3,000 cash is received from customers, and the balance of
$7,000 is billed to customers on account.
7. Withdrew $600 cash for personal use.
8. Paid Chicago Tribune $500 of the amount due in transaction (4).
9. Paid employees’ salaries $2,500.
10. Received $4,000 in cash from customers who have previously been billed in transaction (6).

Instruction: Prepare a tabular analysis of the transactions using the following column headings: Cash,
Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner’s Capital, Owner’s Drawings,
Revenues, and Expenses.

Ques: 2

Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2017. The following
transactions occurred during the month of May.

May 1: Trixie invested $7,000 cash in the business.


2: Paid $900 for office rent for the month.
3: Purchased $600 of supplies on account.
5: Paid $125 to advertise in the County News.
9: Received $4,000 cash for services performed.
12: Withdrew $1,000 cash for personal use.
15: Performed $5,400 of services on account.
17: Paid $2,500 for employee salaries.
20: Paid for the supplies purchased on account on May 3.
23: Received a cash payment of $4,000 for services performed on account on May 15.
26: Borrowed $5,000 from the bank on a note payable.
29: Purchased equipment for $4,200 on account.
30: Paid $275 for utilities.
Instruction: Prepare a tabular analysis of the transactions using the following column headings: Cash,
Accounts Receivable, Supplies, Equipment, Notes payable, Accounts Payable, Owner’s Capital, Owner’s
Drawings, Revenues, and Expenses.
Ques: 3

Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows.

Jan. 2 Invested $10,000 cash in business.


3 Purchased used car for $3,000 cash for use in business.
9 Purchased supplies on account for $600.
11 Billed customers $2,400 for services performed.
16 Paid $350 cash for advertising.
20 Received $900 cash from customers billed on January 11.
23 Paid creditor $300 cash on balance owed.
28 Withdrew $1,000 cash for personal use by owner.
Instructions:
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on January 31, 2020.

Ques: 4
Hatim Delivery Co. was formed on July1, 2022. The following transactions took place during the first
month.
July 1: Mr.Haider invested tk.45,000 cash in the company, as its sole owner.
3: Paid tk.800 for a one-year accident insurance policy.
6: Paid office rent for the month tk.1,200.
9: Total revenues earned were tk.20,000—tk.8,000 cash and tk.12,000 on account.
12: Purchased furniture and equipment costing tk.3,000. A cash payment of tk.1,000 was
made immediately; the remainder will be paid in 2 months.
20: Received tk.3,000 from customers in payment of accounts receivable.
22: The owner withdrew tk.600 cash for personal use.
Instructions
(a) Journalize the transactions.
(b) Prepare ledger accounts of Cash and Accounts receivable.

Ques :5
Mendoza Company accumulates the following adjustment data at December 31.
I. Supplies of tk.300 have been used.
II. Prepaid insurance totaling tk.350 has expired.
III. Salaries of tk.800 are unpaid.
IV. Services performed of tk.260 collected in advance.
V. Depreciation on equipment is tk.1,000.

Instructions: Prepare adjusting entries at December 31.


Ques:6
Ilham Company opened for business on March 1, 2022. Its trial balance before adjustment
on March 31 is as follows.
Ilham Company
Trial Balance
March 31, 2022
Account Title Debit Credit
Cash Tk. 9,000
Accounts Receivable 2,400
Supplies 6,160
Prepaid Insurance 4,800
Land 24,000
Building 120,000
Equipment 30,000
Accounts Payable 11,600
Unearned Revenue 9,000
Notes Payable 80,000
Owner’s Capital 84,760
Service Revenue 22,600
Advertising Expense 1,200
Salaries Expense 8,600
Utilities Expense 1,800
Total 207,960 207,960
Other data:
I. Prepaid insurance is a 2-year policy starting March 1, 2022.
II. A count shows supplies of tk.1,560 have been used on March 31.
III. Salaries of tk.1,000 are accrued and unpaid at March 31.
IV. One-third of unearned revenue has been earned at March 31.
V. Depreciation on building is tk.300 per month and on equipment is tk.200 per
month.
VI. The note payable is dated March1. It is a 6-month, 12% note.

Instructions
Prepare the adjusting entries for the month of March.

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