Essays on Principles of Accounting Assignment

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The paper 'Principles of Accounting' is a great example of a Finance and Accounting Assignment. The figures in the unadjusted trial balances were determined by taking all the balances of all ledger accounts at the end of the accounting period i. e. All debit balances are debited in the trial balance while credit balances are credited. Question 4b The adjustments have not been done correctly. The following transactions are wrongly done. -interest receivable -prepaid insurance -adverting revenue -interest revenue -art supplies expense Question 4 c Corrected adjustments   Trial Balance Adjustments Account Debit Credit Debit Credit Cash 11 000   1 500   Accounts receivable 18 000       Interest Receivable 2 000   500   Art Supplies 8 400   3 400   Prepaid Insurance 3 350   850 850 Printing Equipment 60 000       Accumulated Depreciation   28 000   7 000 Accounts Payable   500     Interest Payable         Bank Loan   9 250     Unearned Revenue   7 000   1 400 Salary Payable         Capital_David Martin   25 500     Drawings_David Martin 12 000       Adverting Revenue   58 600   2900 Interest Revenue   250   500 Salaries Expense 10 000       Insurance Expense         Interest Expense 350   850   Depreciation Expense     7 000   Art Supplies Expense     3400   Rent Expense 4 000         129 100 129 100 14 650 14 650 Adjusting entries accounts debit credit Cash Adverting revenue To record advert revenue received 1500 1500 Interest receivable Interest revenue to record interest receivable 500 500 Art supplies expense Art supplies Being the amount spent on art supplies 3400 3400 Interest expense Prepaid insurance Being the amount of prepaid insurance 850 850 Depreciation expense Accumulated depreciation To record depreciation expense incurred 7000 7000 Adverting revenue Unearned revenue To record unearned adverting revenue 1400 1400 Question 5 Journal entries date account Debit credit   Purchases account 140000     Supplier’ s account   140000   Manufacturing account-direct materials 160000     Manufacturing account- indirect materials 4000     Purchases account   164000           Manufacturing Wages account 240000     Cash account   240000           Manufacturing overheads account 122000     Cash account   122000           Finished goods account 300000     Manufacturing account   300000           Customer’ s account 240000     Sales revenue account   240000           Cost of goods sold account 18000     Manufacturing overhead account   18000  

References

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Principles of accounting.com 2010,principles of accounting, Viewed 15 April 2010 , http://www.principlesofaccounting.com/chapter%2010.htm

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