FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 1 January 2020, RAYSUT BANK gives a loan of 130000 OMR to Sohar Company for 3 years. The interest rate is 10 %. The

image text in transcribed
On 1 January 2020, RAYSUT BANK gives a loan of 130000 OMR to Sohar Company for 3 years. The interest rate is 10 %. The bank opens an account for the customer and deposits the amount into that account Sohar Company will make repayment as instalments. Which of the following is the journal entry to be recorded on 1 January 2020? Select one: OA. Demand Deposits 90000 Time Deposits 90000 OB. Demand Deposits 1130000 Loans 130000 O c. Loans 130000 Demand Deposits 130000 OD Demand Deposits 13000 13000 Interest Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Research On Professional Responsibility And Ethics In Accounting Volume 21

Research On Professional Responsibility And Ethics In Accounting Volume 21

Authors: Cynthia Jeffrey

1st Edition

1787549739, 9781787549739

More Books

Students also viewed these Accounting questions

Question

★★★★★
Consider a production function of the following form: X = l00 L'\ where X = output and L = input of labor (assuming other inputs are fixed). a. Construct a figure like Figure 6-1 and a table like...

Answered: 1 week ago

Question

★★★★★
The University of Connecticut offers Jordana an assistant coaching position on its womens basketball team. The offer states that it will expire thirty days from May 1. Jordana rejects the offer on...

Answered: 1 week ago

Question

★★★★★
What is your theoretical orientation? (For Applied Programs Only)

Answered: 1 week ago

Question

★★★★★
Maquoketa River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. In addition to those accounts listed on the...

Answered: 1 week ago

Question

★★★★★
Vaughn Company began operations late in 2019 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2019 and no markdowns during 2019, the ending inventory...

Answered: 1 week ago

Question

★★★★★
The following data are accumulated by Lone Peak Inc. in evaluating two competing capital investment proposals: 3 D Printer Truck Amount of investment $ 8 4 , 0 0 0 $ 2 8 , 0 0 0 Useful life 4 years 9...

Answered: 1 week ago

Question

★★★★★
Agile PMs must sense and align individuals, teams, and stakeholders. Which of the following is NOT a way to empower others? Please choose the best answer below: Establishing systems of ownership...

Answered: 1 week ago

Question

★★★★★
You and your friend Olivia are both volunteers at a cat rescue. The shelter supervisor asks the two of you to clean out kennels and haul bags of cat food from the donation area to the storage area....

Answered: 1 week ago

Question

★★★★★
1} A centrifuge is spinning at a rate of 2000 revolutions per minute (rpm). How many milliseconds (ms) will it take to complete 5 revolutions

Answered: 1 week ago

Question

★★★★★
Identity Theft Resource Center (ITRC) provides consumer and victim support, public education, and advice. Marlenas grandmother is concerned her identity has been stolen. Help Marlena reconcile her...

Answered: 1 week ago

Question

★★★★★
Your company recently hired a new administrative assistant, Maryam Arjmand. On her first day, you stopped by her desk to meet her. During your conversation, you told her to let you know if there was...

Answered: 1 week ago

Question

★★★★★
What is the average age of members of your key public?

Answered: 1 week ago

Question

★★★★★
How likely is this public to act on information it receives?

Answered: 1 week ago

Question

★★★★★
What does this public think about your organization?

Answered: 1 week ago

Previous Question Next Question