3 Q as attached file

Assignment (2)

Deadline: Saturday 11/11/2023 @ 23:59

Course Name: Principles of Accounting

Student’s Name:

Course Code: ACCT 101

Student’s ID Number:

Semester: 1st

CRN:

Academic Year: 1445 H

For Instructor’s Use only

Instructor’s Name:

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY

• 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 answers 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): (Marks 15)

Q1. Abdulaziz Co. purchased a machine in 2013 for SAR 50,000 that has a useful life of 5 years with a salvage value of SAR 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

22,000

3- Double Declining Balance Method (5Marks).

Q2– On June 1, 2019, ABC Company signed a SAR 25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company’s general journal entry to record the issuance of the note payable c. Prepare ABC Company’s general journal entry to record the payment of the note on September 29, 2019 (5marks).

Q3– Assume that you have a company. The management estimates that 2.5% of sales will be uncollectible.

Give any amount of sales and prepare the journal entry using the percent of sales method (5marks).

College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 11/11/2023 @ 23:59
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Semester: 1st
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• 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 answers 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.
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
Q1. Abdulaziz Co. purchased a machine in 2013 for SAR 50,000 that has a useful life of 5 years
with a salvage value of SAR 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
23,000 25,000
–
Fifth
30,000 22,000
3- Double Declining Balance Method (5 Marks).
Q2- On June 1, 2019, ABC Company signed a SAR 25,000, 120-day, 6% note payable to cover a
past due account payable.
a. What is the total amount of interest to be paid on this note?
b. Prepare ABC Company’s general journal entry to record the issuance of the note payable
c. Prepare ABC Company’s general journal entry to record the payment of the note on September 29,
2019 (5 marks).
Q3- Assume that you have a company. The management estimates that 2.5% of sales will be
uncollectible.
Give any amount of sales and prepare the journal entry using the percent of sales method (5 marks).