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

Mellor on the Chances of Effects :: Philosophy Philosophical Essays

Mellor on the Chances of Effects* ABSTRACT: In the Facts of Causation (1995), D.H. Mellor includes, as a part of his theory of causation, an account of the chance that a cause gives its effect. He proposes that this chance can be analyzed as a certain kind of conditional, a closest world conditional with a chance consequent. I show that there are problems with Mellor’s account, but also attempt to show how these can be remedied. This analysis highlights important issues concerning the concept of components of single case objective chance. Mellor takes the chance he is concerned with to be objective single case chance measured by the probability calculus. It is not frequency nor credence, although it has important connections to both frequencies and credences.(1) According to Mellor facts which have chances can have more than one chance, for example, by having them at different times. Suppose we have two unstable atoms A and B in close proximity, each of which has a low chance of decaying, and suppose that atom A, if it decays, may bombard atom B with its product, thereby driving atom B into a state in which its chance of decaying is quite high- much higher than otherwise (see figure 1). Suppose this in fact happens, and let us consider the chance E that atom B will decay at a later time tE, when an observation will be made. The chance of E changes—increases, in fact—at tb, the time at which B is bombarded. Thus E has two chances, at different times. Mellor also holds that chances are contingent, but not on the fact that they are "chances of" (in our example, E), since they can exist when that fact does not. Atom B may not decay at t0, but it still had a chance of doing so prior to that time; so the chance existed but the state of affairs that it was about never did. Since chances are contingent, they must therefore be properties of other facts, facts without which they would not exist. The chance E that atom B will decay at time t0 is a property of facts about the structure and nature of that atom, together with facts concerning the nature and proximity of atom A. Mellor writes this chance as "chQ(E)" where Q is the fact or conjunctive fact of which the chance is a property. Applying this to the case of causation, the chance of the effect is a property not of the effect but of another fact, the cause C or the conjunction of C and S, where S is the circumstances in which C causes E.

Highway Robbery Essay

It was in the middle of the night, there was a carriage carrying gold and silver. It was on its way to Yorkshire. There was a guard with a rifle on the lookout for anything suspicious or threatening. There were people inside, chatting about the riches that were in their hands. The driver was driving the carriage; it had four horses pulling it. There was a co-driver as well, he was there in case anything happened to the driver. There was a man riding a horse, they were usually known as, â€Å"Highwaymen†, they stole from carriages and they were all aware that â€Å"Highwaymen† existed. Before the carriage got to the Highwayman’s location, the Highwayman cut down a tree with his axe, the tree obstructed the path of the road. Once the carriage got to the tree, it stopped, it was a very quiet place, no houses in sight, no people in sight, and it was in the pure country side. The guard got down from the carriage to take a look. He got very suspicious and had his rifle ready. The Highwayman with his horse hid behind a tree, silently. Then, suddenly the Highwayman leapt out of the woods and on to the road, he shouted â€Å"Give me all of your treasures, or die†. The Highwayman pointed his pistols at the guard. The guard slowly put down his rifle, and the richest man offered the riches to the Highwayman, then the slightly poorer people offered their treasures. Then the Highwayman, swiftly, rode off, in to the gloomy night. But then, the guard quickly, but silently picked up his rifle and started shooting at the Highwayman, but by then, the Highwayman had gone, and it was too late. By Matthew Williams

Learning Mandarin vs Cantonese

Mandarin Chinese is the official language of Mainland China and Taiwan, but it is not the only language spoken in the Chinese world. Besides the regional variations of Mandarin, there are several Chinese languages which are mutually unintelligible with Mandarin. Cantonese is one of these languages. Cantonese is spoken in Guangdong and Guangxi provinces, Hainan Island, Hong Kong, Macau, Singapore, Malaysia and many overseas Chinese communities. Worldwide, there are about 66 million Cantonese speakers. Compare this with Mandarin, which is spoken by about 1 billion people worldwide. Of all languages, Mandarin is the most widely-spoken. Is It Better To Learn Cantonese? With 66 million speakers, Cantonese cannot be considered an impractical language to learn. If your main objective, however, is to do business or travel in Mainland China, you would be better off learning Mandarin. But if you want to do business in Hong Kong or Guangdong Province, is it better to learn Cantonese? Consider these points taken from hanyu.com: Cantonese has a lack of good learning materials.Cantonese does not have a standard Romanization system (like Pinyin for Mandarin). Yale Romanization is most commonly used in textbooks, but it is unknown to native Cantonese speakers.Cantonese is heard less often in Overseas Chinese communities as new Mandarin-speaking immigrants arrive from Mainland China. And Cantonese speakers are increasingly learning Mandarin to find work in Mainland China. So it seems as though Mandarin is more practical than Cantonese. That’s not to say that learning Cantonese is a waste of time, and for some people it may be the better choice, but for most people wanting to speak Chinese, Mandarin is the way to go.

Wgu Ethical Situations in Business Task 1 - 680 Words

Ethical Situations in Business Task 1 John Mackey, founder of Whole Foods once said Business social responsibility should not be coerced; it is a voluntary decision that the entrepreneurial leadership of every company must make on its own. (Mackey, 2005) In today’s society it is increasingly common for businesses to actively identify and become directly involved in the country and the global social issues and needs. It is now common place for companies to market this information alongside of their logos, as a TV commercial and on the products they sell. When a company does not resemble its competitors it really stands out and unfortunately this is where we find Company Q. In the exercise Company Q is described as a small, local†¦show more content†¦cutting edge. Company Q should consider a partnership with the local food bank who has asked for their day old products. Meeting with the group and creating a comprehensive plan that would gain positive The food bank Choice is abundant in most markets in todays society and companies have to stay on the impacts for both the business and the non-profit organization would be quite simple. could offer a volunteer to pick up the day old product from the store and the store in turn could create an accountability system between the store and food bank. numerous. The opportunities with the partnership are The store could create a marketing plan to share opportunities for patrons to give to the The food bank in return could add the stores food bank by purchasing items from within the store. logo and other information about the store to handouts or brochures that might be given to their patrons and/or donors. It would be important for the two entities to meet on a yearly basis to review the partnership and share the results with the local community. Company Q, might want to consider conscientious capitalism. Conciouncious capitalism seems to be a more holistic approach that allows social responsonsibilty to be embedded in every decision or process of the company rather than just picking up a ball ( cause) and carrying it around to just enhance their brand. It would allow for the company to change the thoughtShow MoreRelatedC200 course5463 Words   |  22 Pages3018.1.2: Theories of Leadership The graduate uses contemporary theories of leadership to develop personal leadership skills based on a personal leadership philosophy. Competency 3018.1.3: Sustaining Business Performance The graduate applies management and leadership theories for long-term global business success. Competency 3018.1.4: Organizational Performance Methods The graduate analyzes appropriate methods to improve organizational performance. Course Mentor Assistance As you prepare to successfully