ACCT 101 Saudi Electronic University Principles of Accounting Worksheet

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Assignment 2
Deadline: 21/3/2020 @ 23:59
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT101
Student’s ID Number:
Semester: I
CRN:
Academic Year: 1440/1441 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: Marks
Obtained/Out of 5
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 answered 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):
(5 Marks)
Q1A. What is a bank reconciliation and why is it important for companies to do it periodically?
B. Prepare a Bank Reconciliation Statement for XYZ company that has:
•
Bank statement of $10,000.
•
Cash account of $8,500.
Additional information for the reconciliation:
✓
Deposit in transit.
✓
NSF Check.
✓
Outstanding check.
✓
Collections made by the bank.
✓
Bank error
✓
Books error
Required: provide an amount of each information to bring the adjusted balances to be equal.
Q2Assume that you have a company. And the management estimates that 5% of sales will be
uncollectible.
Give any amount of sales and prepare the journal entry using the percent of sales method.
Q3 A company that uses a perpetual inventory system made the following cash
purchases and sales. There was no beginning inventory.
January 1:
Purchased 40 units at SAR10 per unit
February 5:
Purchased 40 units at SAR 12 per unit
March 16:
Sold 50 Units for SAR 15 per unit
A.Prepare general journal entries to record the March 16 sale using the
1.
FIFO inventory valuation method.
2. LIFO inventory valuation method.
what is the gross margin for each method?

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