Journal Entries

College of Administrative and Financial Sciences

Assignment 3

Deadline: 27 /11 /2021 @ 23:59

Course Name: Advanced Financial Accounting	Student’s Name:
Course Code: ACCT302	Student’s ID Number:
Term  Semester 1	CRN:
Academic Year: 2021/2022

For Instructor’s Use only

Instructor’s Name:
Students’ Grade:   Marks Obtained/Out of 5	Level of Marks: High/Middle/Low

Instructions:

1. This assignment is an individual assignment.
2. All students are encouraged to use their own words.
3. Student must apply Saudi Electronic University academic writing standards and APA style guidelines.
4. Support your submission with course material concepts, principles, and theories from the textbook along with at least two scholarly, peer-reviewed journal articles.
5. A mark of zero will be given for any submission that includes copying from other resource without referencing it.
6. It is strongly encouraged that you submit your assignment into the safe assignment Originality Check prior to submitting it to your instructor for grading.

Assignment 3 of five marks

Q1.  On December 31, 2020  ABC Parent company sold land costing SR 50,000 to its 100% owned Z Subsidiary for SR 90,000 and sold to external party for SR  100,000 in 2021.(2.5 marks)

Required:

1. Pass Equity Method Journal Entries in ABC Parent’s records in 2020 and 2021.

2. Pass Consolidation Entries in 2020 and 2021.

Answer:

Q2.  On Jan. 1, 2020, a US manufacturing company purchased inventory from a German company for €1000, 000 on credit and the payment for inventory will be on March. 31, 2021. 2.5 marks))

Direct Exchange rates as follow:

Jan.1          $1.30     vs   1 €

Dec.31       $1.25     vs   1 €

March.31   $1.32      vs   1 €

Required: pass journal entries on the three dates on the US manufacturing company’ records.

Answer: