FINANCIAL ACCOUNTING I 2021-2022 FIRST SEMESTR HOMEWORK 1. Which of the following items is an asset? a. Owing to bank b. Accounts payable for inventory C. Loan from Ann Shirley 5. Complete the gaps in the following table. Accounts To record Entry in the account Assets An increase A decrease d. Fixtures e. None of them 2. Which of the following items is a liability? a. We owe a supplier for inventory b. Accounts receivable c. Inventory d. Machinery e. Cash at bank 3. J.Winnie firm has $ 1.200 cash at bank, a van for $ 3.000 and an inventory of goods for $ 2.800. Also firm owes $1.000 to a supplier for inventory and firm borrowed $2.000 from D.Smith. What is the amount of the firm's capital? a. 6.000 b. 4.000 C. 10.000 d. 8.000 e. 7.000 4. Complete the gaps in the following table. Assets($) Liabilities An increase A decrease Capital An increase A decrease 6. Draw up R.Kelly's balance sheet from the following information as at 31 December 2011. Account receivable 3.500 Building 1.500 Cash at bank 2.500 Account payable 2.000 Inventory 3.000 9.000 500 Capital Equipment 7. Describe what accounting is? 8. Who are the users of accounting information? 9. Balance-off the following debtor and creditor accounts at the end of the period Liabilities($) Capital ($) K.Johnson(debtor) (1)Sales 300 (15) Returns 100 8.000 (10)Sales 500 (20) Bank 50 10.000 12.000 7.000 15.000 2.000 E.Thomson(creditor) (17) Returns 200 (1) Purchases 400 (22) Cash 50 (1) Purchases 500