Assignment Principle to Accounting

SR 2. Customer returned merchandise sold on account. CB 3. Sold merchandise to customer for cash. GJ 4. Owner withdrew merchandise for personal use. GJ 5. Paid shipping charges on merchandise purchased on account. GJ 6. Purchased office equipment on credit. PJ 7. Credit purchase from supplier. GJ 8. Recorded adjusting entries. SR 9. Returned damage merchandise to supplier which has not paid yet. SJ 10. Sold merchandise to customer on account. Question 2 (Total 22 Marks) Instructions: Given the entry information in Silva Trading, prepare appropriate entries for the month of August 2012: 0. Aug. 1Sold merchandise for cash $300. Dr Cash$300 Cr Sales$300 1. Aug. 2Purchased merchandise from ABC Co. n account for $5,000; terms 2/10, n/30. 2. Aug. 4Sold excess land for $7,000 accepting a 2-year, 12% note. The land was purchased for $7,000 last year. 3. Aug. 6Sold merchandise to D. Stone on account for $930, terms 2/10, n/30. 4. Aug. 8Accepted a sales return of defective merchandise from D. Stone—credit granted was $280. 5. Aug. 11Purchased merchandise from Tanner Hardware on account for $1,800; terms 1/10, n/30. 6. Aug. 12Paid freight of $200 on the shipment from ABC Co. in cash. 7. Aug. 15Received payment in full from D. Stone by cash. 8. Aug. 19Paid ABC Co. n full by cheque. 9. Aug. 20Paid Tanner Hardware in full by cheque. 10. Aug. 27Purchased office supplies for $250 cash. Question 2 Answer: |Date |Account |Debit ($) |Credit ($) | |Aug. 1 |Cash |300 | | | |Sales | |300 | |Aug. |Purchases |5,000 | | | |ABC Co. | |5,000 | |Aug. 4 |Notes receivable |7,000 | | | |Land | |7,000 | |Aug. 6 |D. Stone |930 | | | |Sales | |930 | |Aug. 8 |Sales return |280 | | | |D. Stone | |280 | |Aug. 1 |Purchases |1,800 | | | |Tanner Hardware | |1,800 | |Aug. 12 |Carriage inward |200 | | | |Cash | |200 | |Aug. 5 |Cash |637 | | | |Discount allowed |13 | | | |D. Stone | |650 | |Aug. 19 |ABC Co. |5,000 | | |Bank | |5,000 | |Aug. 20 |Tanner Hardware |1,800 | | | |Bank | |1,782 | | |Discount received | |18 | |Aug. 7 |Office supplies |250 | | | |Cash | |250 | Question 3 (Total 48 Marks) Instructions: Based on your entries done in Question 2, prepare, for the month of August 2012: a) Adjusted trial balance (24 Marks) b) Income statement (12 Marks) c) Balance sheet (12 Marks) Silva Trading Trial Balance as at July 31, 2012 ————————————————————————— Account TitlesDr. Cr. ————————————————————————— Cash500 Bank9,075 Prepaid Insurance2,000 Freehold Lands31,000 Notes Payable26,000 F. Santos, Capital15,000 F. Santos, Drawing2,000 Sales17,125 Purchase6,400 Salaries Expense4,000 Supplies Expense1,500 Insurance Expense1,200 Interest Expense500 Interest Payable 50 Total58,17558,175 Question 3(a) Answer: Silva Trading Trial Balance for the period ended 31st August 2012 Account Titles |Debit ($) |Credit($) | |Cash |987 | | |Bank |2293 | | |Prepaid Insurance |2000 | | |Freehold Lands |24000 | | |Notes Payable | |26000 | | F. Santos, Capital | |15000 | |F. Santos, Drawing |2000 | | |Sales | |18355 | |Purchase |13200 | | |Salaries Expense |4000 | | |Supplies Expense |1500 | | |Insurance Expense 1200 | | |Interest Expense |500 | | |Interest Payable | |50 | |Notes receivable |7000 | | |Sales return |280 | | |Discount allowed |13 | | |Discount received | |18 | |Carriage inwards |200 | | |Office supplies |250 | | | |_____ |_____ | |Total |59423 |59423 | Question 3(b) Answer: Silva Trading Income statement for the period 31st August 2012 Sales | |18355 | |-Sales return | |280 | | | |18075 | |-Discount allowed | |13 | |Net sales | |18062 | | | | |-Cost of sales | | | |Purchases |13200 | | |-Discount received |18 | | | |13182 | | |Carriage inwards |200 | | | | |13382 | |Gross profit | |4680 | | | | | | | | | |Expenses | | | |Salaries Expense |4000 | | |Supplies Expense |1500 | | |Insurance Expense |1200 | | |Interest Expense |500 | | | | |7200 | |Net loss | |(2520) | Silva Trading Balance sheet as at 31st August 2012 |Non-c urrent assets | | | |Freehold Lands | 24000 | |Office supplies | |250 | |Notes receivable | |7000 | | | |31250 | |Current Assets | | | |Cash |987 | | |Bank |2293 | | |Prepaid Insurance |2000 | | | |5280 | | |Current Liabilities | | | |Notes Payable |26000 | | |Interest Payable |50 | | | |26050 | | | | | | |Works capital | |(20770) | | | |10480 | |Owner’s Equity | | | |Early Capital | |15000 | |-Drawing | |2000 | | | |13000 | |-Net loss | |(2520) | | | |10480 |

Paper on Display Essay Example | Topics and Well Written Essays - 500 words

Paper on Display - Essay Example From the center, a cloth runs from top to bottom vertically covering almost three-quarters of the black background. The cloth has a mixture of colors and artistic display resembling the feathers of an ostrich.From three-quarter of the height there is a yellow strip running from one side to the other horizontally forming the letter â€Å"X†. The yellow strip is labelled with the words caution and it also runs across the bottom. The yellow strip line is significant as it arouses the curiosity of the onlooker, to have the urge of finding what is happening at that section. On the vertical section, a number of pictures are displayed showing a woman probably â€Å"Madonna† wearing almost similar clothes with the sample cloth shown. At the center, there is a smaller bedroom drawer placed with some of it compartments slightly opened. Hanging from inside the drawer are probably white net-like bras. At the top of the drawer, there is a glass frame that covers a white paper inside with details of the sample items displayed. To the left of the screen there are two black boxes of different sizes the smaller one on top of the bigger one. Two pictures of woman â€Å"black and white† are attached at the sides of the larger box. On top of the larger box a tablet leans on the smaller box in an upright manner. On the tablet display a woman â€Å"Madonna† is seen singing. On top of the lower box a pair of high heeled boots-like ladies shoes are placed on a white cardboard. To the right hand corner of the display, there is a â€Å"lady puppet† position in a half-sitting-standing position. The â€Å"puppet† is dressed with a long black net sleeved blouse. The white net-skirt also barely reaches the knees. On the hands of the â€Å"puppet† there is a silver like bracelet to complement the outfit. On the neck there are various shiny necklaces. However, there is one long necklace with a diamond like structure at its end. There is also a black belt that is tied around the

Rewriting Essay Example | Topics and Well Written Essays - 250 words

Rewriting - Essay Example Nevertheless, she was able to go through education system and began to be exposed to people speaking other languages later in life. Although she was able to acquire language skills, she did it at a slow pace. The most interesting observation was that her level of understanding new language was not as profound as found in children who acquire language skills at early age. Despite following similar procedures of language acquisition, she could not meet the standards acquired by young children who learn language naturally. However, other cognitive abilities were not inhibited. Despite her problem in language acquisition, she was able to develop interactive skills and could therefore understand different communication styles from other people. Whereas her language acquisition skills lagged behind, other cognitive abilities were not inhibited in any way. This example is a clear indicator that language acquisition is independent of other cognitive abilities. It is worth noting the contrast of this idea with Moskowitz’s ideology, which claims that the two are connected. He feels that linguistic specialization is part of human intelligence, which implies that none can be developed