*(Element: Asset, Liability, Revenue, Expense, Equity) **(a link explaining this method of referencing is available on the ACCT1008 Legrnonline site under the "Subject Essentials" block) REQUIRED: Please write a letter in your own words, using the Harvard** referencing system wherever appropriate addressing the queries raised by Sabra Ong (the client). Sabra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 31" October (see question 2). When ŞSabra discussed this transaction with her friend Jed Skee, he told her that she should debit the account "Accounts Payable" but she does not know why and is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element that was debited on the 31“ of October. Ensure you explain why the account was debited. Up to an additional 2 marks will be awarded for following the formatting requirements below. Formatting hints: • Date your letter the 4h of November 2020 • Address your letter to Sahra Ong, "Vacation', a Lane Court, Pt Shortz, SA 5111 • Any formal business letter format is acceptable (a template has not been provided - students are expected to research business letter formats themselves). • Set out your letter with subheadings to separate each part of your letter as you address the criteria required. Consider an appropriate way to begin and end your letter (consider the context of the letter). • The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. • No specific word count is prescribed. However, given the nature of the question, it would be expected that the entire letter (including address and sign-off) should require no more than a full page.
*(Element: Asset, Liability, Revenue, Expense, Equity) **(a link explaining this method of referencing is available on the ACCT1008 Legrnonline site under the "Subject Essentials" block) REQUIRED: Please write a letter in your own words, using the Harvard** referencing system wherever appropriate addressing the queries raised by Sabra Ong (the client). Sabra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 31" October (see question 2). When ŞSabra discussed this transaction with her friend Jed Skee, he told her that she should debit the account "Accounts Payable" but she does not know why and is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element that was debited on the 31“ of October. Ensure you explain why the account was debited. Up to an additional 2 marks will be awarded for following the formatting requirements below. Formatting hints: • Date your letter the 4h of November 2020 • Address your letter to Sahra Ong, "Vacation', a Lane Court, Pt Shortz, SA 5111 • Any formal business letter format is acceptable (a template has not been provided - students are expected to research business letter formats themselves). • Set out your letter with subheadings to separate each part of your letter as you address the criteria required. Consider an appropriate way to begin and end your letter (consider the context of the letter). • The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. • No specific word count is prescribed. However, given the nature of the question, it would be expected that the entire letter (including address and sign-off) should require no more than a full page.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:*(Element: Asset, Liability, Revenue, Expense, Equity)
**(a link explaining this method of referencing is available on the ACCT1008 Legrnonline site under
the "Subject Essentials" block)
REQUIRED:
Please write a letter in your own words, using the Harvard** referencing system wherever
appropriate addressing the queries raised by Sabra Ong (the client).
Sabra Ong has written to the Managing Partner of the accounting firm you work for as a graduate
accountant because she is confused about a journal entry she prepared on the 31" October (see
question 2). When ŞSabra discussed this transaction with her friend Jed Skee, he told her that she
should debit the account "Accounts Payable" but she does not know why and is a bit embarrassed to
ask her friend to explain.
Explain with reference to the appropriate accounting definition the accounting element
that was debited on the 31“ of October. Ensure you explain why the account was debited.
Up to an additional 2 marks will be awarded for following the formatting requirements below.
Formatting hints:
• Date your letter the 4h of November 2020
• Address your letter to Sahra Ong, "Vacation', a Lane Court, Pt Shortz, SA 5111
• Any formal business letter format is acceptable (a template has not been provided - students are
expected to research business letter formats themselves).
• Set out your letter with subheadings to separate each part of your letter as you address the criteria
required.
Consider an appropriate way to begin and end your letter (consider the context of the letter).
• The use of appropriate language, accounting terminology and reference in your letter to the specific
information presented in the question.
• No specific word count is prescribed. However, given the nature of the question, it would be expected
that the entire letter (including address and sign-off) should require no more than a full page.
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