individual assignment topic springbox

I.Introduce of the company:1.The name- Springbox is a renowned and trusted name in the stationery industry, offeringa wide range of high-quality products to meet the diverse needs of ind

Individual Assignment – Guideline

ACC101 – Fundamental of Accounting Principles

INDIVIDUAL ASSIGNMENT

TOPIC: Springbox Course: ACC101

(%)

TABLE OF CONTENT I.Introduce of the company

1.The name

2.The product

II.Accounting reports

3.Transaction and source document

4.The Accounting Equation

5.General Journal

6.Trial Balance

7.Income Statement

8.Owner Equity

9.Balance Sheet

III Conclusion

10.To review and give the evaluation

I.Introduce of the company:

1.The name

Springbox

- Springbox is a renowned and trusted name in the stationery industry, offering

a wide range of high-quality products to meet the diverse needs of individuals, students, professionals, and businesses With a commitment to excellence and a passion for creativity, Springbox has become a go-to destination for all stationery requirements

-The product:

Our business lines encompass various products within the stationery domain, art including:

We all have the things you need:

- Office Supplies: such as pens, pencils, paper, notebooks, binders, staplers, and other office accessories

- School Supplies: backpacks, notebooks, pens, pencils, erasers, rulers, and art supplies

- Writing Instruments: pens, pencils, markers, highlighters, and other tools used for writing, drawing, and coloring

-Paper Products: note pads, sticky notes, envelopes, greeting cards, and other paper-based items

- Art Supplies: paints, brushes, canvases, sketchbooks, easels, and other art-related stationery products

-Crafting Supplies: crafting, scrapbooking, and DIY include items like scissors, glue, tapes, stickers, decorative papers, and embellishments

- Stationery Accessories: This sector focuses on providing accessories and organizational products related to stationery, such as desk organizers, filing systems, pen holders, paper clips, and other items that help keep stationery supplies organized

Springbox takes pride in delivering exceptional customer service, ensuring prompt delivery, and maintaining a vast inventory of quality stationery products Our team is passionate about stationery and strives to provide customers with a delightful shopping experience

II Accounting reports:

3.Transaction and source document

1 - On February 1, the Owner invested $30,000 cash inStationery Avenue Source Documents: Receive investment

2- On February 2, paid $2,000 cash for furniture for the shop.

Source Documents: Purchase furniture by cash

3-On February 3, The company paid $1,000 for the cost of renting the office for

a month

Source document: Rent expense

4- On February 4, Purchased stationery equipment on credit for $2,000 ((using a long-term note payable)

Source Documents: Purchase supplies on credit

5- On February 5, Opened business Cash received from stationery products in the first week of business (endedFebruary 11) was $600

Source Documents: Cash Receipts Journal

6-On February 11,provided $50 of decorate notebook services on account

Source Documents: Service Invoice

7-On February 15,received a $50 check for services previously rendered on the account

Source Documents: Cash Receipt

8-On February 15, Purchased office equipment for $1,500 in cash

Source Documents: Purchase office equipment

9-On February 22, Paid $300 cash to employees for hours worked during the grand opening

Source Documents: Paid cash to employees

10-On February 24, paid a $200 installment toward principal on the note payable entered into onFebruary 4

Source Documents: Loan Payment Receipt

11- On February 25,Cash received from services provided during the second half of February was $800

Source Documents: Cash Receipts Journal

12- On February 26,Invested $1,000 cash in stationery supplies

Source document: Receive investment

13- On February 27, Paid $100 in cash for insurance

Source document: Paid in cash for insurance

14 -On February 28, Invested $2,000 cash for the new equipment

Source Documents: Receive investment

15-On February 29, The owner withdrew $5,000 cash for personal use Source document: Cash Withdrawal Receipt

4.The Accounting Equation

5.General Journal

6.Trial Balance

7.Income Statement

8.Owner Equity

9.Balance Sheet

III Conclusion:

To review and give the evaluation

-Based on the Accounting report, the first month’s business has had a positive capital balance, indicating a healthy initial investment.The asset figure of

$21,150 indicates that the business has resources to support its operations.The debt ratio at Feb 29t was under 5 percent So next month, the stationery business will keep going like this on the next month