Question: Choose the correct answer only without explanation I have a specific time, please answer everyone, please Muscat company Purchased office equipment for OMR 25,000, paying

Choose the correct answer only without explanation I have a specific time, please answer everyone, please

Choose the correct answer only without explanation I have a specific time,

please answer everyone, please Muscat company Purchased office equipment for OMR 25,000,

paying OMR 5,000 in cash and OMR 20,000 on Account payable. The

Muscat company Purchased office equipment for OMR 25,000, paying OMR 5,000 in cash and OMR 20,000 on Account payable. The Journal Entry should be: Select one: a. No entry-not a transaction O b. DEBIT Cash OMR 25,000 and CREDIT Equipment OMR 20,000 and Account Payable OMR 5,000 C. DEBIT Equipment OMR 25,000 and CREDIT cash OMR 25,000 O d. DEBIT Cash OMR 25,000 and CREDIT Account Payable OMR 25,000 O e. DEBIT Equipment OMR 25,000 and CREDIT Cash OMR 5,000 and Account Payable OMR 20,000 Presented below is financial information related to Muscat Company Net income 105,000 Comprehensive income 140,000 Income from operations 260,000 Interest expense 20,000 If this information was used to prepare an income statement, income tax should be: Select one: O a. 120,000 O b. 240,000 O c. 155,000 O d. 115,000 O e. 135,000 Muscat company hired a secretary- receptionist at a salary of R. O 4,000 per month to be paid cash. The Journal Entry should be: Select one: O a. DEBIT Prepaid Salary Expense OMR 4,000 and CREDIT Cash OMR 4,000 b. DEBIT Prepaid Salary Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 O c. DEBIT Salary Expense OMR 4,000 and CREDIT cash OMR 4,000 d. DEBIT Cash OMR 4,000 and CREDIT Prepaid Salary Expense OMR 4,000 O e. No entry-not a transaction

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!