ACCT101 Saudi Electronic University College of Administrative and Financial Sciences Instructions – PLEASE READ THEM CAREFULLY The Assignment must be subm

ACCT101 Saudi Electronic University College of Administrative and Financial Sciences 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. College of Administrative and Financial Sciences
Assignment 1
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)
Q1- Provide an example of each title here and then record the journal entries (2
Marks).
Following is the first given answer.
1-Providing consulting services receiving cash.
Given answer:
Ali company provides consulting service and receives 1,000 cash.
Cash.
1,000
Consulting Revenue. 1,000
2-Issuing common stocks receiving cash.
3-Purchasing land for cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying employees their salaries.
Q2- Why do companies record adjusting journal entries at the end of the accounting
periods? Give an example of unearned revenue and accrued expense (1 Mark).
Q3- On your own words, explain the purpose and the importance of the income
statement, and prepare the income statement for Max company based on the following
information taken from the trial balance in December 2018 (2 Marks)
Revenue
70,000
Supplies expense
3,000
Rent expense
6,000
Wages expense
22,000

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