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assignment 2016

The document outlines two group assignments for the Department of Accounting and Finance at Adnas University, focusing on financial transactions for two businesses: Photogenic Designs and O'Malley Co. Each assignment requires students to record transactions, post to T-accounts, prepare trial balances, and create income statements. Specific transactions and instructions for journal entries and subsidiary ledgers are provided for both businesses.

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rediat564
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5 views

assignment 2016

The document outlines two group assignments for the Department of Accounting and Finance at Adnas University, focusing on financial transactions for two businesses: Photogenic Designs and O'Malley Co. Each assignment requires students to record transactions, post to T-accounts, prepare trial balances, and create income statements. Specific transactions and instructions for journal entries and subsidiary ledgers are provided for both businesses.

Uploaded by

rediat564
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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ADNAS UNIVERSITY

KALITY CAMPUS
DEPARTMENT OF ACCOUNTING AND FINANCE
GROUP ASSIGNMENT1, MAXIMUM MARK 40%
SUBMITTED DATE 18/7/2017

On July 1, 2010, Jessie Halverson established an interior decorating business, Photogenic Designs. During the
month, Jessie Halverson completed the following transactions related to the business:
July 1. Jessie transferred cash from a personal bank account to an account to be used for the business,
$18,000.
4. Paid rent for period of July 4 to end of month, $1,750.
10. Purchased a truck for $15,000, paying $1,000 cash and giving a note payable for the remainder.
13. Purchased equipment on account, $7,000.
14. Purchased supplies for cash, $1,200.
15. Paid annual premiums on property and casualty insurance, $2,700.
15. Received cash for job completed, $7,500.
21. Paid creditor a portion of the amount owed for equipment purchased on July 13, $2,500.
24. Recorded jobs completed on account and sent invoices to customers, $8,600.
26. Received an invoice for truck expenses, to be paid in August, $800.
27. Paid utilities expense, $900.
27. Paid miscellaneous expenses, $315.
29. Received cash from customers on account, $3,600.
30. Paid wages of employees, $2,400.
31. Withdrew cash for personal use, $2,000.
Based on the above information perform the following tasks
TASK1. Record the transaction on journal entry (10 point)
Task 2: post to t-account (ledger) account (10 point)

Task 3: Prepare trial Balance (10 point)


Task 4: Prepare income statement. (10 point)
ADNAS UNIVERSITY
KALITY CAMPUS
DEPARTMENT OF ACCOUNTING AND FINANCE
GROUP ASSIGNMENT 2, MAXIMUM MARK 40%
SUBMITTED DATE 20/7/2017

Selected transactions of O’Malley Co. for the month of May are as follows:
a. May 1. Issued Check No. 1001 in payment of rent for May, $1,200.
b. 2. Purchased office supplies on account from McMillan Co., $3,600.
c. 4. Issued Check No. 1003 in payment of freight charges on the supplies
purchased on May 2, $320.
d. 8. Provided services on account to Waller Co., Invoice No. 51, $4,500.
e. 9. Issued Check No. 1005 for office supplies purchased, $450.
f. 10. Received cash for office supplies sold to employees at cost, $120.
g. 11. Purchased office equipment on account from Fender Office Products,
$15,000.
h. 12. Issued Check No. 1010 in payment of the supplies purchased from
McMillan Co. on May 2, $3,600.
i. 16. Provided services on account to Riese Co., Invoice No. 58, $8,000.
j. 18. Received $4,500 from Waller Co. in payment of May 8 invoice.
k. 20. Invested additional cash in the business, $10,000.
l. 25. Provided services for cash, $15,900.
m. 30. Issued Check No. 1040 for withdrawal of cash for personal use, $1,000.
n. 30. Issued Check No. 1041 in payment of electricity and water invoices,
$690.
o. 30. Issued Check No. 1042 in payment of office and sales salaries for May,
$15,800.
p. 31. Journalized adjusting entries from the work sheet prepared for the fiscal year ended May 31.
O’Malley Co. maintains a revenue journal, a cash receipts journal, a purchases journal,
a cash payments journal, and a general journal. In addition, accounts receivable and
accounts payable subsidiary ledgers are used.
Instructions
1. Indicate the journal in which each of the preceding transactions, (a) through (p),
would be recorded.
2. Indicate whether an account in the accounts receivable or accounts payable subsidiary ledgers would be
affected for each of the preceding transactions.
3. Journalize transactions (b), (c), (d), (h), and (j) in the appropriate journals.

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