On December 1, 2019, Rashid incorporated Rashid, Inc., a mutual fund company that specializes in providing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 1, 2019, Rashid incorporated Rashid, Inc., a mutual fund company that specializes in providing financial services. During the month of December, the business incurred the following transactions: a. To begin operations, Rashid deposited OMR 100, 000 cash in the business s bank account. The company received the cash and issued shares to Rashid. b. The business purchased equipment to use in providing electronic service for OMR 35, 000 on account. c. The business purchased office supplies for OMR 8000 cash. d. The business provided OMR 26, 000 to a customer on account. e. The business paid OMR 5,000 cash toward the equipment previously purchased on account in transaction b. f. The business received OMR 20, 000 in cash for services provided to a new customer. g. The business paid OMR 2,000 cash to repair equipment. h. The business paid OMR 9,000 cash for December s salary expense. i. Rashid has purchased a new car for OMR 500,000 on Notes Payable. j. The business received OMR 21,000 cash from the customer on account in transaction d. k. The business paid cash dividends of OMR 15, 000. Requirements: Q. 1 Journalize the transactions shown above. (Rubrics: 1 mark for each correct journal entry of a single transaction - Total 10 marks) Q. 2 been Post to the ledger and display the balance in each account after all the transactions have posted. (Rubrics: 1 mark for each correct entry of each T-account - Total 10 marks) Q3 Prepare unadjusted trial balance, for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the trial balance including the correct heading and the totals - Total 6 marks) Q4 Prepare Income Statement for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the net income - Total 3 marks) Q5 Prepare Statement of Owners Equity for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the total - Total 3.5 marks) Q.6 Prepare Balance Sheet for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the totals - Total 5.5 marks) Q.7 Provide an evaluation and analysis on the financial position and performance of the business. Justify your answer with evidence from your answers to the previous questions. (Rubrics: 1 mark for the correct analysis and 1 mark for the justification and evidence- Total 2 marks) On December 1, 2019, Rashid incorporated Rashid, Inc., a mutual fund company that specializes in providing financial services. During the month of December, the business incurred the following transactions: a. To begin operations, Rashid deposited OMR 100, 000 cash in the business s bank account. The company received the cash and issued shares to Rashid. b. The business purchased equipment to use in providing electronic service for OMR 35, 000 on account. c. The business purchased office supplies for OMR 8000 cash. d. The business provided OMR 26, 000 to a customer on account. e. The business paid OMR 5,000 cash toward the equipment previously purchased on account in transaction b. f. The business received OMR 20, 000 in cash for services provided to a new customer. g. The business paid OMR 2,000 cash to repair equipment. h. The business paid OMR 9,000 cash for December s salary expense. i. Rashid has purchased a new car for OMR 500,000 on Notes Payable. j. The business received OMR 21,000 cash from the customer on account in transaction d. k. The business paid cash dividends of OMR 15, 000. Requirements: Q. 1 Journalize the transactions shown above. (Rubrics: 1 mark for each correct journal entry of a single transaction - Total 10 marks) Q. 2 been Post to the ledger and display the balance in each account after all the transactions have posted. (Rubrics: 1 mark for each correct entry of each T-account - Total 10 marks) Q3 Prepare unadjusted trial balance, for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the trial balance including the correct heading and the totals - Total 6 marks) Q4 Prepare Income Statement for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the net income - Total 3 marks) Q5 Prepare Statement of Owners Equity for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the total - Total 3.5 marks) Q.6 Prepare Balance Sheet for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the totals - Total 5.5 marks) Q.7 Provide an evaluation and analysis on the financial position and performance of the business. Justify your answer with evidence from your answers to the previous questions. (Rubrics: 1 mark for the correct analysis and 1 mark for the justification and evidence- Total 2 marks)
Expert Answer:
Answer rating: 100% (QA)
Transaction Journal Entries Dr OMR Cr OMR a cash 100000 common stock 100000 b equipment 35000 accounts payable 35000 c office supplies 8000 cash 8000 ... View the full answer
Related Book For
Posted Date:
Students also viewed these banking questions
-
A mutual fund company offers its customers several different funds: a money market fund, three different bond funds, two stock funds, and a balanced fund. Among customers who own shares in just one...
-
ML is an engineering company that specializes in providing engineering facilities to businesses that cannot justify operating their own facilities in-house. ML employs a number of engineers who are...
-
A mutual fund company has 6 funds that invest in the U.S. market and 4 that invest in international markets. A customer wants to invest in two U.S. funds and 2 international funds. a. How many...
-
Dickletton Attorneys' policy is to bank all receipts in its Trust bank account and at the end of each month the bookkeeper transfers the relevant funds due to Dickletton Attorneys from the trust to...
-
Water flows through a horizontal, 0.5-m-diameter pipe with a flow rate of 0. 9 m3/sec. It is ejected from the pipe through a 0.25-m-diameter nozzle. If the force that holds the nozzle in place is -B....
-
In Problems 65-70, find fxx(x, y),fxy(x,y),fyx(x,y), and fyy( x, y) for each function f. f(x,y) = x3y3 + x + y2
-
Use the method of Exercise 4 to find the variance of a lognormal variable in terms of the parameters of the underlying normal variable Data from Exercises 4 Suppose that \(u=e^{w}\), where \(w\) is...
-
This problem continues Problem 8. Use the Access_Practice.accdb database that you have been working on to complete the following tasks. a. Go to the Relationships screen and connect the five tables,...
-
A sphere slides along a friction-free inclined surface n. The sphere slides from a height of n for the speed of the sphere once it reaches the point2. (b) 4.0m. (a) Develop an expression What is...
-
Using the What Do Operations Managers Do? box in the chapter, what key activities most directly relate to the case situation?
-
You observe the following yield curve for Treasury securities: Maturity 1 year 2 years 3 years 4 years 5 years Yield 5.5% 5.8 6.0 6.3 6.5 Assume that the pure expectations hypothesis holds. What does...
-
3.31 The output elasticity of demand for input x; is defined as y (w, y) = (ax(w, y)/ay) (y/x;(w, y)). (a) Show that iy (w, y) = (y)eiy (w, 1) when the production function is homothetic. (b) Show...
-
Henri and Lila are having second thoughts regarding their choice of a home mortgage. They thought they should just get a 15-year mortgage, but now they are not so sure. The restaurant is doing...
-
Show (using $ figures) how your business will be able to service its dues or offer suitable ROI. #per Month 4 Project A S Project B 6 Project C 7 Project D $ Cost per 9 Month 10 Project A 11 Project...
-
Create T - accounts for RM Inventory, WIP Inventory, FG Inventory, and COGS. Enter any appropriate beginning balances and record any amounts that would have been debited or credited to these accounts...
-
LMNO Partnership has operated for several years. Currently, the partnership has the following account balances Larry, Marge, Nancy, and Owen share equally in profits and losses. LMNO Partnership has...
-
your clients bill and bob want to pay in cash instead of borrowing. they need 25,000 to spend on a tractor trailer in 4 years. theyve got 7,500 already. they plan to add to savings each month to the...
-
Give an example of transitory income. What effect does this income have on the marginal propensity to consume?
-
Industrial quality control programs often include inspection of incoming materials from suppliers. If parts are purchased in large lots, a typical plan might be to select 20 parts at random from a...
-
Suppose that the pH of soil samples taken from a certain geographic region is normally distributed with a mean of 6.00 and a standard deviation of 0.10. Suppose the pH of a randomly selected soil...
-
Briefly explain why it is important to consider the value of se in addition to the value of r2 when evaluating the usefulness of the least squares regression line.
-
Consider the problem min x1+x2 s.t. h(x) = x2 x3 = 0, - - h2(x) = x2 = 0,
-
Consider the quadratic programming problem 1-Solve the problem using KKT conditions. 2-Observe that, if we could get rid of the first inequality, we could decompose the problem into two independent...
-
Consider the discrete optimization problem The feasible set consists of a finite collection of m points in Rn, and we have one inequality constraint. Dualize the inequality and show that the dual...
Study smarter with the SolutionInn App