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Saudi electronic university
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Assignment Question(s): (5 Marks)
Q1- Provide an example of each title here and then record the journal entries (2
Marks).
Following is the first given answer.
1-Providing consulting services receiving cash.
Given answer:
Ali company provides consulting service and receives 1,000 cash.
Cash. 1,000
Consulting Revenue. 1,000
2-Issuing common stocks receiving cash.
Ali company issuing 20,000 shares of 44$ per share
Cash. 880,000
Common stock 880,000
3-Purchasing land for cash.
Ali company buying a Land for 500,000$ by cash
Land 500,000
Cash 500,000
4-Purchasing supplies on credit.
Ali company Purchases cleaning stuff for 350$ and given credit from supplier
Supplies on hand 350
Accounts payable 350
5-Borrowing money from a bank.
Ali Company borrowing a 1,000,000 $ from NCB Bank for a new machine
NCB Bank 1,000,000
Loan 1,000,000
6-Paying employees their salaries.
Ali Company paid employees salaries on 50,000 $ cash
Salaries Expenses 50,000
Cash 50,000

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Assignment Question(s): (5 Marks) Q1- Provide an example of each title here and then record the journal entries (2 Marks). Following is the first given answer. 1-Providing consulting services receiving cash. Given answer: Ali company provides consulting service and receives 1,000 cash. Cash. 1,000 Consulting Revenue. 1,000 2-Issuing common stocks receiving cash. Ali company issuing 20,000 shares of 44$ per share Cash. 880,000 Common stock 880,000 3-Purchasing land for cash. Ali company buying a Land for 500,000$ by cash Land 500,000 Cash 500,000 4-Purchasing supplies on credit. Ali ...
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