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    1ACC0802 36459840 01130142 01130142assignment1

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    kannadhass
    B. Affleck started a repair shop on May 1. He invested RM10,000 cash. He purchased equipment for RM5,000 and paid cash for rent and supplies. He incurred advertising costs on account and provided repair services both in cash and on account. By the end of the month, his assets included cash, accounts receivable, supplies, and equipment. His liabilities included accounts payable and capital from B. Affleck. A tabular analysis was prepared summarizing the month's transactions across these accounts.

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    1ACC0802 36459840 01130142 01130142assignment1

    Uploaded by

    kannadhass
    2 views3 pages
    B. Affleck started a repair shop on May 1. He invested RM10,000 cash. He purchased equipment for RM5,000 and paid cash for rent and supplies. He incurred advertising costs on account and provided repair services both in cash and on account. By the end of the month, his assets included cash, accounts receivable, supplies, and equipment. His liabilities included accounts payable and capital from B. Affleck. A tabular analysis was prepared summarizing the month's transactions across these accounts.

    Original Description:

    asihn

    Original Title

    1ACC0802_36459840_01130142_01130142assignment1 (3)

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    B. Affleck started a repair shop on May 1. He invested RM10,000 cash. He purchased equipment for RM5,000 and paid cash for rent and supplies. He incurred advertising costs on account and provided repair services both in cash and on account. By the end of the month, his assets included cash, accounts receivable, supplies, and equipment. His liabilities included accounts payable and capital from B. Affleck. A tabular analysis was prepared summarizing the month's transactions across these accounts.

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    2 views3 pages

    1ACC0802 36459840 01130142 01130142assignment1

    Uploaded by

    kannadhass
    B. Affleck started a repair shop on May 1. He invested RM10,000 cash. He purchased equipment for RM5,000 and paid cash for rent and supplies. He incurred advertising costs on account and provided repair services both in cash and on account. By the end of the month, his assets included cash, accounts receivable, supplies, and equipment. His liabilities included accounts payable and capital from B. Affleck. A tabular analysis was prepared summarizing the month's transactions across these accounts.

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    © All Rights Reserved
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    of 3

    Financial Accounting

    Assignment 1 & 2

    Name: Wilson Low Chen Yew


    ID

    : 01130142

    Assignment 1
    1.Bookkeeping and accounting are the same. Do you agree? Explain

    In accounting, one only concern on the process of accurate measurement, identifying


    and communicating economics data. It allows the user of the information to be well
    informed so that decision can be made.
    However, in book keeping, it is an integration of accounting and recording of financial
    data and other relevant records. The term itself comes from the fact that all financial
    and accounting data were manually recorded in book in the old ways. Thus this name
    has been used until now to even though financial data is recorded in accounting
    software or Microsoft Excel.

    2. Instruction :
    Prepare a tabular analysis of the transaction, using the following column headings:
    Cash, Accounts Receivable, Supplies, Equipment, Account Payable, and B. Affleck,
    Capital.
    Asset
    No.

    cash

    10000

    (5000)

    (400)

    (500)

    Accounts
    Receivab
    le

    Supplies

    Liability
    Equipme
    nt

    Account
    Payable

    Capital
    B.Affleck
    , Capital
    10000

    5000
    (400)
    500

    250

    (250)

    4100

    4100

    (500)

    (500)

    (1000)

    (1000)

    (140)

    (140)

    10

    850

    11

    120

    (120)

    SubTot
    al

    6680

    730

    Total

    850

    500
    12910

    5000

    250

    12660
    12910

    Question:
    Affleck`s Repair shop was started on May 1 by B. Affleck. A summary of May
    transaction is presented below.
    1. Invested RM10,000 cash to start the repair shop.
    2. Purchased equipment for RM5,000 cash.
    3. Paid RM400 cash for May office rent.
    4. Paid RM500 cash for supplies.
    5. Incurred RM250 of advertising cost in star paper on account.
    6. Received RM4,100 in cash from customers for repair service.
    7. Withdrew RM500 cash for personal use.
    8. Paid part time employee salaries RM1,000
    9. Paid utility bills RM140
    10.
    Provided repair service on account to customers RM 850
    11.
    Collected cash of RM120 for service billed in transaction (10).

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