On December 1, 2019, Rashid incorporated Rashid, Inc., a mutual fund company that specializes in providing...

  

 

  
 
 
 

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On December 1, 2019, Rashid incorporated Rashid, Inc., a mutual fund company that specializes in providing financial services. During the month of December, the business incurred the following transactions: a. To begin operations, Rashid deposited OMR 100, 000 cash in the business s bank account. The company received the cash and issued shares to Rashid. b. The business purchased equipment to use in providing electronic service for OMR 35, 000 on account. c. The business purchased office supplies for OMR 8000 cash. d. The business provided OMR 26, 000 to a customer on account. e. The business paid OMR 5,000 cash toward the equipment previously purchased on account in transaction b. f. The business received OMR 20, 000 in cash for services provided to a new customer. g. The business paid OMR 2,000 cash to repair equipment. h. The business paid OMR 9,000 cash for December s salary expense. i. Rashid has purchased a new car for OMR 500,000 on Notes Payable. j. The business received OMR 21,000 cash from the customer on account in transaction d. k. The business paid cash dividends of OMR 15, 000. Requirements: Q. 1 Journalize the transactions shown above. (Rubrics: 1 mark for each correct journal entry of a single transaction - Total 10 marks) Q. 2 been Post to the ledger and display the balance in each account after all the transactions have posted. (Rubrics: 1 mark for each correct entry of each T-account - Total 10 marks) Q3 Prepare unadjusted trial balance, for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the trial balance including the correct heading and the totals - Total 6 marks) Q4 Prepare Income Statement for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the net income - Total 3 marks) Q5 Prepare Statement of Owners Equity for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the total - Total 3.5 marks) Q.6 Prepare Balance Sheet for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the totals - Total 5.5 marks) Q.7 Provide an evaluation and analysis on the financial position and performance of the business. Justify your answer with evidence from your answers to the previous questions. (Rubrics: 1 mark for the correct analysis and 1 mark for the justification and evidence- Total 2 marks) On December 1, 2019, Rashid incorporated Rashid, Inc., a mutual fund company that specializes in providing financial services. During the month of December, the business incurred the following transactions: a. To begin operations, Rashid deposited OMR 100, 000 cash in the business s bank account. The company received the cash and issued shares to Rashid. b. The business purchased equipment to use in providing electronic service for OMR 35, 000 on account. c. The business purchased office supplies for OMR 8000 cash. d. The business provided OMR 26, 000 to a customer on account. e. The business paid OMR 5,000 cash toward the equipment previously purchased on account in transaction b. f. The business received OMR 20, 000 in cash for services provided to a new customer. g. The business paid OMR 2,000 cash to repair equipment. h. The business paid OMR 9,000 cash for December s salary expense. i. Rashid has purchased a new car for OMR 500,000 on Notes Payable. j. The business received OMR 21,000 cash from the customer on account in transaction d. k. The business paid cash dividends of OMR 15, 000. Requirements: Q. 1 Journalize the transactions shown above. (Rubrics: 1 mark for each correct journal entry of a single transaction - Total 10 marks) Q. 2 been Post to the ledger and display the balance in each account after all the transactions have posted. (Rubrics: 1 mark for each correct entry of each T-account - Total 10 marks) Q3 Prepare unadjusted trial balance, for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the trial balance including the correct heading and the totals - Total 6 marks) Q4 Prepare Income Statement for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the net income - Total 3 marks) Q5 Prepare Statement of Owners Equity for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the total - Total 3.5 marks) Q.6 Prepare Balance Sheet for the month of December 1, 2019 (Rubrics: 0.5 mark for each correct entry of the income statement including the correct heading and the totals - Total 5.5 marks) Q.7 Provide an evaluation and analysis on the financial position and performance of the business. Justify your answer with evidence from your answers to the previous questions. (Rubrics: 1 mark for the correct analysis and 1 mark for the justification and evidence- Total 2 marks)

Answer rating: 100% (QA)

Transaction Journal Entries Dr OMR Cr OMR a cash 100000 common stock 100000 b equipment 35000 accounts payable 35000 c office supplies 8000 cash 8000 ... View the full answer