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Accounting Question

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)

    (5 Marks)

    Prepare entries to record the following transactions related to acquisition of capital assets by a county. The county does not use encumbrance accounting.

    a.The county issues general obligation bonds in the amount of SAR 900,000, receiving cash for the full face amount of the bonds. The cash will be used to buy capital assets.

    b.The county buys a prefabricated building for SAR 750,000, using part of the bond proceeds. The building is delivered and the invoice for the building is approved.

    c.The invoice approved in b. is paid.

    d.The General Fund transfers cash of SAR 55,000 to another fund in anticipation of the payment of the first installment of interest (SAR 30,000) and principal (SAR 25,000) on the debt.

    e.The first installment of debt service on bonds issued in (a) becomes due and payable.

    f.Debt service on the bonds issued in a. is paid.

    Q2. Following information are related with Internal Service Fund of City of Jeddah. You are required to prepare a Statement of Cash Flows for the year ended December 31, 2018.

    (5 Marks)Amount ($)

    Operating income

    Increase in Inventories

    27,200

    Interest received

    800

    Acquisition of Capital Assets

    2,800

    Payment to Suppliers

    32,000

    Depreciation expense

    29,600

    Payments for Rent

    21,200

    Increase in Accounts Payable

    54,400

    Receipts from Customers

    378,400

    Payment to Employees

    200,000

    584,800

    68,400

    Cash balance at the beginning of the year

    Q3. The following transactions are related with a Township Debt Service Fund. Prepare journal entries to record the transactions in the Debt Service Fund.(5 Marks) a. The Township levies a special property tax amounting to $1,750,000 to pay debt service on its long-term general obligation debt. The tax must be accounted for in the Debt Service Fund. b. All the property taxes levied for debt service purposes are collected. c. The Township invests $525,000 in a six-month certificate of deposit. d. Debt service (interest of $350,000 and principal of $700,000) becomes due and payable. e. The debt service liabilities are paid. f The certificate of deposit in c. matures and the Township receives a total of $535,500, which includes $10,500 of interest.

    College of Administration and Finance Sciences
    Assignment (2)
    Deadline: Saturday 11/11/2023 @ 23:59
    Course Name: Government and Non-Profit
    Accounting
    Student’s Name:
    Course Code: ACCT 321
    Student’s ID Number:
    Semester: First
    CRN: 14017
    Academic Year: 1445 H
    For Instructor’s Use only
    Instructor’s Name: Dr. Mohammed Arshad Khan
    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)
    (5 Marks)
    Prepare entries to record the following transactions related to acquisition of capital assets
    by a county. The county does not use encumbrance accounting.
    a.
    The county issues general obligation bonds in the amount of SAR 900,000,
    receiving cash for the full face amount of the bonds. The cash will be used
    to buy capital assets.
    b.
    The county buys a prefabricated building for SAR 750,000, using part of
    the bond proceeds. The building is delivered and the invoice for the
    building is approved.
    c. The invoice approved in b. is paid.
    d.
    The General Fund transfers cash of SAR 55,000 to another fund in
    anticipation of the payment of the first installment of interest (SAR 30,000)
    and principal (SAR 25,000) on the debt.
    e.
    The first installment of debt service on bonds issued in (a) becomes due
    and payable.
    f.
    Debt service on the bonds issued in a. is paid.
    College of Administration and Finance Sciences
    Q2. Following information are related with Internal Service Fund of City of Jeddah. You are
    required to prepare a Statement of Cash Flows for the year ended December 31, 2018.
    (5 Marks)
    Amount ($)
    Operating income
    68,400
    Increase in Inventories
    27,200
    Interest received
    800
    Acquisition of Capital Assets
    2,800
    Payment to Suppliers
    32,000
    Depreciation expense
    29,600
    Payments for Rent
    21,200
    Increase in Accounts Payable
    54,400
    Receipts from Customers
    378,400
    Payment to Employees
    200,000
    Cash balance at the beginning of the year
    584,800
    College of Administration and Finance Sciences
    Q3. The following transactions are related with a Township Debt Service Fund. Prepare journal
    entries to record the transactions in the Debt Service Fund.
    (5 Marks)
    a. The Township levies a special property tax amounting to $1,750,000 to pay debt
    service on its long-term general obligation debt. The tax must be accounted for in
    the Debt Service Fund.
    b. All the property taxes levied for debt service purposes are collected.
    c. The Township invests $525,000 in a six-month certificate of deposit.
    d. Debt service (interest of $350,000 and principal of $700,000) becomes due and
    payable.
    e. The debt service liabilities are paid.
    f The certificate of deposit in c. matures and the Township receives a total of $535,500,
    which includes $10,500 of interest.

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