principles of accounting 7

Assignment Question(s):(5 Marks)

Q1– Provide an example of each title here and then record the journal entries (2 Marks).

Following is the first given answer.

  • Issuing common stocks for cash

Given answer:

ABC Company Received an investment of 1,000 from the owner .

Jouranl entry:


Common Stock1000

2- Purchasing an equipment for cash.

3- Purchasing goods on credit.

4- Borrowing money from a bank.

5- Paying employees their salaries.

Q2– What types of accounts should be closed at the end of the period? What are the closing processes? (1 Mark).

Q3– . Based on the following trial balance for XYZ company, prepare the income statement (2 Marks).


Partial Trial Balance

December 31



Revenue earned


Supplies expense


Rent expense


Wages expense


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