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ACCT 201

Question 3: (4 Marks)

The following trial balance was taken from the books of ALHANA Company on December 31, 2022.

Account Debit Credit

Cash SAR 12,000

Accounts Receivable 40,000

Note Receivable 7,000

Allowance for Doubtful Accounts SAR 1,800

Merchandise Inventory 44,000

Prepaid Insurance 4,800

Furniture and Equipment 125,000

Accumulated Depreciation--F. & E. 15,000

Accounts Payable 10,800

Share CapitalOrdinary 44,000

Retained Earnings 55,000

Sales 280,000

Cost of Goods Sold 111,000

Salaries Expense 50,000

Rent Expense 12,800

Totals SAR406,600 SAR406,600

At year-end, the following items have not yet been recorded.

a. Insurance expired during the year, SAR2,000.

b. Estimated bad debts, 1% of gross sales.

c. Depreciation on furniture and equipment, 10% per year.

d. Interest at 6% is receivable on the note for one full year.

e. Rent paid in advance at December 31, SAR5,400 (originally charged to expense).

f. Accrued salaries at December 31, SAR5,800.

Instructions

(a) Prepare the necessary adjusting entries. (2 marks)

(b) Prepare the necessary closing entries. (2 marks)

Answer to Q3:

Question 4: (3 Marks)

Prepare balance sheet in proper form for Golden Tulip hotel from the following list of the accounts at November 30 2022:

Accounts receivable	SAR10,000
Accounts payable	18,000
Building	28,000
Common stock	30,000
Cash	8,000
Notes payable	45,000
Office equipment	12,000
Retained earnings	?
Trucks	55,000

Answer to Q4: