Q1- Provide an example of each title here and then record the journal entries (2 Marks).

Following is the first given answer.

1. Issuing common stocks for cash

Given answer:

ABC Company Received an investment of 1,000 from the owner .

Jouranl entry:

Cash 1000

Common Stock 1000

2- Purchasing an equipment for cash.

3- Purchasing goods on credit.

4-Borrowing money from a bank.

5-Paying employees their salaries.

Q2- What types of accounts should be closed at the end of the period? What are the closing process? (1 Mark).

Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2 Marks).

XYZ Partial Trial Balance December 31
Dividends	36,000
Revenue earned		72,000
Supplies expense	3,425
Rent expense	6,000
Wages expense	22,000