Individual Assignment Summer Semester 20194 Module: Principles of Accounting (202101) Level: 1 Max. Marks: 15(Weightage 15) Duration: 3 weeks Instructions to Student: Students should read the assignment details carefully and answer all questions. Learning outcomes to be achieved by completion of the assessment: 1. To make students understand the basic concepts and Principles of Accounting 2. Learn and understand the principles of debit and credit. CASE STUDY Abubakar formed Nike Enterprises on December 1, 2018. During the month, the following financial transactions occurred: 2018 December 1 Abubakar invested OR 400,000 in the new business. 2 Acquired supply of procurement materials in the amount of OR 100,000 on account. 3 Acquired supplies for cash, OR 400,000. (Note: Supplies are charged to expense right away.) 9 Received OR 14,000 cash for services performed. 10 Paid marketing expenses OR 30,000. 11 Painted buildings for AdidaX Company on account, OR 500,000 16 Sold merchandise on credit OR 70,000 23 Withdrew OR 6000 for personal use. 27 Abubakar paid salaries OR 120,000 for the month. 31 Paid Ooredoo OR60,000 for communication expenses for the month. Requirements: Now that you have reviewed the case study above, respond to the following requirements on you 01. Record each of the above transactions in general journal. Explanations maybe omitted. Use the following accu titles to journalize the transactions: (15 marks) a. Cash b Purchases C. Marketing expense d. Accounts Payable e. Abubakar Capital f Withdrawal & Service Fee Income 202101 (OP) Page 1 of 4 Individual Assignment Summer Semester 20194 Module: Principles of Accounting (202101) Level: 1 Max. Marks: 15(Weightage 15) Duration: 3 weeks Instructions to Student: Students should read the assignment details carefully and answer all questions. Learning outcomes to be achieved by completion of the assessment: 1. To make students understand the basic concepts and Principles of Accounting 2. Learn and understand the principles of debit and credit. CASE STUDY Abubakar formed Nike Enterprises on December 1, 2018. During the month, the following financial transactions occurred: 2018 December 1 Abubakar invested OR 400,000 in the new business. 2 Acquired supply of procurement materials in the amount of OR 100,000 on account. 3 Acquired supplies for cash, OR 400,000. (Note: Supplies are charged to expense right away.) 9 Received OR 14,000 cash for services performed. 10 Paid marketing expenses OR 30,000. 11 Painted buildings for AdidaX Company on account, OR 500,000 16 Sold merchandise on credit OR 70,000 23 Withdrew OR 6000 for personal use. 27 Abubakar paid salaries OR 120,000 for the month. 31 Paid Ooredoo OR60,000 for communication expenses for the month. Requirements: Now that you have reviewed the case study above, respond to the following requirements on you 01. Record each of the above transactions in general journal. Explanations maybe omitted. Use the following accu titles to journalize the transactions: (15 marks) a. Cash b Purchases C. Marketing expense d. Accounts Payable e. Abubakar Capital f Withdrawal & Service Fee Income 202101 (OP) Page 1 of 4