Accounting Assignment
BATOUL
ACCTAssignment1Questions.docx1. This assignment is an individual assignment.
2. All students are encouraged to use their own words.
3. Student must apply Saudi Electronic University academic writing standards and APA style guidelines.
4. Support your submission with course material concepts, principles, and theories from the textbook along with at least two scholarly, peer-reviewed journal articles.
5. A mark of zero will be given for any submission that includes copying from other resource without referencing it.
6. It is strongly encouraged that you submit your assignment into the safe assignment Originality Check prior to submitting it to your instructor for grading.
Assignment Question(s): (20 Marks)
Q1. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating. (3 activity Marks)
Q2. Explain the concept of double entry system and its relationship with accounting equation. (2 Marks)
Q3. The following is the Trial balance has been extracted from the accounts of Green Lawn Care, Inc. as on 31st December, 2019 (9 Marks)
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Green Lawn Care, Inc. Trial Balance December 31, 2019— (Amounts in SAR) |
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Cash |
8,700 |
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Accounts Receivable |
20,600 |
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Prepaid Insurance |
4,400 |
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Supplies |
1,950 |
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Land |
45,000 |
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Building |
134,500 |
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Equipment |
80,100 |
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Accounts Payable |
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7,500 |
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Unearned Revenue |
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6,000 |
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Capital Stock |
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15,300 |
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Retained Earnings (Begin) |
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54,000 |
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Dividends |
8,000 |
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Fees Earned |
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347,400 |
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Salaries and Wages Expense |
70,200 |
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Utilities Expense |
23,200 |
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Advertising Expense |
18,000 |
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Repairs Expense |
11,500 |
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Miscellaneous Expense |
4,050 |
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Totals |
430,200 |
430,200 |
Use the above information to complete the following financial Statements:
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Green Lawn Care, Inc. Income Statement as on Dec,31 2019-- |
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Revenues: |
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Fees Earned |
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Less Expenses |
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Net Income |
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Green Lawn Care, Inc. Statement of Retained Earning as on Dec,31, 2019-- |
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Retained Earnings (Begin) |
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Add Net Income |
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Less Dividends |
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Retained Earnings (End) |
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Green Lawn Care, Inc. Statement of Balance Sheet as on Dec,31, 2019-- |
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Assets |
SAR |
Liabilities & Equity |
SAR |
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Land |
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Building |
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Equipment |
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Total |
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Q4. Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format. (6 Marks)
Answer
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Purchase Transactions |
Sale Transactions |
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Date |
Description |
PR |
Debit |
Credit |
Date |
Description |
PR |
Debit |
Credit |
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