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Assignment 1

Deadline 22/7/2023 at 23.59 pm

 

 

Course Name: Principles 0f Accounting    Student’s Name:
Course Code: ACCT 490 Student’s ID Number:
Summer  Semester CRN:
Academic Year: 1444 H

 

For Instructor’s Use only

Instructor’s Name:
Students’ Grade:  Marks Obtained /Out of 25 marks Level of Marks: High-Middle-Low

 

Notes:

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
  • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
  • Submissions without this cover page will NOT be accepted.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assignment Question(S):                        (Total 25 Marks- -5 Questions Each Carries 5 Marks)

Q1. In January 2023, ABC Sole Proprietorship Conducted the Following Transactions (Amounts in Saudi Riyal)

  1. Owner paid the capital for 5,000,000 in cash.
  2. It purchased equipment for 500,000 in cash.
  3. It purchased inventory for2,000,000 in cash.
  4. It Sold inventory for 1,000,000 in cash.
  5. It Sold inventory for 200,000 on credit.
  6. It paid salaries for 250,000 in cash.
  7. It borrowed 500,000 from Riyadh bank by signing a promissory note.
  8. It purchased supplies for 100,000 on credit.
  9. It paid for the purchased supplies on credit.
  10. It collected the sold inventory on credit.

Required: Pass the Above Transactions in the Journal Using the Accrual Accounting

Answers:

 

 

 

 

 

 

 

 

 

Q2.  Discuss The Principles And Assumptions of The Accounting Theory.

Answer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Q3. In December31, 2022 the accountant discovered the following information:

  1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5,000.
  2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues.
  3. Salaries for 25,000 incurred in the year butunpaid and unrecorded.
  4. Revenues for 50,000 earned in the year but uncollected and unrecorded.
  5. The annual Depreciation expenses for 10,000 unrecorded.

Required:  Pass therequired Adjusting Entries for the above Information.

Answer:

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4.  Below Is The Adjusted Trail Balance For ABC CorporationAs of December 31 2022:

Items Debit Credit
Cash 1,000,000  
Accounts Receivable 5,000,000  
Supplies 100,000  
Equipment 1,000,000  
Accumulated Depreciation –Equipment   200,000
Accounts Payable   100,000
Notes Payable   500,000
Unearned Revenues   100,000
Common Stock   4,600,000
Retained Earnings   300,000
Dividends 100,000  
Sales   10,000,000
Salaries Expenses 1,000,000  
Rent Expenses 500,000  
Cost Of Goods Sold 7,000,000  
Depreciation Expenses 100,000  
Total 15,800,000 15,800,000

 

Required: Prepare the Following Statements

  1. Income Statement
  2. Retained Earnings Statement
  3. BalanceSheet Statement

Answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q5. The following information extracted from the cost records during January 2023

Dates Particular Units Cost per unit Total cost
January 1 Begging inventory 150 20 3,000
January 10 Purchase 50 25 1,250
January 20 Purchase 100 30 3,000
January 25 Sales 200    

 

Required:

  1. Compute The Cost Of Goods Sold On   January 25, 2023  Using  First In First Out, Last In First Out And Weighted  Average Methods