Muscat company had the following transactions during the month of January 2021. January 4- It started...
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Muscat company had the following transactions during the month of January 2021. January 4- It started the business with cash of OMR 56,500 January 7- Business purchased a building at a cost of OMR 34,500 and paid cash. January 12- Business paid advertisement expenses of OMR 1,400 January 14- Business sold goods of OMR 6,700 on credit. January 18- Business received sales revenue of OMR 24,500 January 22- The owner took cash form the business for personal use of OMR 2,300 January 24- Business purchased goods worth of OMR 8,800 and paid cash. January 25- Business paid insurance of OMR 800 by cash. January 28- Business took a loan from Bank muscat of OMR 5,000. January 31- Goods sold to customer of OMR 3,500 and received cash. Required: Write the Journal entries for the above transactions, Prepare the necessary Ledger accounts, and draft the Unadjusted Trial balance. Muscat company had the following transactions during the month of January 2021. January 4- It started the business with cash of OMR 56,500 January 7- Business purchased a building at a cost of OMR 34,500 and paid cash. January 12- Business paid advertisement expenses of OMR 1,400 January 14- Business sold goods of OMR 6,700 on credit. January 18- Business received sales revenue of OMR 24,500 January 22- The owner took cash form the business for personal use of OMR 2,300 January 24- Business purchased goods worth of OMR 8,800 and paid cash. January 25- Business paid insurance of OMR 800 by cash. January 28- Business took a loan from Bank muscat of OMR 5,000. January 31- Goods sold to customer of OMR 3,500 and received cash. Required: Write the Journal entries for the above transactions, Prepare the necessary Ledger accounts, and draft the Unadjusted Trial balance.
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Journal Entries Date Particulars LF Debit Credit 2021 January 4 Cash Ac Dr To Capital Ac Being Started business with Cash 56500 56500 7 Buildings Ac D... View the full answer
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date:
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