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1- On July 9, 2018, Omar Co. purchased a machine for 260,000 SA from Saudi...

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Accounting

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1- On July 9, 2018, Omar Co. purchased a machine for 260,000 SA from Saudi Machine Company (SMC). Omar gave SMC 7% note due in 120 days in payment for the machine. (5 Points) a. What is the maturity date of the note? b. How much interest will Omar pay to SMC on this note? c. Pass the Journal entry for Notes Receivable d. On October 16, 2018, Omar informs us that the e. What adjusting entry is required on December 2018? transaction. company is unable to pay the note or interest? 2- On October 31, 2017, Aziz Company sells a truck that originally cost 140,000 SA for 95,000 SA cash. The truck was placed in service on January 1, 2012. It was depreciated using the straight-line method with an estimated salvage value of 28,000 and a useful life of 10 vears Record all the transactions? (2.5 points) 3. The trial balance before adjustment of XYZ Company reports the following balances: (2.5 points) Dr Accounts receivable $100,000 Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 40,000 S 2,500 750,000 Instructions that doubtful debts accounts are estimated to be (I) 6% of gross accounts receivable and (2) 1% of net sales. Pass the journal entries for estimated bad debts assuming

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