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Accountant | Homework Help Websites

PRINCIPLES OF ACCOUNTING

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ACCT 101

 

Name of the Student   Student ID  
CRN   Student Grade  
Assignment 3 Marks /10
Course Title Principles of Accounting Code ACCT 101
Uploading End week 10 Submission End week 11
Date Mon 12/11/2018 Dates Sat 17/11/2018

 

Instructions

  • The answer must be in English.
  • Students must include your details (Name, Student ID, CRN, Date of submission)
  • Answer the ALL
  • Do NOTwrite the questions in the answer papers JUST write the question number.
  • Assignments should be submitted in MS Word format
  • Font should be Times New Roman with 14 points.
  • You are required to work in this assignment individually.
  • You should submit the assignment via the Blackboard.
  • Students who submit assignments after deadline, will get ZERO.
  • If you engaged in plagiarism, you will get ZERO marks in the assignment or course.

 

  • On July 9, 2018, Omar Co. purchased a machine for 260,000 SA from Saudi Machine Company (SMC). Omar gave SMC 7% note due in 120 days in payment for the machine. (5 Points)
  1. What is the maturity date of the note?
  2. How much interest will Omar pay to SMC on this note?
  3. Pass the Journal entry for Notes Receivable transaction.
  4. On October 16, 2018, Omar informs us that the company is unable to pay the note or interest?
  5. What adjusting entry is required on December 2018?

 

  • On October 31, 2017, Aziz Company sells a truck that originally cost 140,000 SA for 95,000 SA cash. The truck was placed in service on January 1, 2012. It was depreciated using the straight-line method with an estimated salvage value of 28,000 and a useful life of 10 years. Record all the transactions? (2.5 points)

 

 

     Dr.                  Cr.   

Accounts receivable                                                 $100,000

Allowance for doubtful accounts                                                    $    2,500

Sales (all on credit)                                                                            750,000

Sales returns and allowances                                       40,000

 

Instructions

Pass the journal entries for estimated bad debts assuming that doubtful debts accounts are estimated to be

(1)        6% of gross accounts receivable and

(2)        1% of net sales.

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