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please answer the questions as soon as possible because I am in exam now Ms. Ameena an MBA degree holder from UK, worked as a

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please answer the questions as soon as possible because I am in exam now

Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journal entries should be identified in the books of Mobile Word Solutions. Date Transactions 14 January 2020 Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, n/30. 3rd January 2020 Purchases 100 external hard disk at a cost of OMR 60 each Computer Supplies LLC (wholesale merchandise) The payment terms are 3/10, n/30. Trade discount was given by the supplier @5% on invoice price The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund.. 5th January 2020 10th January 2020 Full settlement was made by the business to Akbar mobiles. 15th February 2020 The business sold 100 Galaxy mobiles at a cost OMR 150 each to Nizwa Mobiles (a retail merchandise). The payment terms are 2/10,n/60. 20 February 2020 Nizwa mobiles discovers that 30 mobiles which was purchased on 15th February 2020 are slightly damaged. The customer decides to keep the mobiles but receives a sales allowance OMR 5 per mobiles. Received full settlement from Nizwa mobiles. 28th February 2020 ANSWER QUESTION NO 40 TO 44 40. Which one of the following journal entry is correct on 28th February 2020? a. Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850 b. Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850 c. Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000 d. Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850 41. Which one of the following journal entry is Correct on 20th February 2020? a. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 b. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 C. Debit Accounts receivable OMR 150 Credit Cash OMR 150 d. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150 42. Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 C. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000 d. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,00 43. Identify the journal entry on 3rd January 2020? a. Debit Purchase OMR 5700 Credit Accounts payable OMR 5700 b. Debit Accounts receivable OMR 5700 Credit Sales OMR 5700 C. Debit Purchase OMR 6000 Credit Accounts payable OMR 6000 d. Debit Purchase OMR 5700 Debit Purchase Discount 300 Credit Accounts payable OMR 6000 44. Which one of the following journal entry is Correct on 1st January 2020? a. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 C. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 d. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000

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