Global Advanced Bachelor of Business Administration ACCT 211: Principles of Accounting I ASSIGNMENT 1

ACCT 211: PRINCIPLES OF ACCOUNTING I

Assignment No.1
Imagine you just opened a business in March 1st, 2012. You invested your own capital of 100,000,000 VND. 1. Elaborate on your business. What is the name of your company, your

product/serviceetc 2. In March, you have the following business transactions: Investment of owners capital Purchase of equipment and or supplies on account Payment of 3 months prepaid rent Payment of 1 year prepaid insurance Customer(s) paid in advance for future delivery of services or product Customer(s) paid cash at time of purchase or when you performed services Customer(s) paid on account at time of purchase or when you performed services and paid off the rest at the end of the month Payment of utilities for the first month of operation Payment of half month salary expenses

A. Explain and journalize each transaction B. Post the journal entries to the appropriate T-accounts C. Prepare the trial balance of your company for the month ended March 31st, 2012 3. Journalize all necessary adjusting entries for the month ended March 31st, 2012 and prepare the adjusted trial balance Hint: consider the following adjustment Depreciation of equipment Usage of supplies and prepaid rent, insurance Unrecorded revenue and expenses

4. Journalize all necessary closing entries at March 31st, 2012 5. Prepare the income statement, the statement of owners equity, and the classified balance sheet for the month of March, 2012 Requirements: Hand-in a hard copy of your assignment before class on April 10th, 2012. Late submission will be penalized (2 points for each day you are late). Copy of other classmate materials is considered plagiarism and cheating, and will be seriously penalized (grade will be divided by the number of copies)

Global Advanced

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