You are to refer to Kate Minimart operation below: Kate operates a minimart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: (1) Select an accounting principle and explain how it can be applied to Kate Minimart. - 2 Perform research on the assets of the operation above. it should include: Description of the assets 2 examples of accounts included under the assets 1 transaction that increases and 1 transaction that decreases the assets
You are to refer to Kate Minimart operation below: Kate operates a minimart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: (1) Select an accounting principle and explain how it can be applied to Kate Minimart. - 2 Perform research on the assets of the operation above. it should include: Description of the assets 2 examples of accounts included under the assets 1 transaction that increases and 1 transaction that decreases the assets
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 22MCQ
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Question
![10
You are to refer to Kate Minimart operation below:
Kate operates a minimart store located in a private estate. She invested
$20,000 of her own funds and took an additional $10,000 bank loan to pay
for the renovation and store fittings totaled $22,000, balance funds to use
for operation needs.
(ii)
Kate paid a monthly rent of $5,000 for the store. The minimart sells a
variety of goods estimated a total worth of $10,000. All sales are on cash
basis amounting to about $12,000 to $14,000 each month. Kate is at a loss
how to prepare the accounts for her business.
You will perform the following:
(1)
6
Select an accounting principle and explain how it can be applied to
Kate Minimart.
2
Perform research on the assets of the operation above.
it should include:
Description of the assets
2 examples of accounts included under the assets
1 transaction that increases and 1 transaction that decreases the
assets](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F158ec118-2e7c-448f-b918-c67bd9d3ac66%2F0248e605-1060-4e0e-a06d-4eef7d1277ef%2Frmi7uk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10
You are to refer to Kate Minimart operation below:
Kate operates a minimart store located in a private estate. She invested
$20,000 of her own funds and took an additional $10,000 bank loan to pay
for the renovation and store fittings totaled $22,000, balance funds to use
for operation needs.
(ii)
Kate paid a monthly rent of $5,000 for the store. The minimart sells a
variety of goods estimated a total worth of $10,000. All sales are on cash
basis amounting to about $12,000 to $14,000 each month. Kate is at a loss
how to prepare the accounts for her business.
You will perform the following:
(1)
6
Select an accounting principle and explain how it can be applied to
Kate Minimart.
2
Perform research on the assets of the operation above.
it should include:
Description of the assets
2 examples of accounts included under the assets
1 transaction that increases and 1 transaction that decreases the
assets
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