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ACCT490-StudentCopyFirstAssignmentSummerSemester-Copy1.docx
| كلية العلوم الادارية والمالية
Assignment 1
Deadline 22 /7/2023 at 23.59 pm
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Course Name: Principles 0f Accounting |
Student’s Name: |
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Course Code: ACCT 490 |
Student’s ID Number: |
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Summer Semester |
CRN: |
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Academic Year: 1444 H |
For Instructor’s Use only
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Instructor’s Name: |
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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 for 2,000,000 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 but unpaid 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 the required Adjusting Entries for the above Information.
Answer:
Q4. Below Is The Adjusted Trail Balance For ABC Corporation As of December 31 2022:
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Items |
Debit |
Credit |
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Cash |
1,000,000 |
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Accounts Receivable |
5,000,000 |
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Supplies |
100,000 |
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Equipment |
1,000,000 |
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Accumulated Depreciation –Equipment |
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200,000 |
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Accounts Payable |
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100,000 |
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Notes Payable |
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500,000 |
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Unearned Revenues |
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100,000 |
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Common Stock |
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4,600,000 |
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Retained Earnings |
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300,000 |
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Dividends |
100,000 |
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Sales |
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10,000,000 |
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Salaries Expenses |
1,000,000 |
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Rent Expenses |
500,000 |
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Cost Of Goods Sold |
7,000,000 |
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Depreciation Expenses |
100,000 |
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Total |
15,800,000 |
15,800,000 |
Required: Prepare the Following Statements
1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet Statement
Answer
Q5. The following information extracted from the cost records during January 2023
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Dates |
Particular |
Units |
Cost per unit |
Total cost |
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January 1 |
Begging inventory |
150 |
20 |
3,000 |
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January 10 |
Purchase |
50 |
25 |
1,250 |
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January 20 |
Purchase |
100 |
30 |
3,000 |
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January 25 |
Sales |
200 |
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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
Answer:
1
