Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case 5 Omer was studying in IT department of Ibra College of Technology, after completion of his study he started a IT consulting firm in

image text in transcribed
Case 5 Omer was studying in IT department of Ibra College of Technology, after completion of his study he started a IT consulting firm in Sur, The following transactions were completed during December 2019: January 1. Started the business with OMR 15,000 cash and Furniture's worth OMR 2,500 3. Performed IT service for clients, OMR 800, received 20% of the amount and balance will receive later. 4. Took bank loan from Bank Muscat OMR 3000, 5. Received 50% of the balance amount from clients, based on December 3rd transaction. 16. Purchased computer from Sur Technologies for OMR 3200 and paid 40% 17. bank charges OMR 200 against loan. 18. Paid Salary OMR 400, Rent 450 and Electricity charges OMR 300 19. Paid full amount to Sur Technologies. Required: a. Prepare the journal entries to record the above transactions. Use the journal provided below. Narration is required. Provide journal page. (5 marks) b. Post the journal entries to the ledgers. Use the ledgers given. Provide Account Numbers

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

Forensics Audits And Dreaming

Authors: Helgard Petrus - Coetser

1st Edition

1664260250, 978-1664260252

More Books

Students also viewed these Accounting questions