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 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- What ically? 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.