ACC202: Question 1 At the start of 2021, Henry opened an Interior Design Business The following were Transactions: Financial and Managerial Accounting Assignment, SUSS, Singapore

Submit your homework question & Get Plagiarism free Answers.

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 high-quality essays & assignment writing as per particular university, high school or college by Singapore Writers

Get Help By Expert

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.

Hire An Assignment Writer

Add More