Case study/Scenario analysis/ Analytical Type Questions (50 MARKS) Question No 1: (20x1 = 20 Marks) Mr. Yousef has decided to go into repair service business and to operate as Yousef Repair Services. The following transactions were completed during the first month of operations, May, 2020. Prepare journal entries. 1 May Mr. Yousef invested OMR 25,000 cash and equipment worth OMR 50,000 in the business. 2 May Purchased a machine worth OMR 1,500, making a down payment of OMR 250. 3 May Paid OMR 900 cash for a six-month insurance policy. 4 May Received OMR 3,000 cash from customers for services rendered. 5 May Received OMR 2,000 as an advance payment from customers for repair services. 6 May Received advertising bill of OMR 100, immediately paid OMR 80 and the remaining was deferred until next month. 7 May Performed services worth OMR 2,500 for customers on credit. 8 May Bought a furniture costing OMR 200, making a down payment of OMR 100. 9 May Mr. Yousef withdrew OMR 5,300 cash for personal use. 10 May Received OMR 1,700 cash from customers previously billed on account for May 7 transaction. 11 May Mr. Yousef invested a truck worth OMR 5,000 into the business. 12 May Cash received for services rendered for the month was OMR 4,300. 13 May Received a bill for OMR 150 for telephone. 14 May Purchased repair equipment worth OMR 7,000 in cash. 15 May Mr. Yousef withdrew OMR 1,400 from the Company. 16 May Wages paid for the month, OMR 500. 17 May Revenue earned on account, OMR 3,300 18 May Paid maintenance services, OMR 700. 19 May Takes out a bank loan OMR 2,000 to renovate the store. 20 May Paid utility bill, OMR 205