Saudi Electronic University Accounting Questions Instructions: 1.This assignment is an individual assignment. 2.All students are encouraged to use their

Saudi Electronic University Accounting Questions Instructions:

1.This assignment is an individual assignment.

2.All students are encouraged to use their own words.

3.Student must apply Saudi Electronic University academic writing standards and APA style guidelines.

4.Support your submission with course material concepts, principles, and theories from the textbook along with at least two scholarly, peer-reviewed journal articles.

5.A mark of zero will be given for any submission that includes copying from other resource without referencing it.

6.It is strongly encouraged that you submit your assignment into the safe assignment Originality Check prior to submitting it to your instructor for grading.

Assignment Question(s): (20 Marks)

Q1. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating. (3 activity Marks)

Q2. Explain the concept of double entry system and its relationship with accounting equation. (2 Marks)

Q3. The following is the Trial balance has been extracted from the accounts of Green Lawn Care, Inc. as on 31st December, 2019 (9 Marks)

Green Lawn Care, Inc.

Trial Balance December 31, 2019—

(Amounts in SAR)

Cash

8,700

Accounts Receivable

20,600

Prepaid Insurance

4,400

Supplies

1,950

Land

45,000

Building

134,500

Equipment

80,100

Accounts Payable

7,500

Unearned Revenue

6,000

Capital Stock

15,300

Retained Earnings (Begin)

54,000

Dividends

8,000

Fees Earned

347,400

Salaries and Wages

Expense

70,200

Utilities Expense

23,200

Advertising Expense

18,000

Repairs Expense

11,500

Miscellaneous Expense

4,050

Totals

430,200

430,200

Use the above information to complete the following financial Statements:

Green Lawn Care, Inc.

Income Statement as on Dec,31 2019–

Revenues:

Less Expenses

Net Income

Green Lawn Care, Inc.

Statement of Retained Earning as on Dec,31, 2019–

Retained Earnings (Begin)

Add Net Income

Less Dividends

Retained Earnings (End)

Green Lawn Care, Inc.

Statement of Balance Sheet as on Dec,31, 2019–

Assets

SAR

Liabilities & Equity

SAR

Total

Q4. Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format. (6 Marks)

Answer

Purchase Transactions

Sale Transactions

Date

Description

PR

Debit

Credit

Date

Description

PR

Debit

Credit