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Assignment 2 Section 1 ACCT 102 Fall 2016 - 2017

Assignment 2 Section 1 ACCT 102 Fall 2016 - 2017 -...

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1 | P a g e University of Modern Sciences Student Name: …………………………………… College of Business Student ID: ………………………………………. -------------------------------------------------------------------------------------------------------------------- Accounting ACCT 102 Section 1: Fall 2016 - 2017 Assignment 2 10 Marks Deadline for Submission December 2nd, 2016 Note: Assignment should be uploaded on the portal No marks will be given to assignments sent by e-mail Exercise One: Mubarak Company started its operations on October 1, 2016. The following transactions took place during the first month of operations: (5 marks) October 01: Mubarak invests $3,680,000 cash to start the business. October 03: Purchased furniture for $480,000, paying $200,000 in cash and sign a note for the remaining balance. October 08: Purchased supplies for $24,400 on credit. October 14: Paid $36,000 cash for October rent. October 19: Paid $8,400 cash for office supplies purchased on October 8. October 24: Services billed to customers amount to $208,000. October 26: Received utility bills for $44,000 for the month of October.
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