ACCT 101 Assignment Discuss three of the accounting principles and assumptions with examples.
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Assignment (1)
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Assignment Question(s):
Q1. Discuss three of the accounting principles and assumptions with examples.
Q2. Prepare the journal for each of the following transactions. (Marks 5)
1. On June 1, Sara invested SAR 10,000 cash in her business to start operations.
1. On June 6, Sarah purchased inventory for SAR 6,000 on credit from a supplier.
1. On June 12, Sarah purchased inventory for SAR 2,000 cash from a supplier.
1. On June 15, Sarah borrowed 15,000 from a bank.
1. On June 31, Sarah paid SAR 4,000 cash to the supplier for the inventory purchased on credit earlier in the month.
Q3. Based on the following trial balance for United Co, prepare an income statement, a statement of retained earnings, and a balance sheet. The company made no additional investments in the company during the year.
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United Co. Trial Balance December 31 |
||
|
Cash |
SR 7,000 |
|
|
Accounts receivable |
475 |
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|
Supplies |
2,500 |
|
|
Equipment |
17,000 |
|
|
Accounts payable |
SR 1220 |
|
|
Common stock |
10,000 |
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|
Retained earnings |
11,155 |
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|
Dividends |
36,000 |
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|
Revenue earned |
72,000 |
|
|
Supplies expense |
3,400 |
|
|
Rent expense |
6,000 |
|
|
Wages expense |
22,000 |
|
|
Totals |
SR94,375 |
SR94,375 |
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