College of Administration and Finance Sciences Assignment (1) Deadline: Saturday 02/03/2024 @ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT 101 Student’s ID Number: Semester: Second CRN: Academic Year: 1445 H For Instructor’s Use only Instructor’s Name: Students’ Grade: /15 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): (Marks 5) Q1. Discuss three of the accounting principles and assumptions with examples. (5 Mark) Q2. Prepare the journal for each of following transactions. (Marks 5) 1. On June 1, Sara invested SAR 10,000 cash in her business to start operations. 2. On June 6, Sarah purchased inventory for SAR 6,000 on credit from a supplier. 3. On June 12, Sarah purchased inventory for SAR 2,000 cash from a supplier. 4. On June 15, Sarah borrowing 15,000 from a bank. 5. On June 31, Sarah paid SAR 4,000 cash to the supplier for the inventory purchased on credit earlier in the month. Q3. Based on the following trial balance for United Co, prepare an income statement, statement of retained earnings and a balance sheet. The company made no additional investments in the company during the year. College of Administration and Finance Sciences United Co. Trial Balance December 31 Cash Accounts receivable SR 7,000 475 Supplies 2,500 Equipment 17,000 Accounts payable SR 1220 Common stock 10,000 Retained earnings 11,155 Dividends 36,000 Revenue earned 72,000 Supplies expense 3,400 Rent expense 6,000 Wages expense 22,000 Totals SR94,375 SR94,375