ACCT 2311 Prince Mohammad bin Fahd University Financial Accounting Question Accounting Homework the question and the instructions is attach down.Just Pleas

ACCT 2311 Prince Mohammad bin Fahd University Financial Accounting Question Accounting Homework the question and the instructions is attach down.Just Pleas give me wright answer ACCT 2311 Fundamentals of Financial Accounting – Summer 2019/2020
HW 2 (10 Marks)
Name _____________________________________ ID No. ________________
Due date: Tuesday, 30th of June, 2020
Description of the Homework:
The aim of this Homework is to give you the opportunity to demonstrate your level of
understanding of the following two topics in Fundamentals of Financial Accounting:
– Ch. 3_The Adjusting Process.
– Ch. 4_Completing the Accounting Cycle.
Instructions to candidates:
1. Refer to the end of Ch. 1 & 2 questions to work out the possible solutions for the following
two problems:
– PR 3-1A from Chapter 3 p. 148 &
– PR 4-1A from Chapter 4 p. 215
2. The Homework MUST be submitted via the associated assignment box [NO Email
submission].
3. Both handwriting & typing are allowed.
4. This cover page must be attached on the top of your solution sheet with your name & ID
on it
5. There will be a standard penalty for late submission of Assignment/Homework tasks. The
standard penalty is 5% of the marks for that task for each delay in submission of a day or
partial day up to a maximum of five (5) working days after the due date;
6. Assignment/Homework tasks will not be accepted after the earlier of the following
occurrences:
– Feedback on the assessment task has been posted/released to any student; or
– The fifth working day after the due date.
Marking criteria:
1. Clear and concise discussion and working of the key points of the questions;
2. Presentation – format, spelling, vocabulary, readability.
All the best!
Dr. Assim
Series A
PR 3-1A Adjusting entries
OBJ. 2, 3, 4
On December 31, the following data were accumulated for preparing the adjusting entries
for Bellingham Realty:
• The supplies account balance on December 31 is $1,375. The supplies on hand on
December 31 are $280.
• The unearned rent account balance on December 31 is $9,000 representing the receipt
of an advance payment on December 1 of four months’ rent from tenants.
• Wages accrued but not paid at December 31 are $3,220.
• Fees earned but unbilled at December 31 are $18,750.
• Depreciation of office equipment is $2,900.
Instructions
1. Journalize the adjusting entries required at December 31.
2. Briefly explain the difference between adjusting entries and entries that would
be made to correct errors.
Series A
PR 4-1A Financial statements and closing entries
OBJ. 1, 2, 3
Beacon Signals Company maintains and repairs warning lights, such as those found on
radio towers and lighthouses. Beacon Signals Company prepared the following end-of-
period spreadsheet at December 31, 2019, the end of the fiscal year:
(Continued)
10:57
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of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June 30, $25,000.
w
eting the Accounting Cycle
F
G
?
1
2
3
D
E
Beacon Signals Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2019
Unadjusted
Trial Balance Adjustments
Dr. Cr. Dr. Cr.
Adjusted
Trial Balance
Dr. Cr
6 Account Title
8 Cash
13,000
1.200
121,900
9 Accounts Receivable
10 Prepaid Insurance
11 Supplies
12 Land
13 Building
14 Accum. Depr.-Building
15 Equipment
16 Accum. Depr.-Equipment
17 Accounts Payable
18 Salaries and Wages Payable
19 Unearned Rent
20 Sarah Colin, Capital
21 Sarah Colin, Drawing
22 Fees Eamed
23 Rent Revenue
24 Salaries and Wages Expense
25 Advertising Expense
26 Utilities Expense
27 Depr. Exp.-Building
28 Repairs Expense
29 Depr. Exp.–Equipment
30 Insurance Expense
31 Supplies Expense
32 Misc. Expense
33
34
13,000
40,500
(a) 12,500
53,000
4,200
(b) 3,000
3,000
(c) 2250 750
98,000
98,000
500,000
500,000
255,300 (d) 9,000
264,300
121,900
100,100
(e) 4,500
104,600
15,700
15,700
0 4,900
4,900
2,100 g) 1,300
800
238,100
238,100
10,000
10,000
388,700
(a)12,500
401,200
(g) 1,300
1,300
163,100
4.900
168,000
21,700
21,700
11,400
11,400
(d) 9,000
9,000
8,850
8,850
(e) 4,500
4,500
(b) 3,000
3,000
(c) 2250
2,250
4,350
4,350
1.000.000 1,000,000
37,450
37,450 1,030,900 1,030.900
Instructions
1. Prepare an income statement for the year ended December 31.
2. Prepare a statement of owner’s equity for the year ended December 31. No additional
investments were made during the year.
3. Prepare a balance sheet as of December 31.
4. Based upon the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.
PR 4-2A Financial statements and closing entries
OBJ. 2,3
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