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22 comments:

  1. AnonymousFebruary 21, 2011 at 9:00 PM

    its actually an accounting problem..i cant seem to balance it out.could you please help me and explain it thoroughly..i will kindly appreciate it:
    assets=liabilities+owner's equity

    a.)gervais deposited $25,000 in a bank account in the name of the business
    b.)bought a truck from kelly motors for $26,329, paying $8,000 in cash and placing the balance of account
    c.)bought catering equipment on account from Luigi's equipment, $3,795
    d.)paid the rent for the month, $1,255
    e.)bought insurance for the truck for one year, $400
    f.)sold catering sevices for cash for the first half of the month, $3,012
    g.)bought supplies for cash, $185
    h.)sold catering services on account, $4,307
    i.)received and paid the heating bill, $248
    j.)received a bill from GC gas and lube for gas and oil for the truck, $128
    k.)sold catering services for cash for the remainder of the month, $2,649
    l.)gervais withdrew cash for personal use, $1,550
    m.)paid the salary of assistant, $1,150

    ReplyDelete
  2. UnknownFebruary 23, 2011 at 1:28 AM

    Hi I had a really quick question
    Purchased $80 of advertising in this month's local paper on credit; cash payment is due June 1

    But my statement is only for May so would i record this $80 as -$80 under cash, then -$80 on accounts payable?

    Thanks!

    ReplyDelete
  3. Mahmudur Rahman (MHD)February 24, 2011 at 7:33 AM

    Thank you Mr. Paul for your question.

    your adjustment journal will be,

    advertising expense.....Debit $80
    Accrued Advertising expense Credit $80

    the posting of this transaction in Income Statement and Balance Sheet will be,

    Advertising expense will increase by $80 (in Income Statement)

    and Current Liability will increase by accrued advertising expense $80 (in Balance Sheet)

    ReplyDelete
  4. Mahmudur Rahman (MHD)February 24, 2011 at 8:28 AM

    Thank You Mr. Anonymous, for your question.

    The solution for your transactions are given below:

    a) Asset: Bank Deposit will increase by $25000
    Owner's Equity: OE will increase by $25000 (Investment)

    b) Asset: Equipment will increase by $26329.
    Asset: Cash will Decrease by $8000
    Liability: Accounts Payable will increase by $18329.

    c) Asset: Equipment will increase by $3795.
    Liability: Accounts Payable will increase by $3795.

    d) Asset: Cash will decrease by $1255.
    Owner's Equity: OE will Decrease by $1255 (Expense)

    e)Asset: Prepaid Insurance will increase by $400 ( as prepaid for one year)
    Asset: Cash will decrease by $400.

    f) Asset: Cash will increase by $3012.
    Owner's Equity: OE will increase by $3012 (as Service Revenue generated)

    g) Asset: Supplies will increase by $185
    Asset: Cash will decrease by $185.

    h) Asset: Account Receivable will increase by $4307
    Owner's Equity: OE will increase by $4307 ( as Service Revenue generated)

    i) Asset: Cash will decrease by $248
    Owner's Equity: OE will decrease by $248 (as expense incurred and paid)

    j) Liability: Gas & oil Bill Payable will increase by $128
    Owner's Equity: OE will decrease by $128 ( as expense incurred and remains unpaid)

    k) Asset: Cash will increase by $2649
    Owner's Equity: OE will increase by $2649 (as service revenue generated)

    l) Asset: Cash will decrease by $1550
    Owner's Equity: OE will decrease by 1550(as cash withdrawn)

    m) Asset: Cash will decrease by ($1150
    Owner's Equity: OE will decrease by $1150 (as salary expense incurred and paid)

    For further query do not bother to ask, thank you again.

    ReplyDelete
  5. AnonymousApril 4, 2011 at 8:48 AM

    I need ACCA 2011 BPP ebooks. Please help me to search link to download 2011 books, I'll take June 2011 exam. Pleae help me

    You can sell them to me, I need them very much.

    Thank you

    My email: rihschutoan@yahoo.com

    ReplyDelete
  6. Mahmudur Rahman (MHD)April 4, 2011 at 9:39 AM

    Thank you for your request, We'll soon give you the links for ACCA 2011 BPP ebooks. Please be patient, it won't take too long.

    ReplyDelete
  7. AnonymousApril 22, 2011 at 2:45 AM

    The BPP revision kit for f8 is for 2010 exams do you have one for the 2011 papers ?
    It would be great if it was the same for f9. . .

    ReplyDelete
  8. AnonymousMay 1, 2011 at 7:45 PM

    I am Tanin, from Bangladesh.
    I need Kaplan Publishing (CIMA) CMGA Study Text (Selected Chapters of E2+P2+F2).
    Pls help me.
    tanin026@yahoo.com

    ReplyDelete
  9. AnonymousJune 2, 2011 at 4:15 AM

    I need Financial Management by I M Pandey. The link which already given for the book is fake.
    faisalfreeman@yahoo.com

    ReplyDelete
  10. AnonymousJune 15, 2011 at 11:44 AM

    Hi

    Please share these books: or send me the links to prakrutib4u@gmail.com

    1) Redefining Health Care: Creating Value-Based Competition on Results by: Michael E. Porter and Elizabeth Olmsted Teisberg

    2) Science Business: The Promise, the Reality, and the Future of Biotech by: Gary P. Pisano

    Thank you so much.

    ReplyDelete
  11. AnonymousJuly 9, 2011 at 1:50 PM

    I really wanted you to thank for the ebooks.
    I have been searching all the possible website for these books.

    ReplyDelete
  12. Raj.VJuly 11, 2011 at 6:36 AM

    Hi

    Please help me in finding this book it would be of great help.

    1) Strategic Management for Hospitality and Tourism by Fevzi Okumus, Levent Altinay & Prakash Chathoth

    Thank you very much

    ReplyDelete
  13. AnonymousNovember 1, 2011 at 12:15 AM

    I need "Portfolio Management" book by S.Kevin 2e PDF.

    Please upload this book as soon as possible or share me the link or mail me in this mail address: rakibulhasan4@gmail.com

    ReplyDelete
  14. AnonymousDecember 14, 2011 at 11:26 PM

    [Request]

    Principles and Practice of Marketing , 2nd Edition
    Blythe, Jim
    ISBN10: 1-4080-1147-6, ISBN13: 978-1-4080-1147-8
    © 2009 | Paperback | 768 pages

    ReplyDelete
  15. neoDecember 19, 2011 at 11:51 PM

    Hi, I need a assignment on Market Segmentation.........please help me....

    ReplyDelete
  16. Silent DreamsFebruary 15, 2012 at 5:18 AM

    Hi, I need the following books:

    1. Financial Markets and Institutions | By JEFF MADURA | Edition 7th or 8th

    2. Capital Investment and Financial Decisions + Solution | By HAIM LEVY & MARSHALL SARNAT | 5th Edition

    Plz Notify me when upload : iqbal.88marjan@gmail.com

    Thanks

    ReplyDelete
  17. AnonymousFebruary 17, 2012 at 9:43 AM

    Loan Recovery Process of Prime Bank Limited, Bangladesh

    ReplyDelete
  18. hmrayhanMay 13, 2012 at 9:13 PM

    Would you please upload the following in any other file shareing site.

    BAKER LEMBKE KING - Advanced Financial Accounting 6e.zip

    As I have no fileserve premium account I cannot download it but I need it badly and you are my last resort.

    Regards

    Rayhan

    ReplyDelete
  19. AnonymousJune 8, 2012 at 8:15 AM

    I need "The Official Guide for GMAT Review" latest edition

    ReplyDelete
  20. AnonymousJune 8, 2012 at 8:17 AM

    latest bank recruitment test questions and solutions

    ReplyDelete
  21. AnonymousNovember 20, 2012 at 4:42 AM

    Please upload MARKETING intern report of any pharmaceutical company....

    PLZ PLZ PLZ

    ReplyDelete
  22. AnonymousSeptember 11, 2013 at 9:19 PM

    sir kindly send me a copy of cima p1 study text or revision kit or exam questions bank..
    umargee300@gmail.com

    ReplyDelete

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