Answered step by step
Verified Expert Solution
Question
1 Approved Answer
7) Please solve all the questions, and please write the question number before answering, I just want the answer code please help.I will not forget
7)Please solve all the questions, and please write the question number before answering, I just want the answer code please help.I will not forget your favor principal of Accounting 2
Question 31 Not yet answered Marked out of 1 P Flag question Mr. Nasser runs a merchandising business made a Net Income of RO 23,000 during the year 2019. He paid a dividend Of RO 3000. Which account is credited for the payment of dividend while passing the closing journal entry? O a. Dividend paid account O b. None of these. c. Retained earnings account O d. Net Income account Question 32 Not yet answered Marked out of 1 P Flag question Mr. Nasser runs a merchandising business made a Net Income of RO 23,000 during the year 2019. He paid a dividend Of RO 3000. Which account is debited for the payment of dividend while passing the closing journal entry? O a. Net Income account b. Income summary account O c. Retained earnings account O d. Dividend paid account Question 33 Not yet answered Marked out of 1 P Flag question Mr. Nasser runs a merchandise inventory business in Salalah since 2000. He practices perpetual inventory system. He had an ending inventory OMR 45,000 and the cost of goods sold at the end of the year 2019. On the same date he found of ending inventory of physical count of OMR 50,000. Which account is debited while passing adjusting journal entry for the difference of ending inventory? a. Cost of Goods sold b. Merchandise inventory O c. Purchases O d. Sales Question 34 Not yet answered Marked out of 1 P Flag question Salary paid in cash had been debited to rent account. Choose the type of the error in the above transaction. O a. Error of Omission O b. Error of Commission O c. Error of Principe O d. Error of original entry Question 35 Not yet answered Marked out of 1 P Flag question Compensating errors means a. An entry made in one record is not posted at all and an entry in one record incorrectly posted to another. O b. The numbers are totaled wrongly O c. A balance is omitted, or incorrectly extracted in preparing a trial balance. O d. Two equal and opposite errors leave the trail balance balancing Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started