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Muscat company had the following transactions during the month of January 2021. January 4- It started the business with cash of OMR 56,500 January

 

Muscat company had the following transactions during the month of January 2021. January 4- It started the business with cash of OMR 56,500 January 7- Business purchased a building at a cost of OMR 34,500 and paid cash. January 12- Business paid advertisement expenses of OMR 1,400 January 14- Business sold goods of OMR 6,700 on credit. January 18- Business received sales revenue of OMR 24,500 January 22- The owner took cash form the business for personal use of OMR 2,300 January 24- Business purchased goods worth of OMR 8,800 and paid cash. January 25- Business paid insurance of OMR 800 by cash. January 28- Business took a loan from Bank muscat of OMR 5,000. January 31- Goods sold to customer of OMR 3,500 and received cash. Required: Write the Journal entries for the above transactions, Prepare the necessary Ledger accounts, and draft the Unadjusted Trial balance.

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Journal Entries Date Particulars LF Debit Credit 2021 January 4 Cash Ac Dr To Capital Ac Being Started business with Cash 56500 56500 7 Buildings Ac D... blur-text-image

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