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Q1.Hussain decides to open a new services business called ABACO .
1-On January 1, 2018 he invests $ 10,000 cash in the business.
2-ABACO purchases $ 500 supplies from MACRO company on account.
3-ABACO receives $ 1,200 cash from customers for programming services it has provided.
4-ABACO paid cash $ 200 from the local newspaper for advertising expense.
5-ABACO purchases computer equipment for $ 7,000 cash.
6-Ali withdrew $ 600 in cash from the business for his personal use.
Question:
Record the Previous transactions by using accounting equation.
Prepare income statement and Balance sheet.
Q2.Transactions made by Virmari & Co., a public accounting firm, for the month of August, 2018 are shown below.
1. The owner invested $25,000 cash in the business.
2. The company purchased $7,000 of office equipment on account.
3. The company received $8,000 cash in exchange for services performed.
4. The company paid $850 for this month’s rent.
5. The owner withdrew $1,000 cash for personal use.
Required:
Record the transactions by using accounting equation.
Prepare income statement and balance sheet statement
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