University | Singapore University of Social Science (SUSS) |
Subject | ACC202: Financial and Managerial Accounting |
Question 1
At the start of 2021, Henry opened an interior design business. The following were transactions related to the business for January 2021:
Jan 1 Henry invested $250,000 in the business.
Jan 1 Paid $30,000 for three month’s rent in advance.
Jan 1 Borrowed $120,000 and signed a three-year 10% p.a. note payable. The interest is payable at the end of each year.
Jan 1 Bought equipment for $48,000 and a motor vehicle (MV) for $130,000.
The equipment is depreciated using the double-declining balance method while the motor vehicle is depreciated using the straight-line method.
Other details include:
Useful Life Residual Value ($)
Equipment 4 years 5,000
MV 10 years 10,000
Jan 5 Bought $5,000 of supplies agreeing to pay by next month.
Jan 15 $1,000 worth of supplies were defective. Henry returned them to the supplier and received full credit for their cost.
Jan 20 Signed a Letter of Intent to buy new equipment costing $88,000. No deposit was made. The new equipment will be delivered in March 2021.
Jan 28 A customer prepaid $28,000 for services to be performed next month.
Jan 31 Paid $1,200 for the miscellaneous expense.
Jan 31 Worker’s salaries of $8,000 have yet to be paid.
Note: No entry was made on the above transactions.
Analyze the above and record the relevant entries for January 2021.
Buy Custom Answer of This Assessment & Raise Your Grades
Have trouble with their tough (ACC202) Financial and Managerial Accounting Assignment?. Or searching for paying someone to do my assignment? if yes then you are at a precise place. at Singapore assignment help you will get surely help on Managerial Accounting Assignment. our academic experts always ready to provide you plagiarism-free solution at a fair price.
Looking for Plagiarism free Answers for your college/ university Assignments.
- ECE210 Advocacy and Collaborations with Families Assignment: Supporting Young Children Through Grief and Family-Centered Partnerships
- ACC707 Accounting and Finance Assignment: Evaluating Investment Decisions, Budgeting Strategies, and Financial Performance Analysis
- NCO201 Learn to Learn, Learn for Life TMA-01: Developing Self-Directed Learning Through the Journey of Mastering Public Speaking
- PSS219 Public Safety and Security in Singapore Group-Based Assignment: Strengthening National Resilience Through Policy Responses from the 2025 Committee of Supply Debate
- MTH240 Engineering Mathematics I Assignment: Heat Transfer, Chemical Balancing, Circuit Analysis, Signal Processing, and Matrix Theory
- Engaging Youth with IBM Skills Build Assignment: Designing Innovative Strategies for Skill Development and Career Growth
- BUS368 Innovation Management and Digital Transformation Assignment: Managing Innovation in Foldable, Trifold, and Stretchable Display Technologies
- BUS366 Assignment: Process Improvement and Recruitment Optimization Using Lean Six Sigma Methodology
- HBC203 Statistics and Data Analysis for the Social and Behavioural Sciences TMA-01: A Comparative Analysis of Workplace Wellbeing Interventions and Their Impact on Employee Productivity
- BCAF003 Business Accounting Assignment: A Comprehensive Study on Bank Reconciliation, Cash Controls, Inventory Valuation, and Financial Analysis