Q1- Provide an example of each title here and then record the journal entries. Following the first given answer.

1-Providing consulting services receiving cash. Given answer: Aziz company provides consulting service and receives 1,000 cash. Cash. 1,000 Consulting Revenue. 1,000

2-Investment by an owner.

3-Purchasing equipment for cash.

4-Purchasing supplies on credit.

5-Borrowing money from a bank.

6-Paying investors their shares of dividends.

Q2- Pick two principles or assumptions of accounting and briefly explain it with an example.

Q3- On your own words, explain the purpose and the importance of the following statements:

1- Income Statement

2- balance sheet