alsarhani yahya 1 review could you answer these question: 1. what is the accounting? 2. who uses...
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ALSARHANI YAHYA 1
REVIEW
Could you answer these question:
1. What is the accounting?
2. Who uses Accounting Data?
3. What is the basic accounting equation?
4. What is the Asset?
5. What is the Liability?
6. What is the owner equity?
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ALSARHANI YAHYA 2
6. What is the revenue?
7. What is the expenses?
8. What is the result if the revenue bigger then expenses?
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ALSARHANI YAHYA 3
ACCOUNTING PRINCIPLE
PART (2)
CH 1
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ALSARHANI YAHYA 4
Transaction JournalSpecial Journals
Sales JournalPurchases Journal
Cash Receipts JournalCash Disbursements Journal
journalize
General Ledgerpost
no
|||
Subsidiary LedgersAccounts ReceivableAccounts Payable
|||
Trial BalanceDr = Cr ?
|
Adjustments & Accrualsprepaid insurance - insurance expense
prepaid rent - rent expense
unearned fees - fees earnedsupplies - supplies expenseinterest expense - interest payable
salary expense - salary payabledepreciation expense - accum. depreciation
(all are entered in General Journal and General Ledger)
Adjusted Trial BalanceDr = Cr ?
||
IncomeStatement
Statement ofChangesIn . . . .
BalanceSheet
Statement ofCash Flows
FINANCIAL STATEMENTS
WORKSHEET
Closing Entriesrevenues&
Expenseswithdrawalsor
Dividends
IncomeSummary
Equity
Post-ClosingTrial Balance
Dr = Cr ?
end of period
new period
THEACCOUNTING
CYCLE©
General
(all are entered in General Journal andGeneral Ledger)
Equity
yes
Last transactionfor the period?
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ALSARHANI YAHYA 5
A) Company provide this data:1. The manager deposited some money in the treasury
for the capital of this company.2. Purchased some computers on the account.3. Paid the salary by cash.4. The manager decided to buy building to this
company.5. He was borrows some money and deposited to the
treasury.6. He returned some computers because he found
some problem in these computers.
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ALSARHANI YAHYA 6
7. He bought car by cash.
8. He paid his loan.
9. He received revenue by cash.
10.He repayment his purchased on the account (2).
Request: Explain what is increase and what is decrease for the above by using (+) or( -)
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ALSARHANI YAHYA 7
Test (1)
In the following was happen in the ABC company: 1- In 1/1 ABC invests 8,000 R.O of here own
money to start the business. 2- In 3/1 ABC purchases Furniture by 500 R.O
cash. 3- In 4/1 ABC bought electric items by 600 cash. 4- In 7/1 ABC bought office supplies by 200 on
the account. 5- In 9/1 ABC earns service revenue amount 550
by cash. 6- In 17/1 ABC earns service revenue amount 830
record by on the account will.
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ALSARHANI YAHYA 8
7- In 20/1 ABC withdrew 300 cash for personal using. 8- In 25/1 ABC paid 80 cash for the purchased office
supplies according to transaction (4).
9- In 31/1 ABC paid these expenses for this month:100 Rent , 70 water & electric and 300 salary.
So please prepare: 1- ALL the Transactions. 2- Income statement. 3- Owner equity statement. 4- Balance sheet. 5- Open ledgers for the all. 6- prepare the unadjusted trial balance