ACCT 101 SEU Principles of Accounting Questions

Sep 6, | Acct 101

Description

College of Administrative and Financial Sciences
Assignment 2
Deadline: 30/7/2022 at 23.59 pm
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Semester :Summer term
CRN:
Academic Year: Summer Semester 1442/1443
For Instructor’s Use only
Instructor’s Name: Wadha Alrashidi
Students’ Grade: Marks Obtained /Out of
Level of Marks: High-Middle-Low
10 marks
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.
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2 of 4
Assignment Question(S)
(10.0 Marks) Each Question Carries 2.5 Marks
1. On July 10, 2021, Ibrahim sold goods to Raghad for SAR 50,000 on credit. On
October 10, 2021, Ibrahim determined that he could not collect SAR 5,000 from
Raghad. On, December 10, 2021 Ibrahim collected SAR 2,000 of 5,000.
Required:
a. Pass journal entry for sale truncation on July 20.
b. Pass journal entry for bad debt using direct write off method.
c. Pass journal entry for bad debt using allowance method.
d. Pass journal entry to record the collected amount-using write off method.
e. Pass journal entry to record the collected amount-using allowance method.
Answer:
2.
On December 1, 2021, Ibrahim, Inc. purchased a copier for SAR 50,000 from
Raghad; Ibrahim issued a 9% note due in 90 days in payment for the copier.
What adjusting entry by Raghad is required on December 31?
Answer:
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3.
On December 31, 2021, Ibrahim received his bank statement with a balance of
SAR 30,000; the cash general ledger account on that date shows a balance of
SAR 50,000.
Ibrahim’s accountant showed the following:
• The bank returned a customer’s NSF check for SAR 24,500 received as
payment on account receivable.
• The bank statement showed SAR 500 interest earned during December.
• Outstanding checks totaled SAR 5,000
• SAR 1,000 check mailed to the bank for deposit had not reached the bank at
the statement date.
Required:
a. Prepare bank reconciliation.
b. Pass adjusting entries.
Answer:
4. On December31, 2021, Ibrahim’s books showed the following:
– Allowance for doubtful debt SAR 10,000
– Accounts receivable SAR 100,000
– After investigation of accounts, receivable, the Accountant decided that
the desired allowance should be SAR 15,000.
Required: Pass adjusting entry for allowance for doubtful accounts.
Answer:
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