Full Example for Accounting Cycle

Accounting Cycle for Service Company Question ABC Company is Service Company. Below are accounting transactions of ABC Company for closing monthly financial statements. Please read them carefully. Date of November Financial Transactions Amount ($) 1 ABC commenced business with cash………………… 100,000 4 ABC bought furniture paid by cash………………. 36,000 6 ABC provides service on credit to CBB, Customer……… 10,000 7

Full Example of Accounting Cycle for Merchandising Company ABC Company is merchandising company. Below are accounting transactions for ABC Company. Nov. Financial Transactions Amount ($) 1.     ABC commenced business with cash………………… 2.    ABC Purchased goods on credit from SYZ, Supplier 4.    ABC Sold goods on credit to CBB, Customer……… 5.     ABC Purchased goods on cash from SKL, Supplier.. 6.     ABC