Principles of Financial Accounting

Practice Quiz

Instructions:
1 Please ensure that you state your section, full name, and student ID in the yellow space pro

2 Please answer all the questions using the drop down menu provided within each sheet.

3 If you need to do rough work, please use the ROUGH WORK area provided. DO NOT type a

4 Please ensure that you name the excel file after the Serial Number allocated to you, i.e., 4,

5 Upload the solution on LMS by the allocated deadline.

6 Solution received after the deadline will be graded F-Fail. No excuses for late submission w

Section
Name
ID
dent ID in the yellow space provided below.

rovided within each sheet.

area provided. DO NOT type anywhere on the sheet except for in the rough work area provided with each question.

umber allocated to you, i.e., 4, if the serial number allocated to you is. Not following this instruction will result in receiving -1.

excuses for late submission will be entertained.

ch question.

result in receiving -1.

Question 1
Jason Brown opened a brokerage office, Jason’s Brokerage House., on August 1, 2018. On August 3
showed Cash £4,000, Accounts Receivable £3,950, Supplies £1,000, Equipment £6,500, Accounts P
£8,250, and Retained Earnings £1,000. During September, the following transactions occurred.

1.      Collected £1,800 of accounts receivable due from clients.

2.      Paid £1,300 cash for accounts payable due.
3.      Recognized revenue of £8,100 of which £4,000 is collected in cash and the balance is due
4.      Purchased additional office equipment for £1,000, paying £600 in cash and the balance on
5.      Paid salaries £2,000, rent for September £900, and advertising expenses £450.
6.      Declared and paid a £500 cash dividend.
7.      Received £3,000 from Standard Federal Bank; the money was borrowed on a 4-month not
8.      Incurred utility expenses for month on account £300.

Required
a)      Prepare a tabular analysis of the August transactions beginning with July 31 balances.
Marks
Question 1 - (a) Analyzing accounting transactions
Choose account names from the drop down menu in the white section and figures from the drop down menu i

Show the effect of all transactions on accounting equation

Tr # Assets = Capital + Revenue -
2 1
1
1
1
1
1
2 2
2
2
2
2
2
3 3
3
3
3
3
3
3 4
4
4
4
4
4
4 5
5
5
5
5
5
2 6
6
6
6
6
6
2 7
7
7
7
7
 7
2 8
8
8
8
8
8
20
figures from the drop down menu in the yellow section below.

Expenses - Dividend + Liabilities Rough Work

Rough Work