Question: Ms. Maryam, a licensed dentist, started to practice her profession in Ibra on July 1, 2020. During the first month of operation, the following events

Ms. Maryam, a licensed dentist, started to practice her profession in Ibra on July 1, 2020. During the first month of operation, the following events and transactions occurred.

July 1 Invested OMR 5,000 cash and OMR 5000 as dental equipment in her Dental Care business.

July 2 Purchased from Muscat Company dental equipment OMR 3,000, paying OMR 1,000 cash and the balance on account.

July 3 Paid for 6-month insurance in advance OMR 200.

July 15 Performed dental services OMR 1,500, collected cash OMR 500 and the balance on account.

July 20 Paid in full Muscat Company for the balance of the purchase made on account on July 2.

July 25 Provided dental services to customers for cash OMR 2,000.

July 26 Collected OMR 150 on account from customers previously billed last July 15.

July 30 Paid the following expenses for the month; electricity OMR 50, salary OMR 900 and rent OMR 350

July 30 Maryam withdraws OMR 500 from the company for her personal travel expenses.

Required:

  1. Journalize the above transactions.
  2. Post to the Ledger
  3. Prepare trial balance

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!