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Account Essay

477 words - 2 pages

Question 1

Use the accounting equation to answer the following questions.

1. West Wind Sails Co. has total assets of $ 520,000 and total liabilities of $235,000. What is owner’s equity?
2. Mercy Family Center has total assets of $ 825,000 and owner’s equity of $ 705,000. What are total liabilities?
3. Cucina Med Restaurant has total liabilities of $ 1,840,000 and owner’s equity of $ 895,000. What are total assets?

Question 2

Use the accounting equation to answer the following questions

a) The liabilities of Goofy Co are RM90,000. Owner’s equity capital is RM150,000; drawings are RM40,000; revenue RM 450,000 and expenses RM 320,000. What is the amount of total assets?

b) The total asset of Senorita Co are RM 57,000. Owner’s equity capital is RM 25,000; drawings are RM7,000; revenues RM52,000; and expenses RM30,000. What is the amount of total liabilities?

c) The total assets of Dora Co at 31 Dec 2012 are RM600,000; liabilities are ...view middle of the document...

Withdrew cash for owner’s personal use. _______________________________
6. Received cash from debtors. _________________________________
7. Purchased additional equipment for cash._______________________________
8. Invested further cash into the business. ________________________________

Describe the effect of each transaction on asset, liabilities and owners equity.

Question 4 Assets = Liabilities + Equity
a. Receive cash from customers on account. ___________________________________
b. Initial cash contribution by an owner. ____________________________________
c. Pay cash to reduce an accounts payable. ____________________________________
d. Purchase supplies for cash. ____________________________________
e. Pay cash to reduce a notes payable. ____________________________________
f. Purchase supplies on account. _____________________________________
g. Additional cash contribution by an owner. ___________________________________
h. Purchase equipment with a note payable. ____________________________________
i. Pay utilities with cash. _____________________________________
j. Owner withdraws money from the
business for personal use. _____________________________________

Show the effect of the above transaction based on the accounting equation.

Question 5

Hammond Computer Services entered into the following transactions during August 2012

| | Assets | = Liabilities | + Owners Equity |
1 | Purchased computer terminals for RM20,000 from Digital Equipment on credit | | | |
2 | Paid RM 4,000 for rental. | | |
3 | Received RM17,000 from credit customer billed on 28th August 2012. | | | |
4 | Provided computer services for RM4,000 cash. | | | |
5 | Paid electricity bills RM 2,000 cash. | | | |
6 | Additional investment in the business RM 10,000 | | | |
7 | Paid Digital Equipment RM 6,000 cash | | | |
8 | Hammond withdrew cash RM4,000 for personal use. | | | |
9 | Performed service and billed customer RM9,000. | | | |
10 | Obtained a loan of RM 40,000 from OCBC Bank. | | | |

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