Instructions:

• The answermust be inEnglish.
• Students must includeyour details(Name, Student ID, CRN, Date of submission)
• Answer theALLquestions.
• DoNOTwrite the questions in the answer papersJUSTwrite thequestion number.
• Assignments should be submitted inMS Wordformat.
• Font should beTimes New Romanwith14 points.
• You are required to work in this assignmentindividually.
• You shouldsubmitthe assignment via theBlackboard.
• Students who submit assignments after deadline, will getZERO.
• If you engaged inplagiarism, youwill getZEROmarks in the assignment or course.

• due date 13/10/2017

ACCT 101 ASSIGNMENT 1 Last due date for submission 14 th October 2017 Each Question carries 2.5 marks.(Total Marks 10) Q1. SALAH Accounting Services completed these transactions in February: a. Purchased office supplies on account, SAR 600 b. Completed work for a client on credit, SAR 700 c. Paid cash for the office supplies purchased in (a) d. Completed work for a client and received SAR 900 cash e. Received SAR 200 cash for the work described in (b). Prepare journal entries to record the above transactions. Q2.Prepare a cash ledger from the following transactions during Feb 2017. Feb.1 Shareholders invested $200 000 cash in the business in exchange for shares in the company. Feb. 2 Purchased equipment for $150 000 cash. Feb. 3 Purchased cleaning supply Expenses of $5 000 for the month from the Cleaning Warehouse Ltd. on credit Feb. 4 Advertising expenses of $5 000 on account from Advertiser Ltd, to advertise the opening of the business. Feb. 5 Paid cash $1 200 for a 1-year insurance policy. Feb. 7 Weekly cash received for car washes of $6 000. Feb. 9 Invoiced Rental Car Co. for $1 000, for car wash service for a fleet of cars. Feb. 12 Paid rent of $4 000 for the month. Feb. 14 Weekly cash received for car washes of $8 800. Feb. 18 Invoiced Rental Car Co. for $1 500, for car wash service for a fleet of cars. Feb. 21 Weekly cash takings for car washes of $10 300. Feb. 24 Paid cash dividend of $1 000. Feb 25 Rental Car Co. paid the invoice from the 9th of Feb. Feb. 26 Paid the 4th Feb account from Advertiser Ltd. Feb . 27 Paid salaries of $6 000 for the month. Feb. 28 Weekly cash received for car washes of $13 500 Q3. Record the following transactions in the desired manner and give the adjusting entry on December 31, 2016. (Two entries for each part.) 1. An insurance policy for two years was acquired on April 1, 2016 for $8,000. 2. on NOV. 30 the company reveived $ 10000 cash aginst services to be provided in december 30. On that date service provided to the customer 1 Q4.From the following adjusted Trail Balance Prepare the 4 financial statements Debit Cash Accounts receivable Equipment Supplies Expenses Advertisement Salaries Rent Dividend Insurance Total 72400 1500 150000 5000 5000 6000 4000 1000 1200 Credit Common Stock Accounts Payable Car Revenues 246100 Total 2 200000 5000 41100 246100