ACCT 101 SEU Prepare a Bank Reconciliation Statement For XYZ Company Questions

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Business Finance

Acct 101

Saudi electronic university

ACCT

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College of Administration and Finance Sciences Assignment (2) Deadline: Saturday 09/04/2022 @ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT 101 Student’s ID Number: Semester: 2nd CRN: Academic Year: 1443 H For Instructor’s Use only Instructor’s Name: Students’ Grade: /10 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism. • Submissions without this cover page will NOT be accepted. College of Administration and Finance Sciences Assignment Question(s): (10 Marks) Q1A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: • Bank statement of SR9,000. • Cash account of SR7,500. Additional information for the reconciliation: ✓ Deposit in transit. ✓ NSF Check. ✓ Outstanding check. ✓ Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal (3 Marks). Q2Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. Provide an amount of sales and prepare the journal entry using the percent of sales method (2 Marks). Q3A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory (3 Marks). January 1: Purchased 100 units at SAR10 per unit February 5: Purchased 60 units at SAR 12 per unit March 16: Sold 40 Units for SAR 16 per unit Prepare general journal entries to record the March 16 sale using the o FIFO inventory valuation method. College of Administration and Finance Sciences o LIFO inventory valuation method. Q4. A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (2Marks)
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College of Administration and Finance Sciences

Assignment (2)
Deadline: Saturday 09/04/2022 @ 23:59
Course Name: Principles of Accounting

Student’s Name:

Course Code: ACCT 101

Student’s ID Number:

Semester: 2nd

CRN:
Academic Year: 1443 H

For the Instructor’s Use, only
Instructor’s Name:
Students’ Grade:

/10

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via the
allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented; marks may be
reduced for poor presentation. This includes filling in your information on the cover
page.
• Students must mention question numbers clearly in their answers.
• Late submission will NOT be accepted.
• Avoid plagiarism; the work should be in your own words; copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answers must be typed us...


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