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Accounting Adjustments

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Question 1: Prepare journal entries to record the above transactions. Explanations are not necessary.

Answer: i. Office supplies expense A/c Dr 450

To Expenses outstanding A/c 450

Being office supplies purchased on account

ii. Accounts receivable A/c Dr 1,500

To Service Revenue A/c 1,500

Being work completed for client on credit

iii. Expenses outstanding A/c Dr 450

To Cash A/c 450

Being outstanding expenses paid off in cash

iv. Cash A/c Dr 800

To Service Revenue A/c 800

Being work completed for client and received in cash

v. Cash A/c Dr 1,500

To Accounts Receivable A/c 1,500

Being accounts receivable collected in cash

vi. Cash A/c Dr 3,000

To Advance Revenue received A/c 3,000

Being advance received for work

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Question 2: Choose two accounting principles and two accounting assumptions and explain them in your word.

Answer: Accounting principles: 

a. Matching Principle: This principle requires recording expenses in the same reporting period in which the revenues were earned as a result of the expenses. It is an attempt at comparing accomplishment with effort. For example, an enterprise recognizes cost of goods sold and sales commission in the same period in which it recognizes the related sales revenue.

b. Realization Principle: Revenue recognition is the process of formally recording revenue in a reporting period. The realization principle requires that revenue be recorded at the time it is earned. Recording sales revenue and unearned sales revenues are a result of the application of the realization principle.

Accounting assumptions:

a. Going Concern: Unless there is substantial evidence to the contrary, accountants assume that the business is a continuing enterprise or a going concern. The going concern assumption justifies an accounting system based on cost. If imminent liquidation were to be assumed, cost would be irrelevant, and assets should be recorded at sale prices.

b. Money Measurement: All business transactions are expressed and recorded in terms of money. If a transaction/ event cannot be measured in monetary terms, it would not find any place in financial accounting.

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Question 3: Explain how accounting adjustments affect financial statements.

Answer: Accounting adjustment are adjustment in books of accounts made to give effect of time periods difference of financial transactions. Accounting adjustments are made before preparing of financial statement. Effect of accounting adjustments on financial statement as follows-

1. Financial statement shows up to date position of a firm because Deferred and accrued transaction also included in financial statement.

2. International framework followed in preparing financial statement.

3. Adjustment entries affects Revenue and Expenses of accounting period of firm .Revenue and Expenditure are major part of financial statement. Adjustment entries shows actual revenue and expenses for a period .

4. Balance sheet show actual value of each item.

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Question 4: Record the entry or entries that Saad Co. must make on October 4th.

Answer: 

Date

Account Titles

Debits

Credits

   

$

$

October 1

Accounts Receivable

5,800

 
 

Sales

 

5,800

October 1

Cost of Gods Sold

4,000

 
 

Merchandise Inventory

 

4,000

October 4

Sales Returns and Allowances

1,500

 
 

Accounts Receivable

 

1,500

October 4

Merchandise Inventory

1,050

 
 

Cost of Goods Sold

 

1,050

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