Please, i need Unique answer, Use your own words (don't copy and paste). Please, don't use handwriting, Use your keyboard.
Q1. Al-Ahmad Accounting Services completed
these transactions in July:
a. Purchased office supplies on account, SAR
450
b. Completed work for a client on credit, SAR
1,500
c. Paid cash for the office supplies purchased in
(a)
d. Completed work for a client and received SAR
800 cash
e. Received SAR 1,500 cash for the work described
in (b).
f. Received SAR 3,000 in advance from a client for
accounting services to be performed in September.
Prepare journal entries to record the above transactions.
Explanations are not necessary.
Q2. Choose two accounting principles and two accounting assumptions and explain them in your word.
Q3. Explain how accounting adjustments affect financial statements.
Q4. On October 1, Saad Co. sold merchandise in the amount of SAR 5,800 to Neom Co., with credit terms of 2/10, n/30. The cost of the items sold is SAR 4,000. Saad Co. uses the perpetual inventory system. On October 4, Neom Co. returns some of the merchandise. The selling price of the merchandise is SAR 1,500, and the cost of the merchandise returned is SAR 1,050.
Record the entry or entries that Saad Co. must make on October 4th.
Q1]
a]
Office supplies expense A/c Dr 450
To Expenses outstanding A/c 450
Being office supplies purchased on account
b]
Accounts receivable A/c Dr 1,500
To Service Revenue A/c 1,500
Being work completed for client on credit
c]
Expenses outstanding A/c Dr 450
To Cash A/c 450
Being outstanding expenses paid off in cash
d]
Cash A/c Dr 800
To Service Revenue A/c 800
Being work completed for client and received in cash
e]
Cash A/c Dr 1,500
To Accounts Receivable A/c 1,500
Being accounts receivable collected in cash
f]
Cash A/c Dr 3,000
To Advance Revenue received A/c 3,000
Being advance received for work
Please, i need Unique answer, Use your own words (don't copy and paste). Please, don't use...