Assignment: PRINCIPLES OF ACCOUNTING
Q1- Provide an example of each title here and then record the journal entries. Following the first given answer.
1-Providing consulting services receiving cash.
Aziz company provides consulting service and receives 1,000 cash.
Cash. 1,000
Consulting Revenue. 1,000
2-Investment by an owner.
3-Purchasing equipment for cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying investors their shares of dividends.
Q2- Pick two principles or assumptions of accounting and briefly explain it with an example.
Q3- On your own words, explain the purpose and the importance of the following statements:
1- Income Statement
2- balance sheet
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.