ACCT 102 FINAL EXAM

University of Modern Sciences
Student Name: ……………………………………
College of Business
Student ID: ……………………………………….
-------------------------------------------------------------------------------------------------------------------Accounting ACCT 102: Spring 2015 - 2016
Assignment 1
10 Marks
Deadline for Submission March 25th, 2016
Note: Assignment should be uploaded on the portal
No marks will be given to assignments sent by e-mail
Saleh Company started its operations on January 1, 2016. The following transactions took
place during the first month of operations:
Jan 1: Saleh invests $920,000 cash to start the business.
Jan 3: Purchased furniture for $120,000, paying $50,000 in cash and sign a note for the
remaining balance.
Jan 8: Purchased supplies for $6,100 on credit.
Jan 14: Paid $9,000 cash for January rent.
Jan 19: Paid $2,100 cash for office supplies purchased on January 8.
Jan 24: Services billed to customers amount to $52,000.
Jan 26: Received utility bills for $11,000 for the month of January.
Jan 29: Paid $32,000 cash for salaries.
Jan 30: Received $40,000 cash from customers in payment for services billed on January 24.
Jan 31: Saleh withdrew $7,500 from the business for personal use.

Required:
1. Using a table, show the effect of the above transactions on the accounting equation.
2. Prepare the financial statements of Saleh Company on January 31, 2016.