Case study/Scenario analysis/ Analytical Type Questions (50 MARKS) Question No 1: (20x1 = 20 Marks) Majid started his own consulting firm, Majid Consulting, on May 1, 2020. The following transactions occurred during the month of May: Pass journal entries for the following transactions 1 May 2 May 3 May 4 May 5 May 6 May 7 May 8 May 9 May 10 May 11 May 12 May Majid invested OMR 7,000 cash in the business. Paid OMR 900 towards the office rent for the month Purchased OMR 600 of supplies on account. Paid OMR 125 to advertise in the Oman News. Received OMR 4,000 cash for services performed. Withdrew OMR 1,000 cash for personal use. Performed OMR 5,400 of services on account. Paid OMR 2,500 for employee salaries. Paid for the supplies purchased on account on May 3. received a cash payment of OMR 4,000 for services performed on May 7. Borrowed OMR 5,000 from the bank on a note payable. Purchased equipment for OMR 4,200. Down payment was OMR 1,000 and remaining to be paid next month. Received OMR 4,000 as advance payment from customers for consulting services. Majid invested a car worth OMR 11,000 in the business. Paid OMR 800 rent for use of office space Purchased equipment on account for OMR 3,000. Performed consulting services to clients for cash OMR 1,500. Borrowed OMR 700 cash from a bank on a note payable. Paid insurance for one year, OMR 1,200. Insurance will expire 19 May of next year. Paid monthly expenses: wages OMR 500, utilities OMR 300, and advertising OMR 100. the 13 May 14 May 15 May 16 May 17 May 18 May 19 May 20 May