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Assignment Question 1

This document provides the details of transactions made by Ryerson Computers in April 2020 and instructions for an accounting assignment. Students are asked to: 1) Prepare journal entries for 12 transactions involving the purchase and sale of equipment and supplies, cash receipts and payments, rent and salary expenses. 2) Prepare ledger accounts for 10 accounts including cash, equipment, accounts payable, and various revenue and expense accounts. 3) Prepare a trial balance from the ledger accounts. The assignment is worth 15 marks and must be submitted by December 2, 2020 in PDF format with the student's name and ID.

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Zahidul Islam
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39 views

Assignment Question 1

This document provides the details of transactions made by Ryerson Computers in April 2020 and instructions for an accounting assignment. Students are asked to: 1) Prepare journal entries for 12 transactions involving the purchase and sale of equipment and supplies, cash receipts and payments, rent and salary expenses. 2) Prepare ledger accounts for 10 accounts including cash, equipment, accounts payable, and various revenue and expense accounts. 3) Prepare a trial balance from the ledger accounts. The assignment is worth 15 marks and must be submitted by December 2, 2020 in PDF format with the student's name and ID.

Uploaded by

Zahidul Islam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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United International University

School of Business & Economics


BBA Program, Fall-2020
Assignment-1
Marks : 15
Course Title: Financial Accounting-I, Section –B and C

Assignment Instructions
 The Assignment must be handwritten before being converted into a PDF file.
 The assignment must be submitted in LMS platform.
 The deadline for the submission of this assignment is December 2 ,2020
 You must write your Name, ID, Assignment Serial no. on top of your assignment.

Assignment Question
Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer
equipment and accessories. In April 2020, the following transactions were made:

1. The owner personally borrowed $100,000 from a bank. He invested the money from the
bank in the business.
2. Purchase of Specialized equipment $10,000. 50% of this amount was paid in cash and the
remaining was on credit.
3. Rented an office space for conducting administrative activities. The office will cost
$5000 per month.
4. Purchased office supplies $10,000. No cash was paid for the transaction.
5. Placed an order for computer parts worth $5000 to a local supplier. The supplier will
deliver the parts in May.
6. Made an advertisement in Facebook. The advertisement cost $1000. The entire amount
was settled in cash.
7. Hired 3 employees for the office. Each will be paid $1000 per month.
8. Sold 5 computers for $10,000. 60% of this amount was received in cash and the
remaining on credit.
9. Advance cash of $5000 was received for computer parts to be delivered in June, 2020.
10. One of the equipment’s broke down. The business had to sell it to a scrap dealer. It was
sold for $1000. The cost of the equipment was $1500.
11. The office rent, $5000, was paid in cash. Employees’ salary $3000 incurred and was paid
in cash.
12. 50% of all of the accounts payable due in April was paid in cash.

P.T.0
Ryerson Computers uses the following accounts: Cash, Equipment, Accounts Payable,
Unearned Sales Revenue, Owner’s Capital, Sales Revenue, Supplies, Advertising Expense,
Salaries and Wages Expense, Rent Expense, Loss in sale of equipment.

Required:
1. Prepare Journal entries.
2. Prepare Ledger Accounts.
3. Prepare Trial Balance.

P.T.0

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