Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman: a. Iman invested...

 

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Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman: a. Iman invested OMR. 600,000 in the business. b. Trucks were Purchased by business for OMR. 430,000. c. Equipment purchased on credit for OMR. 9,000. d. A bill of OMR.7,200 for transporting goods was sent to Mr. Ashraf Abbasi, a customer. e. Cash of OMR 6,000 is received from the customer who was billed in d. f. Received OMR 22,300 is cash for transporting goods. g. A payment of OMR 5,000 was made on the equipment purchased in e. h. Paid expenses of different types for OMR 1,700 in cash. i. Equipment of OMR 1,200 was withdrawn from business for Iman's personal use. Required: 1. Arrange the Assets, Liabilities and Owner's Equity accounts in an Accounting Equation, using the following account titles: Cash, Trucks, Equipment, Account Receivables, Account Payable and Owner's Equity (9 marks) 2. Prepare the following T Accounts (3 marks) a. Cash account b. Accounts Receivable c. Accounts Payable Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman: a. Iman invested OMR. 600,000 in the business. b. Trucks were Purchased by business for OMR. 430,000. c. Equipment purchased on credit for OMR. 9,000. d. A bill of OMR.7,200 for transporting goods was sent to Mr. Ashraf Abbasi, a customer. e. Cash of OMR 6,000 is received from the customer who was billed in d. f. Received OMR 22,300 is cash for transporting goods. g. A payment of OMR 5,000 was made on the equipment purchased in e. h. Paid expenses of different types for OMR 1,700 in cash. i. Equipment of OMR 1,200 was withdrawn from business for Iman's personal use. Required: 1. Arrange the Assets, Liabilities and Owner's Equity accounts in an Accounting Equation, using the following account titles: Cash, Trucks, Equipment, Account Receivables, Account Payable and Owner's Equity (9 marks) 2. Prepare the following T Accounts (3 marks) a. Cash account b. Accounts Receivable c. Accounts Payable

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1 Al Mukhaini Transport Service 21 Cash Effects of Events on the Financial Statements Date Particula... View the full answer