ACCT 101 PRINCIPLES OF

September 7, 2022

PRINCIPLES OF ACCOUNTING

ACCT 101

Instructions:

The answer must be in English .
Students must include your details (Name, Student ID, CRN, Date of submission)
Answer the ALL questions.
Assignments should be submitted in MS Word format
Font should be Times New Roman with 14 points .
You are required to work in this assignment individually .
You should submit the assignment via the Blackboard .
Students who submit assignments after deadline, will get ZERO .
If you engaged in plagiarism, you will get ZERO marks in the assignment or course.

Q1-

What is a bank reconciliation and why is it important for companies to do it periodically?
Prepare a Bank Reconciliation Statement for Rana company that has:

Additional information for the reconciliation:

Required: provide an amount of each information to bring the adjusted balances to be equal.

Q2-

Assume that you have a company. And the management estimates that 1% of sales will be uncollectible.

Give any amount of sales and prepare the journal entry using the percent of sales method.

Q3- Abdulaziz company purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000

Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using:

1- Straight-line method.

2- Units of Production method if the machine produces 100,000 units.

Here is a table of units produced each year:

First	Second	Third	Fourth	Fifth
23,000	25,000	–	30,000	22,000

3- Double Declining balance method.

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