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PRINCIPLES OF ACCOUNTING
|Name of the Student||Student ID|
|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|
- 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)
- What is the maturity date of the note?
- How much interest will Omar pay to SMC on this note?
- Pass the Journal entry for Notes Receivable transaction.
- On October 16, 2018, Omar informs us that the company is unable to pay the note or interest?
- 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)
- The trial balance before adjustment of XYZ Company reports the following balances: (2.5 points)
Accounts receivable $100,000
Allowance for doubtful accounts $ 2,500
Sales (all on credit) 750,000
Sales returns and allowances 40,000
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.