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 Majid invested OMR 7,000 cash in the business. 2 May Paid OMR 900 towards the office rent for the month 3 May Purchased OMR 600 of supplies on account 4 May Paid OMR 125 to advertise in the Oman News. 5 May Received OMR 4,000 cash for services performed. 6 May Withdrew OMR 1,000 cash for personal use. 7 May Performed OMR 5,400 of services on account. 8 May Paid OMR 2,500 for employee salaries. 9 May Paid for the supplies purchased on account on May 3. 10 May received a cash payment of OMR 4,000 for services performed on May 7. 11 May Borrowed OMR 5,000 from the bank on a note payable. 12 May Purchased equipment for OMR 4,200. Down payment was OMR 1,000 and the remaining to be paid next month. 13 May Received OMR 4,000 as advance payment from customers for consulting services. 14 May Majid invested a car worth OMR 11,000 in the business. 15 May Paid OMR 800 rent for use of office space 16 May Purchased equipment on account for OMR 3,000. 17 May Performed consulting services to clients for cash OMR 1,500. 18 May Borrowed OMR 700 cash from a bank on a note payable. 19 May Paid insurance for one year, OMR 1,200. Insurance will expire 19 May of next year. 20 May Paid monthly expenses: wages OMR 500, utilities OMR 300, and advertising OMR 100