Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Mohammed opened the accounting analyst services in January 2020. He plans to prepare the monthly financial statement dated 31 January 2020. During this month

image text in transcribed
Mr. Mohammed opened the accounting analyst services in January 2020. He plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction. January 1. Mr. Mohammed invested cash 40,000, computer value OMR 4,000 January 2. Paid 3000 cash for the rent of office space for the next six months. January 3. Purchased other office furniture's OMR 2000 on credit from Tagheer company. January 4. Hired a helper agree to him OMR 100. January 8. Completed work for a client and immediately collected cash OMR 1,800 January 10. Perform services for a client and sent a bill OMR 4,000 to be paid later. January 12. Purchased supplies OMR 4,000 in cash. January 14. Mr. Mohammed has booked a Machine for OMR 555 and paid 155 as down payment and it is expected to deliver in the month of February January 15. Received cash OMR 3000 from a client for the service to be provided for the month of February and March 2020. January 17. Pay school fees for the kids from his personal fund. January 18. Collected 1,000 on the amount owed by the client. January 22. Purchased laptop and returned it back on the same day as it was defective OMR 199 January 25. Paid cash OMR 100 for liability on the office stationeries. January 28. Owner withdrew OMR. 100 cash for personal use. January 30. Completed work for another client OMR. 4,000 but paid only for 50% of the amount. The remaining agree to pay later. January 31. Paid salary of helper. OMR 300. January 31. Planned to purchase furniture's of OMR 600. January 31. Received Telephone bill OMR 50. From the above transaction you are required to prepare: 5. Analyze the transaction by using accounting equation. (0.5 Mark*13 = 6.5 marks) 6. Prepare the Journal entries for the month of January. (0.25 for each account=7 marks) 7. Post the entries and calculate the balances. (0.5 Mark* 13 = 6.5 marks) 8. Use the balances to prepare the unadjusted trial Balance. (7 marks) 9. After completing the Unadjusted trial balance use the below information to prepare the Adjusted Trial Balance. (10 Marks) Additional information a. Rent expense for the month OMR 150 b. Office stationeries at the end of the month 500. c. Unearned revenue OMR 1500. At the end of the month. d. Depreciation of OMR 100 on furniture is to be recorded. alar YP 10 Salarretandinta

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

the firms target capitol structure should do which?

Answered: 1 week ago