Question
Muscat Bakery was started their business in Ibra. The following transactions were completed during April 2020: April 1 Muscat bakery started business by investing cash,
Muscat Bakery was started their business in Ibra. The following transactions were completed during April 2020:
April 1 Muscat bakery started business by investing cash, OMR 16,000 and Machinery , OMR 2,400.
4 purchased goods for cash OMR 3000.
6 Purchased goods from Al jaded traders on credit OMR 3000
10 Sold goods on credit OMR 2000
15 Sold goods to Nizwa bakers for OMR 3000 , but they paid OMR 2000.
17.Paid salary OMR 250
18 paid to Al jaded traders
19. Paid insurance expense in advance for 10 months OMR 2000
20 Electricity bill paid OMR 100
30 Machinery bought for OMR 5000 and paid only half of the amount.
31 Owner withdrew money for personal use OMR 400
Adjustment
1. Insurance amount incurred for 2 months
2. Rent unpaid OMR 2000
Required:
- Prepare the journal entries to record the above transactions. Use the journal provided below. Narration is required. Provide journal page.
- Post the journal entries to the ledgers. Use the ledgers given. Provide Account Numbers.
- Prepare the unadjusted trial balance. Use the table given.
- Prepare adjusted journal entry
- Prepare adjusted trial balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started