Accounting Group Work 2.
Accounting Group Work 2.
Accounting Group Work 2.
Asset Definition
Accounts receivable
Goodwill
Patent
Copyright
Marketable securities
Prepaid insurance
Brand
Trade secrets
Cash
Machinery
Tools
Office Equipment
Land
Building
Cash equivalent
2. Please complete the table below: (2 marks)
Account Debit Credit
Asset Increase Decrease
Liability Decrease Increase
Owner’s equity Decrease Increase
Revenue Decrease Increase
Expenses Increase Decrease
3. Kindly complete the table below with the accounts (Assets, Liabilities, Owner’s Equity, revenue
and Expenses) affected. The first one is completed for you as an example. (3 marks)
No
. Business Transaction Debit Credit
1 Sale for cash Cash Revenue
2 Sale on credit Accounts Receivable Revenue Account
3 Receive cash in payment of an account receivable Cash Account Accounts Receivable
4 Purchase supplies from supplier for cash Expense Account Cash Account
5 Purchase supplies from supplier on credit Expense Account Cash Account
6 Purchase inventory from supplier for cash Inventory Account Cash Account
7 Purchase inventory from supplier on credit Expense Account Accounts Payable Account
Wages expenses and
8 Pay employees payroll tax accounts Cash Account
9 Take out a loan Cash Account Loans Payable Account
10 Repay a loan Loans Payable Account Cash Account
4. Mr. Cloudy Lomo is the sole of Lomo Trading. Lomo Trading is a business which special in trade
store business. Below are Lomo Trading’s business transactions. Kindly analyze the business
transactions below for the month of February 2022 and prepare journal entries of the same. The first
one is done for you as an example. (10 marks)
1 Feb 2022
2 Feb 2022
3 Feb 2022
5 Feb 2022
7 Feb 2022
10 Feb 2022
13 Feb 2022
18 Feb 2022
21 Feb 2022
22 Feb 2022
24 Feb 2022
25 Feb 2022
25 Feb 2022
26 Feb 2022
26 Feb 2022
27 Feb 2022
28 Feb 2022