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Third Assignment
PRINCIPLES OF ACCOUNTING
ACCT 101
Last Date for SubmissionOctober 31, 2015

You
are required to work in this assignment individually. Any suspicious activities
or cheating will result zero grade in this
assignment.
Assignment
is of 03 marks.
Adhere
to the last date of an assignment.

Essay
Questions
1. Identify
the differences between accrual accounting and cash basis accounting.
2. How
is the profit margin calculated? Discuss its use in analyzing a company’s
performance.
3. What
is the purpose of closing entries? Describe the closing process.
Short Answer
Questions
1. On December 14 Bench Company
received $3,700 cash for consulting services that will be performed in January.
Bench records all such prepayments in a liability account. Prepare a general
journal entry to record the $3,700 cash receipt.
2. Complete
the following by filling in the blanks:
(1) The Prepaid Insurance account had a $455 debit balance at the beginning of
the current year; $650 of insurance premiums were paid during the year; and the
year-end balance sheet showed $420 of prepaid insurance; consequently, the
income statement for the year must have shown $______________ of insurance
expense.
3. Barnes
Company has 20 employees who are each paid $80 per day for a 5-day workweek.
The employees are paid each Friday. This year the accounting period ends on
Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes
Company should make to accrue salaries.

Third Assignment
PRINCIPLES OF ACCOUNTING
ACCT 101
Last Date for SubmissionOctober 31, 2015

You
are required to work in this assignment individually. Any suspicious activities
or cheating will result zero grade in this
assignment.
Assignment
is of 03 marks.
Adhere
to the last date of an assignment.

Essay
Questions
1. Identify
the differences between accrual accounting and cash basis accounting.
2. How
is the profit margin calculated? Discuss its use in analyzing a company’s
performance.
3. What
is the purpose of closing entries? Describe the closing process.
Short Answer
Questions
1. On December 14 Bench Company
received $3,700 cash for consulting services that will be performed in January.
Bench records all such prepayments in a liability account. Prepare a general
journal entry to record the $3,700 cash receipt.
2. Complete
the following by filling in the blanks:
(1) The Prepaid Insurance account had a $455 debit balance at the beginning of
the current year; $650 of insurance premiums were paid during the year; and the
year-end balance sheet showed $420 of prepaid insurance; consequently, the
income statement for the year must have shown $______________ of insurance
expense.
3. Barnes
Company has 20 employees who are each paid $80 per day for a 5-day workweek.
The employees are paid each Friday. This year the accounting period ends on
Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes
Company should make to accrue salaries.

Third Assignment
PRINCIPLES OF ACCOUNTING
ACCT 101
Last Date for SubmissionOctober 31, 2015

You
are required to work in this assignment individually. Any suspicious activities
or cheating will result zero grade in this
assignment.
Assignment
is of 03 marks.
Adhere
to the last date of an assignment.

Essay
Questions
1. Identify
the differences between accrual accounting and cash basis accounting.
2. How
is the profit margin calculated? Discuss its use in analyzing a company’s
performance.
3. What
is the purpose of closing entries? Describe the closing process.
Short Answer
Questions
1. On December 14 Bench Company
received $3,700 cash for consulting services that will be performed in January.
Bench records all such prepayments in a liability account. Prepare a general
journal entry to record the $3,700 cash receipt.
2. Complete
the following by filling in the blanks:
(1) The Prepaid Insurance account had a $455 debit balance at the beginning of
the current year; $650 of insurance premiums were paid during the year; and the
year-end balance sheet showed $420 of prepaid insurance; consequently, the
income statement for the year must have shown $______________ of insurance
expense.
3. Barnes
Company has 20 employees who are each paid $80 per day for a 5-day workweek.
The employees are paid each Friday. This year the accounting period ends on
Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes
Company should make to accrue salaries.

Third Assignment
PRINCIPLES OF ACCOUNTING
ACCT 101
Last Date for SubmissionOctober 31, 2015




You
are required to work in this assignment individually. Any suspicious activities
or cheating will result zero grade in this
assignment.
Assignment
is of 03 marks.
Adhere
to the last date of an assignment.








Essay
Questions
1. Identify
the differences between accrual accounting and cash basis accounting.
2. How
is the profit margin calculated? Discuss its use in analyzing a company’s
performance.
3. What
is the purpose of closing entries? Describe the closing process.
Short Answer
Questions
1. On December 14 Bench Company
received $3,700 cash for consulting services that will be performed in January.
Bench records all such prepayments in a liability account. Prepare a general
journal entry to record the $3,700 cash receipt.
2. Complete
the following by filling in the blanks:
(1) The Prepaid Insurance account had a $455 debit balance at the beginning of
the current year; $650 of insurance premiums were paid during the year; and the
year-end balance sheet showed $420 of prepaid insurance; consequently, the
income statement for the year must have shown $______________ of insurance
expense.
3. Barnes
Company has 20 employees who are each paid $80 per day for a 5-day workweek.
The employees are paid each Friday. This year the accounting period ends on
Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes
Company should make to accrue salaries.



























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