Question 1 Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 7000 cash and Furniture valued at RO. 3000 as capital 15.2.20 Opened Bank Account and deposited 5000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 4500, paid 10 % cash and remaining on credit 21.6.20 Sold goods for 14000 OMR. 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 2500 OMR. paid by cheques full amount. 9.12.20 Settled accounts of Sharuk Traders. 29.12.20 Paid Salary expense 500 OMR for the month of December 20 31.12.20Received rent revenue of 1200 OMR in cash Required: 1. Record Journal Entries 2. Post them into the ledger accounts 3. Prepare the Trial Balance as on 31.12.2020 In the books of ....... In the books of ...... Date Accounts Debit Credit (OMR) OMR) TOTAL TOTAL Dute Particularm De Partida Am thalie Putins Articles AC Date Punime Data Am Date Pustila Das Particular Amenit Ae De Paris De Amor Dhurata Amateur tte Portreters Duterte Alc Din Price AC Dulce Amor De Pation Ale DhePuticos Amateur Am AC Date Patio Parts And De Pol Amidorm Q2 The Information below relates to sales transactions for SALALAH Enterprises. Determine the net sales and cost of goods sold and gross profit. Sales Discount RO 1250 Gross Sales 290000 Sales Returns and Allowances Freight In 2300 Purchase Discount 175 Purchases 50000 Purchase Returns and Allowances 800 Opening Inventory 1500 Closing Inventory 2200 975 Q3 Exercise 1:Prepare Income Statement of Al Khalid Enterprises for the year ended 31.12.2016 from the given information : Details Debit Credit Opening stock 20000 Sales 475000 Purchases 90000 Freight in 2550 Sales discount 870 Purchase returns 5000 Sales returns 20001 Stationery Expense 200 Salaries Expense 14000 Rent Expense 70001 Depreciation 3500 Purchase discount 150 Insurance Expense 1500 Telephone charges 2000 Other income 5000 Rent received 3000 Tax RO. 2800 Closing Stock RO 20000 Q4 You are required to record all journal entries for each of the separate events. a. The opening balance on 1 January 2019, for the supplies is RO120. On 1 March 2019, the company purchased supplies for RO 2800 in cash. On 31 December 2014, the balance of supplies in the company is RO 580. b. On 1 January 2019, the company paid RO 5000 cash as rent expenses for two years. c. On 5 January 2019, a company paid in advance the rent of RO 16000. Rent per month is RO 1000. d. The cost of a machine is RO 95000 and has a useful life of 5 years, the company uses Straight Line method to calculate expense. Rough Work 12