Providing consulting services receiving cash
Q1- Provide an example of each title here and then record the journal entries. Following the first given answer.
1-Providing consulting services receiving cash.
Aziz company provides consulting service and receives 1,000 cash.
Consulting Revenue. 1,000
2-Investment by an owner.
3-Purchasing equipment for cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying investors their shares of dividends.
Q2- Pick two principles or assumptions of accounting and briefly explain it with an example.
Q3- On your own words, explain the purpose and the importance of the following statements:
1- Income Statement
2- balance sheet