Questions:

1. You are required to invest start-up capital such as cash, equipment, etc. in the business of buying and selling merchandise.

2. You need to design the source document for the following:

• Merchandise purchase invoice - 1 for cash and 1 for credit
• Merchandise sales invoice - 1 for cash and 1 for credit
• Fixed asset purchase invoice - 1 half cash and half loan
• Office supply purchase invoice - 1 in credit

3. Payment vouchers

• Cash purchase fee - 1
• Credit purchase fee - 1
• Employee salary payment - 1
• Advance insurance payment 1
• Rent prepayment - 1

4. Cash receipt

• Cash sales - 1
• Credit sales 1
• Advance sale 1

*Note: 1 means the number of source documents

5. Adjustment

• Insurance
• Rent
• Advance sale
• Final balance office supply
• Unpaid salary
• Depreciation for fixed assets

6. You are required to provide the following:

• Based on the source of the document you created (refer to no.2, no.3 and no.4) prepare the relevant transactions for ONE MONTH (minimum 15 transactions excluding adjustments)
• Journal the transactions you have made based on No. 1 above.
• Post the journal to the relevant ledger
• Prepare trial balance before adjustment
• Journal for adjustment as in C.
• Prepare Trial Balance after adjustment.
• Prepare:

• Income Statement
• Owner Equity Statement
• Balance sheet

• Closing note
• Trial Balance after closing

  1. You are required to invest start-up capital such as cash, equipment, etc. in the business of buying and selling merchandise.

  2. You need to design the source document for the following:

• Merchandise purchase invoice - 1 for cash and 1 for credit
• Merchandise sales invoice - 1 for cash and 1 for credit
• Fixed asset purchase invoice - 1 half cash and half loan
• Office supply purchase invoice - 1 in credit

• 3. Payment vouchers

• Cash purchase fee - 1
• Credit purchase fee - 1
• Employee salary payment - 1
• Advance insurance payment 1
• Rent prepayment - 1

• 4. Cash receipt

• Cash sales - 1
• Credit sales 1
• Advance sale 1

• *Note: 1 means the number of source documents

  5. Adjustment

• Insurance
• Rent
• Advance sale
• Final balance office supply
• Unpaid salary
• Depreciation for fixed assets

• 6. You are required to provide the following:

• Based on the source of the document you created (refer to no.2, no.3 and no.4) prepare the relevant transactions for ONE MONTH (minimum 15 transactions excluding adjustments)
• Journal the transactions you have made based on No. 1 above.
• Post the journal to the relevant ledger
• Prepare trial balance before adjustment
• Journal for adjustment as in C.
• Prepare Trial Balance after adjustment.
• Prepare:
• Income Statement
• Owner Equity Statement
• Balance sheet
• Closing note
• Trial Balance after closing