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Assignment 1 Acct 101 Edited

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Subject

Accounting

School

Saudi electronic university

Type

Homework

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puevfflq909

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PRINCIPLES OF ACCOUNTING

ACCT 101

Name of the Student

Student ID

CRN

Student Grade

Assignment

1

Marks

/5

Course Title

Principles of Accounting

Code

ACCT 101

Uploading

End week 4

Submission

End week 6

Date

Sat 28/08/2019

Dates

Sat 12/10/2019

Q1

1-Providing consulting services receiving cash.

Canaan company offers consultancy services at receiving cash of $ 30,000

Account Title

DEBIT

CREDIT

CASH

30,000

CONSULTING FEE

30,000

2-Issuing common stocks receiving cash.

Canaan company receives $ 50,000 using 10,000 shares of common stock $ 5 par value.

Account Title

DEBIT

CREDIT

CASH

$ 50,000

CONSULTING revenue

$ 50,000

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3-Purchasing land for cash.

Caption company purchased land for

Account Title

DEBIT

CREDIT

Land

$ 100,000

Cash

$ 100,000

4-Purchasing supplies on credit.

Zion company purchased supplies worth $ 5,000 on credit payable in 120 days.

5-Borrowing money from a bank.

QPR company is granted a $ 30,000 loan from the back that should be repaid within 12 months.

6-Paying employees their salaries.

AMD company pays $ 5,000 to Mr Hillary as a salary.

Account Title

DEBIT

CREDIT

Supplies

$ 5,000

Account payable

$ 5,000

Account Title

DEBIT

CREDIT

Cash

$ 30,000

Loan payable

$ 30,000

Account Title

DEBIT

CREDIT

Salary expense

$ 5,000

FICA tax

$ 200

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PRINCIPLES OF ACCOUNTING ACCT 101 Name of the Student Student ID CRN Student Grade Assignment 1 Marks /5 Course Title Principles of Accounting Code ACCT 101 Uploading End week 4 Submission End week 6 Date Sat 28/08/2019 Dates Sat 12/10/2019 Q1 1-Providing consulting services receiving cash. Canaan company offers consultancy services at receiving cash of $ 30,000 Account Title DEBIT CASH 30,000 CREDIT CONSULTING FEE 30,000 2-Issuing common stocks receiving cash. Canaan company receives $ 50,000 using 10,000 shares of common stock $ 5 par value. Account Title CASH CONSULTING revenue DEBIT CREDIT $ 50,000 $ 50,000 3-Purchasing land for cash. Caption company purchased land for Account Title DEBIT Land CREDIT $ 100,000 Cash $ 100,000 4-Purchasing supplies on credit. Zion company purchased supplies worth $ 5,000 on credit payable in 120 days. Account Title DEBIT Supplies CREDIT $ 5,000 Account payable $ 5,000 5-Borrowing money from a bank. QPR company is granted a $ 30,000 loan from the back that should be repaid within 12 months. Account Title DEBIT Cash CREDIT $ 30,000 Loan payable $ 30,000 6-Paying employees their salaries. AMD company pays $ 5,000 to Mr Hillary as a salary. Account Title DEBIT Salary expense $ 5,000 FICA tax CREDIT $ 200 FEDERAL income $ 250 withholding State income withholding $ 160 401(k) withholding $ 60 Insurance withholding $ 75.25 Accrued net payroll payable $ 2,500 Payroll tax expense $ ...
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