Accounting Question

College of Administration and Finance Sciences

Assignment (2)
Deadline: Saturday 23/11/2024 @ 23:59
Course Name: Principles of Accounting

Student’s Name:

Course Code: ACCT101

Student’s ID Number:

Semester: First Term 24/25

CRN:
Academic Year: 1446 H

For Instructor’s Use only
Instructor’s Name: Dr. Salah Oraby
Students’ Grade:

/15

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 answers 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.

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College of Administration and Finance Sciences

Assignment Question(s):

(Marks 15)

Question 1:

(4 Marks)

A. 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 $9,000.

•

Cash account of $7,500.

Additional information for the reconciliation:
✓ Deposit in transit.
✓ NSF Check.
✓ Outstanding check.
✓ Collections made by the bank.
Required: provide an amount of each information to bring the adjusted balances to be equal.

Question 2:

(3 Marks)

Assume that you have a company. And the management estimates that 2.5% of sales will be
uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method.

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College of Administration and Finance Sciences

Question 3:

(5 Marks)

Ahmed Co. purchased a machine in 2024 for 50,000 that has a useful life of 5 years with a salvage
value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout
its useful life using:
1- Straight-line Method.
2- Units of Production Method if the machine produces 100,000 units. Here is a table of units
produced each year:
First

Second

Third

Fourth

Fifth

23,000

25,000

–

30,000

22,000

3- Double Declining Balance Method.

Question 4:

(3 Marks)

On June 1, 2024, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due
account payable.
a. What is the total amount of interest to be paid on this note?
b. Prepare ABC Company’s general journal entry to record the issuance of the note payable
c. Prepare ABC Company’s general journal entry to record the payment of the note on
September 29, 2024.

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