CASE STUDY Mr. Aziz Al Balushi formed Avenue Enterprises on December 1, 2020. During the month,...

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CASE STUDY Mr. Aziz Al Balushi formed Avenue Enterprises on December 1, 2020. During the month, the following financial transactions occurred 2020 December 1 Aziz invested OR 100,000 in the new business 6 Avenue Enterprise provided services to Photo shop on account for OR 20,000 8 Purchased office equipment for cash OR 30,000. 10 Services provided for cash OR 25,000 12 Paid Insurance expense for OR 5.000 16 Purchased material on account for OR 10,000 21 Paid to Al Khidmah OR 1,000 cash for utility expenses 23 Paid OR 8,000 cash for the material purchased on November 16 24 Received OR 15,000 in cash from Photo shop for services provided on November 31 Withdrew OR 3,000 for personal use Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own Principles of Accounting 1220) Q1. Record each of the above transactions in general journal. Explanations maybe omitted. Use the following account titles to journalize the transactions: (10 marks) a. Cash b. Accounts Payable c. Accounts Receivable 202101 (QP) d. Insurance Expense e. Utility Expense f. Capital Service Fee income h. Material Withdrawals Office Equipment Page 1 of 4 Q2. Discuss extensively the following terminologies used in Accounting. Appropriate examples should be cited as well. 1. Posting 2. Intangible assets 3. Journal 4. Ledger (5 marks) INSTRUCTIONS 5. The assignment must have a front page specimen indicating the course title, name of the student name of faculty and date of submission 6. The assignment should have a table of contents, answers to the requirements and appropriate references, if necessary. Use APA style of referencing 7. The assignment should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices; main body of the report should be black and white. 8. Last date of submission: 4 of March,2021. The assignment should be submitted on time through Ms Teams. Late submission shall be penalized as per the norms of OCMT Maximum marks to be awarded for this assignment is 100. The evaluation criteria follows: Journal entries and Discussions Criteria Marks 15 CASE STUDY Mr. Aziz Al Balushi formed Avenue Enterprises on December 1, 2020. During the month, the following financial transactions occurred 2020 December 1 Aziz invested OR 100,000 in the new business 6 Avenue Enterprise provided services to Photo shop on account for OR 20,000 8 Purchased office equipment for cash OR 30,000. 10 Services provided for cash OR 25,000 12 Paid Insurance expense for OR 5.000 16 Purchased material on account for OR 10,000 21 Paid to Al Khidmah OR 1,000 cash for utility expenses 23 Paid OR 8,000 cash for the material purchased on November 16 24 Received OR 15,000 in cash from Photo shop for services provided on November 31 Withdrew OR 3,000 for personal use Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own Principles of Accounting 1220) Q1. Record each of the above transactions in general journal. Explanations maybe omitted. Use the following account titles to journalize the transactions: (10 marks) a. Cash b. Accounts Payable c. Accounts Receivable 202101 (QP) d. Insurance Expense e. Utility Expense f. Capital Service Fee income h. Material Withdrawals Office Equipment Page 1 of 4 Q2. Discuss extensively the following terminologies used in Accounting. Appropriate examples should be cited as well. 1. Posting 2. Intangible assets 3. Journal 4. Ledger (5 marks) INSTRUCTIONS 5. The assignment must have a front page specimen indicating the course title, name of the student name of faculty and date of submission 6. The assignment should have a table of contents, answers to the requirements and appropriate references, if necessary. Use APA style of referencing 7. The assignment should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices; main body of the report should be black and white. 8. Last date of submission: 4 of March,2021. The assignment should be submitted on time through Ms Teams. Late submission shall be penalized as per the norms of OCMT Maximum marks to be awarded for this assignment is 100. The evaluation criteria follows: Journal entries and Discussions Criteria Marks 15