ACC101_Principles of Accounting

Class:

Participants:

1.

2.

3.

Group Assignment
Giving MPS company's normal balance On December 1th- 2022 as follows:
Unit: Thousand USD

Accounts Debit Credit

No
1 Cash 120,000  

2 Accounts Receivable 13,210  

3 Prepaid insurance 2,600  

4 Prepaid Rent 3,200  

5 Office equipment 9,870  

6 Merchandise Inventories 14,500  

7 Machineries 40,980  

8 Building 90,000  

9 Note receivable 1,000  

10 Accumulated Depreciation   8,650

11 Allowance for Doubtful Accounts   1,200

12 Accounts payable   3,900

13 Rent payable   9,000

14 Note payable   3,120

15 Withdrawals 3,500  

16 Rent revenue received in advance   6,900

17 Salaries payable   24,500

18 VAT (Value-Added Tax) payable   11,000

19 Input VAT 4,600  

20 Sales   190,000

21 Fees earned   2,100

22 Rent revenue   48,650

23 Sales discounts 3,500  

24 Sales allowances 5,189  

25 Salaries expense 10,000  

26 Rent expense 1,080  

27 Utilities Expense 1,250  

28 Supplies expense 980  

29 Insurance Expense 900  

30 Interest revenue   500

31 Interest expense 760  

32 Depreciation Expense 8,650  

33 Advertising expense 1,100  

34 Cost of goods sold 89,000  

35 Bad Debts expense 1,200  

36 Miscellaneous expense 240  

37 Contributed Capital   117,789

 Total 427,309 427,309

Request
1. Give 2 transactions that increase and decrease assets with a specific amount
and prepare entry to record (1 point)
2. Give 2 transactions that increase and decrease source of capital with a specific
amount and prepare entry torecord (1 point)

3. Give 2 transactions that increase assets and source of capital with a specific
amount and prepare entry to record (1 point)

4. Give 2 transactions that decrease assets and source of capital with a specific
amount and prepare entry to record (1 point)

5. Give 1 transaction about sales on credit and 1 transaction about sales by cash
with a specific COGS and prepare entry to record. (1 point)

6. Give 1 transaction about sales return related to the request 5 (0,5 point)

7. Give 2 transactions about expense (1 point)

8. Prepare adjusted amounts after doing request 1,2,3,4,5,6,7 (0,5 point)
9. Perform period-end closing entries (0,5 point)
10. Prepare multiple-step income statement (1 points)
11. Prepare statement of changes in Owner’s Equity (0,5 point)
12. Prepare balance sheet (clearly identify assets, liabilities and equity) (1 points)
Note: source of capital include liability and equity

Instructions
1/ Give 2 transactions that increase and decrease assets with a specific amount
and prepare entry to record
1a. Purchase Machineries for Cash: Xuan Hoa company pays $2.000 cash for machineries
Dr Machineries: $2.000

Cr Cash: $2.000

1b.

2/ Give 2 transactions that increase and decrease source of capital with a specific
amount and prepare entry torecord

2a. Short-term loan to repay for sellers: $1.500

Dr Accounts payable: $1.500

Cr Short-term loan: $1.500

2b.

3/ Give 2 transactions that increase assets and source of capital with a specific
amount and prepare entry to record

3a. Receive investment by Owner: Xuan Hoa company receives $30.000 cash from an owner
contribution.

Dr Cash: $30.000

Cr Contributed Capital: $30.000

3b.

4/ Give 2 transactions that decrease assets and source of capital with a specific
amount and prepare entry to record
4a. Purchase Supplies for Cash: Xuan Hoa company pays $400 cash for supplies

Dr Accounts payable: $400

Cr Cash: $400

4b.

Yêu cầu 5,6,7 làm tương tự

8/ Sau khi thực hiện xong yêu cầu 1,2,3,4,5,6,7 thì các em lập 1 bảng và ghi rõ
các account nào thay đổi so với bảng cô cho ở đề bài
Ví dụ
 Unadjusted Adjustment Adjusted
Account
Debit Credit Debit Credit Debit Credit

(1a) 2.000

(3a) (4a) 400

Cash 120.000 30.000 147.600

……….

Short-term loan 0 1.500 1.500

………..

Total

Các yêu cầu còn lại thực hiện dựa theo yêu cầu 8, mục Adjusted.

Note:
1. Không được lấy ví dụ trùng với ví dụ giảng viên đã đưa ở trên.
2. Làm trên file excel, khi thuyết trình chỉ cần chiếu file excel là được.
3. Các bài sao chép, giống nhau sẽ không được tính điểm phần sao chép dó.