1. Torria wants to open hair salon
a. 2 possible sources of revenue that her business may have are: the first source is from providing hair-care services like cutting, washing or dyeing; the second one is from selling hair care products.
b. 5 possible expenses the business may have:
- The first one is from the salon facility (furniture, decoration with chairs, sofa, mirrors, etc.) that is in the initial investment of Torria.
- The second is from hair care products Torria buys to serve customers (example: shampoo, essential oil, foam, etc.)
- The third one is monthly expense on electricity and water bill.
- The fourth one is salary for staffs in the salon.
- The final expense is additional costs such as running promotion, advertisements, etc.
2. Mykeda wants to open an electronic store selling Apple products.
a. Other source of revenue for Mykeda's business other than electronic products is the warranty service. Mykeda can offer the service of fixing, repairing electronic products and earn from that.
b. 4 expense the business may face are: (1) inputting Apple products; (2) investment in interior, table, chair, equipment, etc.; (3) electricity and water use; (4) staff's salary
3. Draw up T. Accounts
a. Started business with $5000 cash - Debit
(There is a decrease in Cato's account when there is a withdrawal of cash and payment for starting business)
b. Deposited $2,500 from cash to the bank account - Credit
(The account sees an increase by $2,500)
c. Paid $500 for Radio - Debit
(The accounts see a decrease by $500)
d. Paid $800 for rent - Debit
(The accounts see a decrease by $800)
e. Bought $4,000 stock on credit - Credit
(According to accounting rules, an increase in stock is noted as credit)
f. Sold goods $1,500 - Credit
(The account sees the turnover of Cota by $1,500).
