Explain the Steps Involved in Accounting Cycle

Oman College of Management & Technology Administrative and Financial Sciences Department First Semester 20201 Assignment Assignment Topic: This Assignment Divided into Two Parts: o 1st Part: Accounting Transactions 10 Marks o 2nd Part: Write For Not Less Than 500 Words on Accounting Cycle 5 Marks Course Name: Principles of Accounting I Course Code: 202101 Topic Given Date: Sunday, 18th October 2020 Assignment Last Submission Date: Thursday, 10th December 2020 Student’s ID: Choose an item. Student’s Name: Choose an item. Student’s Signature: Click here to enter text. Date: Click or tap to enter a date. Faculty Signature: Click here to enter text. Date: Click or tap to enter a date. Faculty Name: Mr. Mohammed Babiker GUIDELINES To The STUDENTS Guideline:1 included. Guideline:2 Guideline:3 Guideline:4 Guideline:5 Guideline:6 Guideline:7 Guideline:8 Guideline:9 Guideline:10 Guideline:11 Guideline:12 Guideline:13 work. The student must declare that the work is your own work otherwise referenced acknowledgements are to be Comply with submission deadline, no assignment will be accepted after that. This assignment carries 15 Marks, distributed among the questions of the assignment. Plagiarism Policy is applied as per College Policy (20% Maximum). Use College Library Resources such as E-Library and Library Catalog. Submit your assignment in softcopy through Microsoft Office Teams. Fill-in your ID and Name Electronically. Any two or more students with similar work/mistakes, all students will be granted zero marks. Continue with this paper to write your assignment. Font: Times New Roman, Size: 12, Spacing: 1.5, Justify, Bold titles and each page must be numbered. List out your references by using Harvard Style. All tables and figures must be correct numbered and labelled. A words count must not be less than One Thousand Words and it should be stated at the end of your First Step: Accounting Transactions; Transaction 1. bank each. Transaction 2. Transaction 3. Transaction 4. account. Transaction 5. Transaction 6. Transaction 7. Transaction 8. Transaction 9. Transaction 10. Asim and Jasim Jointly started a new business by investing $50,000 cash and $50,000 Asim and Jasim purchased land and building $5,000 each from Khalil on credit. Asim and Jasim deposited $10,000 into the bank. Asim and Jasim purchased cars for $11,000 from Khalid. Paid $5,000 cash and rest on Asim and Jasim paid $1,000 fuels and cars maintenance expenses. Asim and Jasim sold goods $1,250 to Ali. Received $500 cheque and rest on credit. Asim and Jasim piad $4,200 to Khalid. Asim and Jasim received $3,500 cash in advance for supplies to be provided later. Asim and Jasim withdraw $2,200 cheque from bank for personal use. Asim and Jasim paid montly salary to employee’s woth $6,800. Requirements to; 1. 2. 3. 4. 5. 6. Prepare Journal Book Ledger Book Trial Balance Income Statement Statement of Change in Equity Balance Sheet …