Qasim started a business on January 1, 2023. During the month, the following financial transactions happened...

  

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Qasim started a business on January 1, 2023. During the month, the following financial transactions happened (for each transaction 4 marks, a total of 52): Note: Please write a heading and use the correct template (1 mark) 2023 1\1 2\1 311 4\1 7\1 The business issued R.O. 20,000 shares of common stock for cash from Qasim. purchases equipment on account for R.O. 3,500, payment due within the month. receives R.O. 4,000 cash in advance from a customer for services not yet given. Provide service worth R.O. 5,500 to a customer on account. pays a R.O. 300 utility bill with cash. 9\1 10\1 11\1 16\1 23\1 2511 27\1 31\1 receives R.O. 2,800 cash from a customer for services given. paid in full, with cash, for the equipment purchase on January 2. paid R.O. 3,600 cash in salaries expenses to employees. received cash payment in full from the customer on the January 4 transaction. purchases supplies on account for R.O. 500, payment due within three months. He made sales during the day and received a total of R.O. 5,000 cash. He paid the electricity bill expenses that cost R.O. 350 rials cash. Qasim withdrew an amount of R.O. 550 rial for his personal use. Question 4: Cash and Accrual basis accounting (22 marks) Part 1: From the answer given in Question 3, prepare cash basis accounting (9 marks). Part 2: in a table, differentiate between the Cash basis and Accrual basis accounting. Use secondary data and add citations to the paragraphs (13 marks). Qasim started a business on January 1, 2023. During the month, the following financial transactions happened (for each transaction 4 marks, a total of 52): Note: Please write a heading and use the correct template (1 mark) 2023 1\1 2\1 311 4\1 7\1 The business issued R.O. 20,000 shares of common stock for cash from Qasim. purchases equipment on account for R.O. 3,500, payment due within the month. receives R.O. 4,000 cash in advance from a customer for services not yet given. Provide service worth R.O. 5,500 to a customer on account. pays a R.O. 300 utility bill with cash. 9\1 10\1 11\1 16\1 23\1 2511 27\1 31\1 receives R.O. 2,800 cash from a customer for services given. paid in full, with cash, for the equipment purchase on January 2. paid R.O. 3,600 cash in salaries expenses to employees. received cash payment in full from the customer on the January 4 transaction. purchases supplies on account for R.O. 500, payment due within three months. He made sales during the day and received a total of R.O. 5,000 cash. He paid the electricity bill expenses that cost R.O. 350 rials cash. Qasim withdrew an amount of R.O. 550 rial for his personal use. Question 4: Cash and Accrual basis accounting (22 marks) Part 1: From the answer given in Question 3, prepare cash basis accounting (9 marks). Part 2: in a table, differentiate between the Cash basis and Accrual basis accounting. Use secondary data and add citations to the paragraphs (13 marks).

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Answer Qasims Business Transactions January 2023 11 Issuance of Common Sto... View the full answer