Assignment: 2 Marks: 5 Assignment type: Individual (handwritten) Submission deadline: (to be announced later) Answer all the questions. Instructions for the assignment: You should solve the assignment on your script, take an image of the answers, convert it into pdf and upload the pdf file on google form. You must prepare a front page mentioning your name, ID Course Code, Section; faculty particulars etc at hand and keep it on the top while taking images of your answers. You may use 'camscanner' apps to take an image. File size: Maximum 10 MB. Credit $ 2,200 Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4,600 Accounts Payable Inventory 12,000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 4,500 1,000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10,n/60. Appropriate party paid freight on purchases $50. December 9 Received credit from Tiger Co. for merchandise returned $100. December 10 Sold merchandise on account to John traders $600, FOB shipping point, terms 2/15, n/30. The cost of goods sold is $400. Appropriate party paid freight cost $20. December 12 Purchased golf shoes, sweaters, and other accessories on account from Classic Sportswear S450, FOB destination, terms 3/10, 1/30. Appropriate party paid freight on purchases $50. December 16 Paid Tiger Co. in full. Assignment: 2 Marks: 5 Assignment type: Individual (handwritten) Submission deadline: (to be announced later) Answer all the questions. Instructions for the assignment: You should solve the assignment on your script, take an image of the answers, convert it into pdf and upload the pdf file on google form. You must prepare a front page mentioning your name, ID Course Code, Section; faculty particulars etc at hand and keep it on the top while taking images of your answers. You may use 'camscanner' apps to take an image. File size: Maximum 10 MB. Credit $ 2,200 Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4,600 Accounts Payable Inventory 12,000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 4,500 1,000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10,n/60. Appropriate party paid freight on purchases $50. December 9 Received credit from Tiger Co. for merchandise returned $100. December 10 Sold merchandise on account to John traders $600, FOB shipping point, terms 2/15, n/30. The cost of goods sold is $400. Appropriate party paid freight cost $20. December 12 Purchased golf shoes, sweaters, and other accessories on account from Classic Sportswear S450, FOB destination, terms 3/10, 1/30. Appropriate party paid freight on purchases $50. December 16 Paid Tiger Co. in full
