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CH 1 Assignment # 1

This document outlines Homework Assignment #1 for the ACC101 Principles of Accounting course, focusing on analyzing transactions and preparing unadjusted financial statements. Students are required to individually complete the assignment by March 15, 2024, involving a series of transactions for Holiday Travel Agency Ltd. The assignment includes preparing a tabular analysis of the transactions and calculating net income or loss for April.

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49 views5 pages

CH 1 Assignment # 1

This document outlines Homework Assignment #1 for the ACC101 Principles of Accounting course, focusing on analyzing transactions and preparing unadjusted financial statements. Students are required to individually complete the assignment by March 15, 2024, involving a series of transactions for Holiday Travel Agency Ltd. The assignment includes preparing a tabular analysis of the transactions and calculating net income or loss for April.

Uploaded by

tbhncgj6mj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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HOMEWORK ASSIGNMENTS

Department of International Accounting


Principles of Accounting 1
Course No ACC101
Fall Semester 2023-2024

Assignment #1

ACC 101 Principles of Accounting – Fall Semester 2024


Sections 001 Dr. Osama - Homework Assignment #1 - Chapter 1
Analyzing Transactions and Preparing Unadjusted Financial Statements

Last Date for Submission 15th March 2024


You are required to work in this assignment individually. Any suspicious activities or cheating will
result zero grade in this assignment.
You may use the working papers designed for Problem 1-1A and 1-2A in solving this problem.

P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following trans-actions were completed during
the month.
1- Shareholders invested €12,000 cash in the business in exchange for ordinary shares.
2- Paid €400 cash for April office rent.
3- Purchased office equipment for €5,500 cash.
4- Incurred €300 of advertising costs in a local newspaper, on account.
5- Paid €600 cash for office supplies.
6- Performed services worth €8,500: €2,000 cash is received from customers, and the balance of €6,500 is billed to
customers on account.
7- Declared and paid a €200 cash dividend.
8- Paid the local newspaper amount due in transaction (4).
9- Paid employees’ salaries €2,200.
10- Received €5,700 in cash from customers billed previously in transaction (6).

Instructions
Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies,
Equipment, Accounts Payable, Share Capital, and Retained Earnings (with separate columns for Revenues, Expenses, and
Divi-dends). Include margin explanation for any changes in Retained Earnings.
From an analysis of the Retained Earnings columns, compute the net income or net loss for April

Answer:
Ending cash €10,500
Net income €5,600
(a) HOLIDAY TRAVEL AGENCY LTD.
Equity
Accounts Accounts Share Retained Earnings
Cash + Receivable + Supplies + Equipment = Payable + Capital + Revenues – Expenses – Dividends

PROBLEM 1-1B

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