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Assignment 1

Deadline 22/7/2023 at 23.59 pm

 

 

Course Name: Principles 0f Accounting	Student’s Name:
Course Code: ACCT 490	Student’s ID Number:
Summer  Semester	CRN:
Academic Year: 1444 H

 

For Instructor’s Use only

Instructor’s Name:
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 for2,000,000 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 butunpaid 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 therequired Adjusting Entries for the above Information.

Answer:

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4.  Below Is The Adjusted Trail Balance For ABC CorporationAs of December 31 2022:

Items	Debit	Credit
Cash	1,000,000
Accounts Receivable	5,000,000
Supplies	100,000
Equipment	1,000,000
Accumulated Depreciation –Equipment		200,000
Accounts Payable		100,000
Notes Payable		500,000
Unearned Revenues		100,000
Common Stock		4,600,000
Retained Earnings		300,000
Dividends	100,000
Sales		10,000,000
Salaries Expenses	1,000,000
Rent Expenses	500,000
Cost Of Goods Sold	7,000,000
Depreciation Expenses	100,000
Total	15,800,000	15,800,000

 

Required: Prepare the Following Statements

1. Income Statement
2. Retained Earnings Statement
3. BalanceSheet Statement

Answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q5. The following information extracted from the cost records during January 2023

Dates	Particular	Units	Cost per unit	Total cost
January 1	Begging inventory	150	20	3,000
January 10	Purchase	50	25	1,250
January 20	Purchase	100	30	3,000
January 25	Sales	200

 

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