College of Administration and Finance Sciences Assignment ( 3 ) Assignment (

College of Administration and Finance Sciences
Assignment
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3
)
Assignment
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3
)
Deadline: Saturday 27/11/2021 @ 23:59
Course Name: Principles of AccountingStudent’s Name:
Course Code: ACCT101Student’s ID Number:
Semester: 1st CRN:
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name: Dr. Shahid Husain
Students’ Grade: /5Level 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.
Assignment Question(s): ​ ​ ​ ​ ​ ​(Marks 5)
Q1- On your own words, describe the methods that companies can implement to depreciate plant assets. (2 Marks).
Q2- On June 1, 2020, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.
What is the total amount of interest to be paid on this note?
Prepare ABC Company’s general journal entry to record the issuance of the note payable
Prepare ABC Company’s general journal entry to record the payment of the note onSeptember 29, 2020 (2 marks).
Q3. What are the differences between sole proprietorship and corporation? (1 mark).