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Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 17E: Investing Activities and Depreciable Assets Verlando Company had the following account balances and...
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Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Ledgers are as follows in the books of Mr. O:- Cash Date 25,000 02-Nov Office Equipment 1.400 08-Nov Insurance Expenses 750 10-Nov Accounts Payable 400 25-NovAccounts Payable 900 28-Nov Withdrawal 30-Nov Salaries & Wages Expenses 30-Nov Rent Expenses |30-Nov Closing Balance Date Accounts Title Debit Accounts Title Credit 01-Nov Capital 05-Nov Service Revenue 07-Nov Service Revenue 20-Nov Accounts Receivables 23-Nov Accounts Receivables 7,000 1,200 500 Accounts Receivables 300 Date Accounts Title Accounts Title 07-Nov Serivce Revenue 30-Nov Closing Balance Debit Date 1,250 20-Nov Cash 50 23-Nov Cash 1,600 400 900 1,200 500 1,300 1,300 16,150 Insurance Expenses Debit Date 1,200 30-Nov Closing Balance Accounts Title Accounts Title Date 08-Nov Cash Credit 1,200 28,450 28,450 Accounts Title 30-Nov Closing Balance Саpital Date 25,000 01-Nov Cash Advertisement Expenses Debit Date Accounts Title 300 30-Nov Closing Balance Date Debit Accounts Title Credit Date Accounts Title 15-Nov Accounts payable Credit 25,000 300 25,000 25,000 Salaries & Wages Expenses Debit Date 350 30-Nov Closing Balance 1,200 Accounts Title Date 17-Nov Salary Payable 30-Nov Cash Accounts Title Credit 1,550 Office Equipment Accounts Title Accounts Title Activate W Debit Date 7,000 30-Nov Closing Balance Date Credit Go to Setting 1,550 1,550 02-Nov Cash 7,000 7,000 7,000 Depreciation Expenses Date 02-Nov Accumulated Depreciation Debit Date Accounts Title 700 30-Nov Closing Balance Accounts Title Credit Withdrawal Debit Date 1,600 30-Nov Closing Balance 700 Accounts Title Accounts Title Credit Date 28-Nov Cash 1,600 Accumulated Depreciation-Office Equipment Accounts Title 700 02-Nov Depreciation Expenses Electricity Expenses Debit Date 150 30-Nov Closing Balance Date Accounts Title Debit Date Credit Date Accounts Title Accounts Title Credit 30-Nov Closing Balance 700 29-Nov Accounts Payable 150 Rent Expenses Debit Date 500 30-Nov Closing Balance Date Accounts Title Accounts Title Credit 30-Nov Cash 500 Supplies paper Debit Date 1,100 30-Nov Closing Balance Accounts Title Accounts Title Date 03-Nov Accounts Payable Credit 1,100 Accounts Payables Accounts Title Date 10-Nov Cash 25-Nov Cash 30-Nov Closing Balance Date 500 03-Nov Supplies-Papers 300 15-NovAdvertisement Expenses 750 29-NovElectricity Expenses Debit Accounts Title Credit 1,100 300 150 1,550 1,550 Service Revenue Date Accounts Title Debit Date Accounts Title Credit 3,400 05-Nov Cash 07-Nov Cash 30-Nov Closing Balance 1,400 750 07-Nov Accounts Receivables 1,250 3,400 3,400
Transcribed Image Text:Ledgers are as follows in the books of Mr. O:- Cash Date 25,000 02-Nov Office Equipment 1.400 08-Nov Insurance Expenses 750 10-Nov Accounts Payable 400 25-NovAccounts Payable 900 28-Nov Withdrawal 30-Nov Salaries & Wages Expenses 30-Nov Rent Expenses |30-Nov Closing Balance Date Accounts Title Debit Accounts Title Credit 01-Nov Capital 05-Nov Service Revenue 07-Nov Service Revenue 20-Nov Accounts Receivables 23-Nov Accounts Receivables 7,000 1,200 500 Accounts Receivables 300 Date Accounts Title Accounts Title 07-Nov Serivce Revenue 30-Nov Closing Balance Debit Date 1,250 20-Nov Cash 50 23-Nov Cash 1,600 400 900 1,200 500 1,300 1,300 16,150 Insurance Expenses Debit Date 1,200 30-Nov Closing Balance Accounts Title Accounts Title Date 08-Nov Cash Credit 1,200 28,450 28,450 Accounts Title 30-Nov Closing Balance Саpital Date 25,000 01-Nov Cash Advertisement Expenses Debit Date Accounts Title 300 30-Nov Closing Balance Date Debit Accounts Title Credit Date Accounts Title 15-Nov Accounts payable Credit 25,000 300 25,000 25,000 Salaries & Wages Expenses Debit Date 350 30-Nov Closing Balance 1,200 Accounts Title Date 17-Nov Salary Payable 30-Nov Cash Accounts Title Credit 1,550 Office Equipment Accounts Title Accounts Title Activate W Debit Date 7,000 30-Nov Closing Balance Date Credit Go to Setting 1,550 1,550 02-Nov Cash 7,000 7,000 7,000 Depreciation Expenses Date 02-Nov Accumulated Depreciation Debit Date Accounts Title 700 30-Nov Closing Balance Accounts Title Credit Withdrawal Debit Date 1,600 30-Nov Closing Balance 700 Accounts Title Accounts Title Credit Date 28-Nov Cash 1,600 Accumulated Depreciation-Office Equipment Accounts Title 700 02-Nov Depreciation Expenses Electricity Expenses Debit Date 150 30-Nov Closing Balance Date Accounts Title Debit Date Credit Date Accounts Title Accounts Title Credit 30-Nov Closing Balance 700 29-Nov Accounts Payable 150 Rent Expenses Debit Date 500 30-Nov Closing Balance Date Accounts Title Accounts Title Credit 30-Nov Cash 500 Supplies paper Debit Date 1,100 30-Nov Closing Balance Accounts Title Accounts Title Date 03-Nov Accounts Payable Credit 1,100 Accounts Payables Accounts Title Date 10-Nov Cash 25-Nov Cash 30-Nov Closing Balance Date 500 03-Nov Supplies-Papers 300 15-NovAdvertisement Expenses 750 29-NovElectricity Expenses Debit Accounts Title Credit 1,100 300 150 1,550 1,550 Service Revenue Date Accounts Title Debit Date Accounts Title Credit 3,400 05-Nov Cash 07-Nov Cash 30-Nov Closing Balance 1,400 750 07-Nov Accounts Receivables 1,250 3,400 3,400
Journal entries in the books of Mr. O company for November 2020:- Date Accounts title and explanation Ref. Debit Credit 01-Nov Cash 25,000 Сapital (Being Capital investment recorded) 25.000 02-Nov Office Equipment |Cash (Being office equipment purchased recorded) 7,000 7,000 02-Nov Depreciation Expenses (OMR 7,000/10 years) Accumulated Depreciation-Office Equipment 700 700 (Being Depreciation recorded in books) 03-Nov Supplies-Papers Accounts Payable |(Being Supplies purchased on credit) 1100 1100 05-Nov Cash 1,400 Service Revenue 1,400 (Being cash received from service rendered) 07-Nov Cash Accounts Receivables Service Revenue 750 1,250 2,000 (Being some received cash and some on account for service rendered) 08-Nov Insurance Expenses Cash (Being insurance policy purchased) 1,200 1,200 10-Nov Accounts Payable 500 Cash (Being Partial payment made for supplies purchased) 500 15-Nov Advertising Expenses Accounts Payable (Being Advertising expenses recorded on credit) 300 300 17-Nov Salaries 350 Salary Payable 350 (Being Salary payable recorded) 20-Nov Cash 400 Accounts Receivables (Boing amount recoivod from dobtors) 400 23-Nov Cash 900 Accounts Receivables (Being amount received from debtors) 900 25-Nov Accounts Payable 300 Cash (Being advertisement bill has paid recorded) 300 28-Nov Withdrawal 1,600 Cash (Being withdrawal for personal use) 1,600 29-Nov Electricity Expenses Accounts Payable 150 150 (Being electricity bill has received) 30-Nov Salaries and wages Expenses 1,200 Cash (Being salaries paid in cash) 1,200 30-Nov Rent Expenses 500tivatendov |Cash Being Rent paid in cash) GOLO SetLings lo acli
Transcribed Image Text:Journal entries in the books of Mr. O company for November 2020:- Date Accounts title and explanation Ref. Debit Credit 01-Nov Cash 25,000 Сapital (Being Capital investment recorded) 25.000 02-Nov Office Equipment |Cash (Being office equipment purchased recorded) 7,000 7,000 02-Nov Depreciation Expenses (OMR 7,000/10 years) Accumulated Depreciation-Office Equipment 700 700 (Being Depreciation recorded in books) 03-Nov Supplies-Papers Accounts Payable |(Being Supplies purchased on credit) 1100 1100 05-Nov Cash 1,400 Service Revenue 1,400 (Being cash received from service rendered) 07-Nov Cash Accounts Receivables Service Revenue 750 1,250 2,000 (Being some received cash and some on account for service rendered) 08-Nov Insurance Expenses Cash (Being insurance policy purchased) 1,200 1,200 10-Nov Accounts Payable 500 Cash (Being Partial payment made for supplies purchased) 500 15-Nov Advertising Expenses Accounts Payable (Being Advertising expenses recorded on credit) 300 300 17-Nov Salaries 350 Salary Payable 350 (Being Salary payable recorded) 20-Nov Cash 400 Accounts Receivables (Boing amount recoivod from dobtors) 400 23-Nov Cash 900 Accounts Receivables (Being amount received from debtors) 900 25-Nov Accounts Payable 300 Cash (Being advertisement bill has paid recorded) 300 28-Nov Withdrawal 1,600 Cash (Being withdrawal for personal use) 1,600 29-Nov Electricity Expenses Accounts Payable 150 150 (Being electricity bill has received) 30-Nov Salaries and wages Expenses 1,200 Cash (Being salaries paid in cash) 1,200 30-Nov Rent Expenses 500tivatendov |Cash Being Rent paid in cash) GOLO SetLings lo acli
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