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In order to complete this assignment, you may refer the course material, practice questions, reference books mentioned in the course material and any other resources available. Provide details of your references in the end. You may increase the space given for answers as per your requirement. Answer All the Questions Following information is relevant for Questions 1 - 4 Mr. Rasool started a courier service in Ibri, Fast Couriers, on January 1, 2020. The following transactions occurred during the month of January 2020. January 1 Rasool invested OMR 15,000 in the business. January 3 The business borrowed OMR 5,000 from Bank Nizwa, to be repaid after 3 years. January 4 Bought a delivery van OMR 7,000 from Fine Automobiles. Rasool paid OMR 2,000 and the balance will be paid later. January s Paid insurance for full year OMR 1,000. January 7 Billed a customer OMR 500, for delivery service and received cash. January 10 Purchased packing materials (supplies) for OMR 500 on account. January 12 Received invoice from Shelly Autocare OMR 250, for the repair of delivery van. Business agreed to pay the cash later. January 14 Earned OMR 1,000 on a customer order for an overseas delivery, but not received the cash. January is Rasool took OMR 300 for his personal expenses. January 18 Provided delivery service for a friend, Mr. Hamed, for OMR 300. Hamed paid OMR 180 immediately and agreed to give the balance later. January 21 Purchased a weighing machine for OMR 400 January 23 Hamed paid the balance amount on the services rendered for him. January 27 Remitted OMR 500 to Fine automobiles. January 30 Paid office rent OMR 150. January 31 Staff salary paid OMR 1,000. Question 1: Analyze these transactions and prepare a table to show their effect on the accounting equation. (10 Marks) Answer: Eollowing information is relevant for Questions 1 - 4 Mr Rasool started a courier service in Ibri, Fast Couriers, on January 1. 2020. The following transactions occurred during the month of January 2020 Rasool invested OMR 15.000 in the business January 3 The business borrowed OMR 5,000 from Bank Nizwa, to be repaid after 3 years January + Bought a delivery van OMR 7,000 from Fine Automobiles. Rasool paid OMR 2.000 and the balance will be paid later Jay Paid insurance for full year OMR 1,000 Jawy Billed a customer OMR 500, for delivery service and received Jawy Purchased packing materials (supplies) for OMR 500 on account. 1 Received invoice from Shelly Autocar OMR 250, for the repair of delivery van. Business agreed to pay the cash later. a Farned OMR 1,000 on a customer order for an overseas delivery, but not received the cash. Jury is Rasool took OMR 300 for his personal expenses. J y Is Provided delivery service for a friend. Mr. Hamed, for OMR 300. Hamed paid OMR 180 immediately and agreed to give the balance later Jury 21 Purchased a weighing machine for OMR 400 January 23 Hamed paid the balance amount on the services rendered for January 27 Remitted OMR 500 to Fine automobiles. January 3 Paid office rent OMR 150 January Staff salary paid OMR 1,000. Question 1: Analyze these transactions and prepare a table to show their effect on the accounting equation (10 Marks) Answer: Ouestion 2: Journalize the transactions of January 2020 using appropriate format (10 Marks) Answer: Question 3 Post the journal entries in ledger accounts and find the balances at January 31, 2020. (10 Marks) Question 4: Prepare a trial balance 31, 2020 at January

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