ACCT 1O1: Assignment 1

Assignment1ACCT101-Studentscopy.docx

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بسم الله الرحمن الرحيم

Assignment	1	Marks	3.75 (10 Points)
Course Title	Principles of Accounting	Code	ACCT 101
Uploading	End week 3	Submission	End week 4
Date	Sat 22/09/2018	Dates	30/09/2018

Instructions:

· The answers must be in English .

· Students must include their details (Name, Student ID, CRN, Date of submission)

· Answer the ALL questions.

· Do NOT write the questions in the answer papers JUST write the question number .

· Assignments should be submitted in MS Word format

· Font should be Times New Roman with 14 points .

· You are required to work in this assignment individually .

· You should submit the assignment via the Blackboard System .

· Students, who submit assignments after deadline, will get ZERO .

· If you engaged in plagiarism, you will get ZERO marks in the assignment.

Q1. Prepare the balance sheet for ALOMARI Delivery Service from the following alphabetical list of the accounts at December 31 amounts in dollars. (3 marks)

Accounts receivable	$10,000
Accounts payable	18,000
Building	28,000
Common stock	30,000
Cash	8,000
Notes payable	45,000
Office equipment	12,000
Retained earnings	?
Trucks	55,000

Answer to Q1

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Q2. The balances for the accounts of Lance’s Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.

Accounts payable $ 6,400 Wages expense $35,000

Accounts receivable 7,000 Rent expense 5,000

Cash 10,000 Retained Earnings 68,700

Office Supplies 1,000 Land 53,000

Building 99,000 Unearned Revenue 7,000

Supplies expense 15,000 Dividends 20,000

Consulting Revenue 150,000 Common Stock 12,900

Instructions: Calculate Net Income. (2 marks)

Answer to Q2

Q3. Dolly Barton began Barton Office Services in October and during the month completed the following transactions: a. Invested $10,000 cash and $15,000 of computer equipment in exchange for common stock b. Paid $500 cash for an insurance premium covering the next 12 months c. Completed a word processing assignment for a customer and collected $1,000 cash d. Paid $200 cash for office supplies e. Paid $2,000 for October's rent.

Instructions: Prepare journal entries to record the above transactions. Explanations are unnecessary.(3 marks)

Answer to Q3:

Q 4. ABC Company wishes to enter receipts and payments in such a manner that adjustments at the end of the period will not require reversing entries at the beginning of the next period.

Instructions:

Record the following transactions in the desired manner and give the adjusting entry on December 31, 2017. (Two entries for each part.)

1. An insurance policy for two years was acquired on April 1, 2017 for $8,000. ( 1 mark )

2. Rent of $12,000 for six months for a portion of the building was received on November 1, 2017. ( 1 mark)

Answer to Q 4