ACCT 501: FINANCIAL REPORTING Spring 2012

THE AMERICAN UNIVERSITY IN CAIRO Sch ! " #$%in&%%

Name: Marwa ElNashar Student ID: 800112790

Assignment (2)
A !unt Cash Sales Cost of goods sold Common Stock Notes Payable Accounts Receivable ages Expense ages Payable Retained Ea!nings "nvento!y "#$e !% A !unt Assets Revenues Expenses Equity Liabilities Assets Expenses Liabilities Equity Assets

E&er ise (2) Assets Pu!chased invento!y fo! cash Sold invento!y fo! cash Paid the elect!icity bill fo! this month Pu!chased equipment fo! cash Pu!chased equipment on c!edit Received the bill and the goods f!om one of you! supplie!s Paid the bill of the supplie! $he o%ne! %ithd!e% cash f!om the company # # dec!ease # inc!ease inc!ease dec!ease dec!ease 'ia(ilities # # # # inc!ease inc!ease dec!ease # E)uit# # # dec!ease # # # # dec!ease

E&er ise (*) Assets

cash ..*)))

&

Liabilities
bank 0.*)))

'

capital
o%ne!1s account 0)*)))

'

Revenue

# Expenses

Assets
me!chandise cash ()*))) +()*))),

&

Liabilities

'

capital

'

Revenue

# Expenses

Assets
machine cash -*))) +-*))),

&

Liabilities

'

capital

'

Revenue

# Expenses

Assets
me!chandise cash +.*))), /*)))

&

Liabilities

'

capital

'

Revenue
me!chandise sold /*)))

# Expenses
me!chandise cost .*)))

Assets
cash +/*))),

&

Liabilities
bank +/*))),

'

capital

'

Revenue

# Expenses

Assets Cash ( 0 . / ..*))) +()*))), +-*))), /*))) +/*))), -(*))) .)*))) .)*))) *0+000

me!chandise machine ()*))) -*))) +.*))), 3*))) -*)))

& Liabilities bank 0.*)))

' Capital 2%ne!s Account 0)*)))

'

Revenue sold me!chandise

Expenses me!chandise cost

/*))) +/*))), (4*))) 0)*))) (4*))) -4*))) *0+000 0)*))) /*))) ())) ()))

.*))) .*)))