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ource/content/1/PAC202BUSSY 2009 20 Fall 202021200W95201%205521 2 / 14 100% concepts and briefly explain them. Task 2: CASE STUDY (50 marks) Nadeen started a new business of baby daycare during the month of October 2021. The business name Al Nadeen DayCare. It provides the service of taking care of babies from 3 months old up to 3 years old. She prepared the following daily transactions occurred during the month of October as follow: Transaction details October 2021 - 2 3 7 Nadeen invested OMR 25,000 to start the business Paid rent - OMR 2,000 Paid interior design company OMR 15,000 for decoration Purchased Day Care furniture for business use on credit from Home Centre worth OMR 7,000 Purchased baby food and supplies by cash worth OMR5,000 Purchased office computer and software for business by cash worth OMR 1,500 Provided hourly service for customers and received OMR 90 Sold membership service to customers worth OMR 2000 An amount of OMR 25,000 was borrowed from the bank to help initiating the business. Provided hourly service for customers and received OMR 35 Paid Home Centre OMR 5,000 for the Day Care furniture purchased on 4" October tivate Window Go to settings to activ 10 12 15 17 4) 3 / 14 100% + Principles of Accounting (BUSS B 1004) - Fall 21-CW TAL-QP 18 20 Paid OMR 4,000 cash for two months' rent in advance Purchase an insurance policy worth OMR 500 Provided hourly service for customers and received OMR 120 Withdrew amount of OMR 300 for personal use. Paid salaries OMR 750 26 31 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. C. Record each of the above transactions in general journal by using the accounting names provided in the table below. Please add the name of the business as the title of the general journal (50 marks) a. Cash b. Capital Rent d. Furniture e Accounts Payables f. Purchases g Rent in h. Sales advance i. Decoration jSalaries k. Drawings 1. Insurance expenses m. Office computer n Bank Loan P. 0 Task 3: Cash basis accounting (16 marks) On the month of November, Naseen wanted to check her cash movement during the first Activate Win month of the business. From the information provided in Task 2. prepare the cash basis Co to Settings to accounting table for the month of October USS X o Ctrl resource/content//PAIPOMBUISSASTOS20100429 2020 2021-500W 120 20332 3 / 14 100% + e. Accounts Payables f. Purchases h. Sales 8. Rent in advance k. Drawings i. Decoration j. Salaries 1. Insurance expenses p. m. Office computer n. Bank Loan 0. Task 3: Cash basis accounting (16 marks) On the month of November, Naseen wanted to check her cash movement during the first month of the business. From the information provided in Task 2, prepare the Cash basis accounting table for the month of October. Task 4: Accrual basis accounting. (14 marks) Define the meaning of Accrual basis accounting and discuss two differences between cash and accrual accounting based on review of relevant literature. Task 5: format and references (5 marks) Organized paper with proper headings and format. The references should be properly listed using APA style (7th edition) with related in-text citation. (Cover page, table of content, referencing, student declaration form) Activate Go to Setting