Question
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-
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 a machinery of OMR 8,800 on account.
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.
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