Q1 : On the end of the period, Sun Company buys a OMR 600 Office supplies on credit. This transaction will affect the: balance sheet only а. income statement and owner's equity O b. statement only. income statement only. С. income statement, owner's equity d. statement, and balance sheet.

Q1 : On the end of the period, Sun Company buys a OMR 600 Office supplies on credit. This transaction will affect the: balance sheet only а. income statement and owner's equity O b. statement only. income statement only. С. income statement, owner's equity d. statement, and balance sheet.

Name: Q1 : On the end of the period, SunCompany buys a OMR 600 Officesuppli
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Description: Q1 : On the end of the period, SunCompany buys a OMR 600 Officesupplies on credit. This transaction willaffect the:balance sheet onlyа.income statement and owner's equityO b. statement only.income statement only.income statement, owner's equityd. st

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for 2016: Established the business when it acquired $53,000 cash from the issue of common stock. Jan. 30 Feb. 1 Paid rent for office space for two years, $16,100 cash. Apr. 10 Purchased $830 of supplies on account. July Received $27,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $33,000 cash.. 15 Received $9,400 cash from accounts receivable. Nov. 16 Billed customers $34,500 for services rendered on account. Dec. 1 Paid a dividend of $700 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salaries as of…
Q4) Following is the Trial Balance of Ali Trading Company as on 31-12-2021. You are required to prepare Income Statement and Balance Sheet. Name of Account Machinery Account receivable Bank account Building Purchases Opening stock Drawings Carriage in Wages Salaries expenses Sale returns Postal expenses Trade expenses Total SR 12,000 10,690 . 3,150 7,928 3,700 384 250 600 1,910 1,300 119 133 700 42,864 Name of Account Sales Account payable Interest received Capital Total End period adjustments are as follow: The merchandise inventory as on 31-12-2021 was valued at SR 1,500. Trade expense paid in advance SR 200. • • • Depreciation on machinery SR 3000 and Building SR 928. Outstanding wages SR 120. Unearned interest SR 27. Salaries paid in advance SR 120. SR 10,000 12,408 627 19,829 42,864
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