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 a machinery of OMR 8,800 on account.

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.

Answer rating: 100% (QA)

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