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    Poa HW

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    赵宇哲
    This document contains accounting transactions and journal entries from January 1-31 for an individual named Jack Harrison. It includes opening entry for cash, equipment, and capital. Throughout the month there are entries for expenses, revenue, withdrawals, and adjusting entries. The second part includes explanations of accounts receivable and revenue, their normal balances, and which financial statements they appear on. It also contains adjusting entries and their effects on the financial statements.

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    Poa HW

    Uploaded by

    赵宇哲
    21 views3 pages
    This document contains accounting transactions and journal entries from January 1-31 for an individual named Jack Harrison. It includes opening entry for cash, equipment, and capital. Throughout the month there are entries for expenses, revenue, withdrawals, and adjusting entries. The second part includes explanations of accounts receivable and revenue, their normal balances, and which financial statements they appear on. It also contains adjusting entries and their effects on the financial statements.

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    This document contains accounting transactions and journal entries from January 1-31 for an individual named Jack Harrison. It includes opening entry for cash, equipment, and capital. Throughout the month there are entries for expenses, revenue, withdrawals, and adjusting entries. The second part includes explanations of accounts receivable and revenue, their normal balances, and which financial statements they appear on. It also contains adjusting entries and their effects on the financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    21 views3 pages

    Poa HW

    Uploaded by

    赵宇哲
    This document contains accounting transactions and journal entries from January 1-31 for an individual named Jack Harrison. It includes opening entry for cash, equipment, and capital. Throughout the month there are entries for expenses, revenue, withdrawals, and adjusting entries. The second part includes explanations of accounts receivable and revenue, their normal balances, and which financial statements they appear on. It also contains adjusting entries and their effects on the financial statements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Principles of Accounting I

    Assignment 1
    1010 赵宇哲 2230018095

    Question1

    Part A
    Date Account title and Explanation Debit $ Credit $
    Jan. 1 Cash 40,000
    Office equipment 17,000
    Jack Harrison, Capital 57,000
    Jan. 1 Prepaid rent 3,600
    Cash 3,600
    Jan. 5 Office supplies 3,500
    Cash 3,500
    Jan. 10 Cash 8,000
    Service Revenue 8,000
    Jan. 12 Office equipment 550
    Account Payable 550
    Jan. 15 Cash 2,000
    Account Receivable 4,000
    Service Revenue 6,000
    Jan. 19 Jack Harrison, Withdrew 2,600
    Cash 2,600
    Jan. 23 Cash 4,000
    Account Receivable 4,000
    Jan. 27 Account Payable 550
    Cash 550
    Jan. 31 Utilities Expense 700
    Cash 700

    Cash
    40,000 3,600
    8,000 3,500
    2,000 2,600
    4,000 550
    700
    Balance 43,050
    Part B
    1) Explain the concepts of Accounts Receivable and Revenue
    Accounts receivable refers to the money that a company is owed by its
    customers for goods or services that have been sold on credit but not yet paid
    for.
    Revenue, on the other hand, refers to the income that a company generates
    from the sale of goods or services.

    2) What are the differences between Accounts Receivable and Revenue in terms of
    normal balance?
    The key difference between Accounts Receivable and Revenue is that
    Accounts Receivable is an asset account with a debit normal balance that
    represents the amount of money owed to a company by its customers, while
    Revenue is an income account with a credit normal balance that represents the
    total amount of money earned by a company from its sales of goods or services.

    3) Accounts Receivable and Revenue are recorded on which financial statement(s)?


    Accounts Receivable is recorded on the balance sheet.
    Revenue is recorded on income statement.

    4) What is the time period of the financial statement(s) identified in 3) above?


    Balance sheet is prepared as of a point in time. Income statement is prepared
    for a period of time.

    Question2
    Part A
    Adjustment a) Dr. Cr.
    Insurance Expense 480
    Prepaid Insurance 480

    Adjustment b) Dr. Cr.


    Unearned Service Revenue 6,400
    Service Revenue 6,400

    Adjustment c) Dr. Cr.


    Unearned Consulting Revenue 8,000
    Consulting Revenue 8,000

    Adjustment d) Dr. Cr.


    Interest Expense 860
    Unrecorded Accrued interest 860

    Adjustment f) Dr. Cr.


    Salary Expense 1,580
    Salary Payable 1,580

    Adjustment g) Dr. Cr.


    Depreciation Expense 4,920
    Accumulated Depreciation - Equipment 4,920

    Adjustment f) Dr. Cr.


    Supply Expense 880
    Supply 880

    Part B
    Effects on Financial Statements before
    Type of Adjustment Adjustment
    1. Unearned Revenue Liability overstated; Net Profit understated
    2. Prepaid insurance Assets overstated; Net Loss understated
    3. Salary Payable Liability understated; Expense understated
    4. Unearned Services Revenue Asset understated; Revenue understated

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