Accounting takes in the process of Identifying, Recording and Communicating
Assignment Question(s): (20 Marks)
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Q1. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating. (3 activity Marks)
Q2. Explain the concept of double entry system and its relationship with accounting equation. (2 Marks)
Q3. The following is the Trial balance has been extracted from the accounts of Green Lawn Care, Inc. as on 31stDecember, 2019 (9 Marks)
| Green Lawn Care, Inc.
TrialBalance December 31, 2019— (Amounts in SAR) |
||
| Cash | 8,700 | |
| Accounts Receivable | 20,600 | |
| Prepaid Insurance | 4,400 | |
| Supplies | 1,950 | |
| Land | 45,000 | |
| Building | 134,500 | |
| Equipment | 80,100 | |
| Accounts Payable | 7,500 | |
| Unearned Revenue | 6,000 | |
| Capital Stock | 15,300 | |
| Retained Earnings (Begin) | 54,000 | |
| Dividends | 8,000 | |
| Fees Earned | 347,400 | |
| Salaries and Wages
Expense |
70,200 | |
| Utilities Expense | 23,200 | |
| Advertising Expense | 18,000 | |
| Repairs Expense | 11,500 | |
| Miscellaneous Expense | 4,050 | |
| Totals | 430,200 | 430,200 |
Use the above information to complete the following financial Statements:
| Green Lawn Care, Inc.
Income Statement as on Dec,31 2019– |
||
| Revenues: | ||
| Less Expenses | ||
| Net Income | ||
| Green Lawn Care, Inc.
Statement of Retained Earning as on Dec,31, 2019– |
|
| Retained Earnings (Begin) | |
| Add Net Income | |
| Less Dividends | |
| Retained Earnings (End) | |
| Green Lawn Care, Inc.
Statement of Balance Sheet as on Dec,31, 2019– |
|||
| Assets | SAR | Liabilities & Equity | SAR |
| Total | |||
Q4. Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format. (6 Marks)
Answer
| Purchase Transactions | Sale Transactions | ||||||||
| Date | Description | PR | Debit | Credit | Date | Description | PR | Debit | Credit |
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