Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 1. The following transactions are taken from the books of Mr. Asim for the month of May 2020. May 1 Mr. Asim started the

image text in transcribed

6 1. The following transactions are taken from the books of Mr. Asim for the month of May 2020. May 1 Mr. Asim started the business for accounting services by investing OMR 95,000. 4 The company purchased a Computers on credit from E-Max for OMR 7,000. Paid OMR 3,000 cash and the balance will be paid next month The business paid in advance for the insurance covering full year amount OMR 2,400 14 Business provided Auditing Scrvices to customer by collecting cash OMR 7,500. 23 Mr. Asim carned OMR 17.700 in revenue from the customer for auditing services provided to them. He received OMR 7.350 cash, and customers agreed to pay remaining amount later. 25 Mr. Asim paid OMR 3,700 to E-Max. 27 Mr. Asim paid the salary for his employees OMR 3.330. 28 The business paid office rent OMR 1,110 for the month of May 2020. 30 Received cash OMR 3,350 from the customer who previously billed for the service provided on credit, dated May 23, 2020. 31 Mr. Asim withdrawn cash OMR 1,700 for his private use. Required: 1. Prepare Journal Entries, 2. Ledger Accounts and 3. Unadjusted Trial Balance

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_2

Step: 3

blur-text-image_3

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

The People Policies Audit

Authors: Maurice A. Phelps

1st Edition

1907766049, 978-1907766046

More Books

Students also viewed these Accounting questions

Question

Convert the following unsigned binary integers to decimal

Answered: 1 week ago