Financial Accounting

Assignment 1 (Chapter 1&2)

Prepared by
Abraam Fahmy & Amany Fayek
 M1-1
(1)-(B)

(2)-(D)

(3)-(A)

(4)-(C)

(5)-(C)

(6)-(D)

(7)-(A)

(8)-(D)p

E1-2
(1)-(A)

(2)-(A)

(3)-(R)

(4)-(L)

(5)-(L)

(6)-(SE)

(7)-(E)

(8)-(E)

(9)-(E)

(10)-(L)

(11)-(A)

(12)-(A)

(13)-(L)

(14)-(A)

(15)-(E)
 E2-1

1-E

2-F

3-B

4-P

5-L

6-M

7-S

8-H

9-I

10-Q

11-O

12-A

13-C

14-W

15-D

16-J

17-N

18-U

19-T

20-R
 E2-2
1-

a- Cash (A), Received – Contributed Capital (SE), Given.

b- Cash (A), Given – Equipment (A), Received.
c- Nothing, it is a PO.
d- Equipment (A), Received – Note Payable (L), Received.
e- Cash (A), Given – Equipment (A), Received.
f- Cash (A), Given – Intangibles (A), Received.
g- Cash (A), Given – Retained Earnings (SE), Received.
h- Cash (A), Given – Land (A), Received.
i- Intangibles (A), Received - Cash (A), Given - Note Payable (L), Received.
j- Nothing, it is for personal use.
k- Investments (A), Received – Cash (A), Given.
l- Cash (A), Received - Note Payable (L), Received.
m- Cash (A), Given - Note Payable (L), Given.

2-

18,000 & 50,000 & Historical Cost Principle.

3-

Duality of effects & Separate entity

 E2-12
Date Account Title Ref Debit Credit
(in million euros)

Retained Earnings (SE) c 694

Cash (A) c 694

Cash (A) d 2,655

Note Payable (L) d 2,655

Cash (A) e 285

Equipment (A) e 285

Equipment (A) f 1,255

Cash (A) f 970
Note Payable (L) f 385

Investments (A) g 2,220

Cash (A) g 2,220

a. Dividends not yet paid - No Duality of Effects.

b. PO without receiving equipment - No Duality of Effects.
 P2-1
1- CL, Credit.
2- CA, Debit.
3- SE, Credit.
4- NCA, Debit.
5- CL, Credit.
6- NCL, Credit.
7- CA, Debit.
8- NCA, Debit.
9- SE, Credit.
10- CA, Debit.
11- NCA, Debit.
12- CA, Debit.
13- CL, Credit.
14- NCA, Debit.