Case Study The transactions related to AMT Engineering Consultants for the year ended 31 December 2020 is provided herewith. You are required to enter these transactions in journal, prepare ledger, trial balance and the year end financial statements. 7 8 9 Event No. Transaction 1 AMT Engineering acquired OMR 100.000 by issue of Common Stock 2 The owner took OMR 50.000 as loan from Bank Muscat 3 Opened in account in Bank Muscat (Current Account). An amount of OMR50,000 deposited into the account 4 Rented an office. An avance of OMR 12.000 is paid by issue of a bank cheque 5 Purchased office furniture OMR5,000 on credit from Fahmy Furnitures Bought office supplies paying OMR5.000 Bought a car from Sand Bahwan for OMR10,000. The amount is paid by the issue of a bank cheque Paid the amount due to Fahmy Pumiture in cash Collected OMR20,000 as advance to provide future services over a one year period starting from July 1, 2020 10 Received consulting revenue from a customer OMR40,000 11 Paid OMR30,000 as salaries to the staff Paid utilities charges OMR400 Traveling expenses paid OMR 100 Received OMR25,000 as consulting revenue from MM Projects 15 Paid OMRSO towards insurance premium. The premium is paid for one year, starting from 1 July 2020 16 Office upplies purchased on account OMR2,000 17 Bought computers for office OMR1.500 Provided consulting service on account OMR 10,000 19 Interest on loan paid OMR 750 20 Purchased and paying OMR 100.000 21 Dividend paid OMR 10.000 22 Received OMR5,000 from account receivable 13 14 18 Adjustment 1. Salary paid only for 10 months. 2. A physical examination of supplies revealed that supplies worth OMR2,000 are currently available for future use. 3. Insurance premium is paid from 1 July 2020 4. Interest due on loan OMR2,000 5. As of December 31, 2020, AMT Engineering had earned OMR 20,000 of the OMR40,000 received in Event 9. 6. The advance rent is paid for one year starting from 1 July, 2020