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you can use a paper or excel Question 1: Ali performs the following accounting tasks: 1. Analyzing and interpreting information. 2. Classifying economic events. 3.
you can use a paper or excel
Question 1: Ali performs the following accounting tasks: 1. Analyzing and interpreting information. 2. Classifying economic events. 3. Explaining uses, meaning, and limitations of data. 4. Keeping a systematic chronological diary of events. 5. Measuring events in dollars and cents. 6. Preparing accounting reports. 7. Reporting information in a standard format. 8. Selecting economic activities relevant to the company. 9. Summarizing economic events. Instructions: categorize the accounting tasks performed by Ali as relating to either identification (I). recording (R), or communication (C) aspects of accounting. Question 2: Identify wither the users are external users or internal users: 1. Customers 6. Suppliers 2. Securities and Exchange Commission 7. Marketing manager 3. Internal Revenue Service 8. Vice president of finance 4. Store manager 9. Production supervisor 5. Labor unions Question 3: Ahmed has a service business in Al-Kharj. During November, the following transactions occurred: 1. Paid $2,900 cash on accounts payable. 2. Collected $1,300 of accounts receivable. 3. Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account. 4. Earned revenue of $7,800, of which $2,500 is received in cash and the balance is due in December. 5. Withdrew $1,100 cash for personal use. 6. Paid salaries $1,700, rent for November $900, and advertising expense $450. 7. Incurred utilities expense for month on account $170. 8. Received $10,000 from Riyad Bank (money borrowed on a note payable). On October 31", the balance sheet showed Cash $9,000, Supplies $600, Equipment $6,000, Accounts Receivable $1,700, Accounts Payable $3,600, and Owner's Capital $13,700. Instructions: (a) Prepare a tabular analysis of the November transactions beginning from October 31" balances. (b) Prepare an income statement for November, an owner's equity statement for November, and a balance sheet on November 30th Step by Step Solution
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