Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 2 3 4 6) Tamer opens the Green Thumb Lawn Care Company on January 1, 2021. At January 31, 2021, the trial balance shows

image text in transcribed

1

image text in transcribed

2

image text in transcribed

3

image text in transcribed

4

6) Tamer opens the Green Thumb Lawn Care Company on January 1, 2021. At January 31, 2021, the trial balance shows the following balances for selected accounts. (5 Marks) Analysis reveals the following additional data. a) Expired Insurance for the month is OMR 200 (1.5 marks) b) Depreciation on the equipment is OMR 500 per month. ( 1.5 marks) c) Supplies on hand are OMR 1,000. (2 marks) Prepare the adjusting entries for the above. (You may omit the explanations) 2) Nasser opened a law office on July 1,2020. The following transactions occurred during the month of July. (2.5 Marks) July 1, Nasser invested OMR 7,000 cash in the business. 2. Paid OMR 300 for office rent for the month. 15. Purchases OMR 200 of equipment for cash. 20. Perform service for OMR 900 on Account Required: Show the effect of the previse transactions on the accounting equation: 3) Bahla Company purchased a delivery truck for OMR 60,000 on January 1,2020 . The truck has an expected salvage value of OMR 4,000 and is expected to be driven 100,000 miles over its estimated useful life of 5 years. Compute depreciation expense for 2020 and 2021 using the straight-line method. (2.5 Marks) 5) The adjusted Trial Balance of Ahmed Enterprises on 31It December 2021 is as shown below: (5 Marks) You are required to prepare the following financial statements for the year ended 31st December 2021: a) Income Statement ( 3 marks) b) Statement of changes in Owner's Equity ( 2 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

13th Edition

8120335643, 136126634, 978-0136126638

More Books

Students also viewed these Accounting questions

Question

What is electric dipole explain with example

Answered: 1 week ago

Question

What is polarization? Describe it with examples.

Answered: 1 week ago