accounting

PRINCIPLES OF ACCOUNTING

ACCT 101

Name of the Student		Student ID
CRN		Student Grade
Assignment	3	Marks	/10
Course Title	Principles of Accounting	Code	ACCT 101
Uploading	End week 10	Submission	End week 11
Date	Sat 16/03/2019	Dates	Sat 23/03/2019

Instructions:

· The answer must be in English .

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

· Answer the ALL questions.

· 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 .

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

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

Q1- 

A. What is a bank reconciliation and why is it important for companies to do it periodically?

B. Prepare a Bank Reconciliation Statement for Rana company that has:

· Bank statement of $8,000.

· Cash account of $7,200.

Additional information for the reconciliation:

· Deposit in transit.

· NSF Check.

· Outstanding check.

· Collections made by the bank.

Required: provide an amount of each information to bring the adjusted balances to be equal.

Q2-

Assume that you have a company. And the management estimates that 1% of sales will be uncollectible. 

Give any amount of sales and prepare the journal entry using the percent of sales method.

Q3- Abdulaziz company purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000

Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using:

1- Straight-line method.

2- Units of Production method if the machine produces 100,000 units.

Here is a table of units produced each year:

First	Second	Third	Fourth	Fifth
23,000	25,000	-	30,000	22,000

3- Double Declining balance method.