Submitted in word onlyadvised to make the work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.must mention question number clearly in their answer.Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. All answered must be typed using Times New Roman (size 12, double-spaced) font.attached word the assignment which contain 3 questions.Principles of Accounting
• Submitted in word only
• advised to make the work clear and well presented, marks may be reduced for poor
presentation. This includes filling your information on the cover page.
• must mention question number clearly in their answer.
• Avoid plagiarism, the work should be in your own words, copying from students
or other resources without proper referencing will result in ZERO marks.
• All answered must be typed using Times New Roman (size 12, double-spaced)
Q1- Provide an example of each title here and then record the journal entries.
Following is the first given answer.
1-Purchasing Equipment for cash
ABC company purchased equipment for SAR20,000 cash .
2-Issuing common stocks receiving cash.
3-Providing service receiving cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying employees their salaries.
Q2- What is the accrual basis of accounting? When should revenue and expense be
recognized in the accrual basis? Provide an example.
Q3- On your own words, explain the purpose and the importance of the income
statement, and prepare the income statement for ABC company based on the
following information taken from the trial balance in 2019
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