Accounting Question

• Proper referencing in APA format is must
• Text size 12-Times New Roman only.
• Avoid plagiarisms
• Avoid copying from any source
• Avoid using another teacher’s solution or a similar previous student’s solution because it is a university whose system can access even the solutions published on the study pool website
• You must give 100/100 correct solution
• Avoid using paraphrasing programs or websites
• You must provide a correct answer 100/100
• You must do the solution in the same attached file

You must do the solution in the same attached file

• Use APA style for writing references.
• You must provide a full explanation for each questio

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: Yazeed A. Alnaeem
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).