Required: Prepare journal entries to record the above transactions Question 1 After graduation from Higher College of

 Required: Prepare journal entries to record the above transactions

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Question 1 After graduation from Higher College of Technology, Hamed entered private practice and started a consultancy business. The transactions of the business through May 2020 are as follows: May 1 May 3 May 9 May 12 Hamad invested 180,000 OMR in Cash 20,000 OMR, Building 120,000 OMR, Furniture 30,000 OMR and Computers worth OMR 10,000. Paid Office Rent 1,000 OMR. Purchased Office supplies by cash OMR 2,000 Purchased of equipment by OMR 2,000 on credit, by making a down payment of OMR 500 and signed a note for the remaining amount to be paid after 1 month. May 27 Paid utility bill of OMR 50 Question 1 After graduation from Higher College of Technology, Hamed entered private practice and started a consultancy business. The transactions of the business through May 2020 are as follows: May 1 May 3 May 9 May 12 Hamad invested 180,000 OMR in Cash 20,000 OMR, Building 120,000 OMR, Furniture 30,000 OMR and Computers worth OMR 10,000. Paid Office Rent 1,000 OMR. Purchased Office supplies by cash OMR 2,000 Purchased of equipment by OMR 2,000 on credit, by making a down payment of OMR 500 and signed a note for the remaining amount to be paid after 1 month. May 27 Paid utility bill of OMR 50

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ANSWER While recording the journal entry the purchase of assets like cash bu... View the full answer