University of Modern Sciences Student Name: …………………………………… College of Business Student ID: ………………………………………. ——————————————————————————————————————-Accounting ACCT 102: Spring 2015 – 2016 Assignment 1 10 Marks Deadline for Submission March 25th, 2016 Note: Assignment should be uploaded on the portal No marks will be given to assignments sent by e-mail Saleh Company started its operations on January 1, 2016. The following transactions took place during the first month of operations: Jan 1: Saleh invests $920,000 cash to start the business. Jan 3: Purchased furniture for $120,000, paying $50,000 in cash and sign a note for the remaining balance. Jan 8: Purchased supplies for $6,100 on credit. Jan 14: Paid $9,000 cash for January rent. Jan 19: Paid $2,100 cash for office supplies purchased on January 8. Jan 24: Services billed to customers amount to $52,000. Jan 26: Received utility bills for $11,000 for the month of January. Jan 29: Paid $32,000 cash for salaries. Jan 30: Received $40,000 cash from customers in payment for services billed on January 24. Jan 31: Saleh withdrew $7,500 from the business for personal use.
Required: 1. Using a table, show the effect of the above transactions on the accounting equation. 2. Prepare the financial statements of Saleh Company on January 31, 2016.
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