ACCT 101 Saudi Electronic University Principles of Accounting Worksheet


1 attachmentsSlide 1 of 1attachment_1attachment_1

Unformatted Attachment Preview

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
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
• 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
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
FIFO inventory valuation method.
2. LIFO inventory valuation method.
what is the gross margin for each method?

Purchase answer to see full

Explanation & Answer:

User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.

Reviews, comments, and love from our customers and community:

This page is having a slideshow that uses Javascript. Your browser either doesn't support Javascript or you have it turned off. To see this page as it is meant to appear please use a Javascript enabled browser.

Peter M.
Peter M.
So far so good! It's safe and legit. My paper was finished on time...very excited!
Sean O.N.
Sean O.N.
Experience was easy, prompt and timely. Awesome first experience with a site like this. Worked out well.Thank you.
Angela M.J.
Angela M.J.
Good easy. I like the bidding because you can choose the writer and read reviews from other students
Lee Y.
Lee Y.
My writer had to change some ideas that she misunderstood. She was really nice and kind.
Kelvin J.
Kelvin J.
I have used other writing websites and this by far as been way better thus far! =)
Antony B.
Antony B.
I received an, "A". Definitely will reach out to her again and I highly recommend her. Thank you very much.
Khadija P.
Khadija P.
I have been searching for a custom book report help services for a while, and finally, I found the best of the best.
Regina Smith
Regina Smith
So amazed at how quickly they did my work!! very happy♥.