Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 1 The following transactions belong to Al-Kuwari Company, which took place during the month of June 2020 (amounts are in Qatari Riyal): June

image text in transcribed

QUESTION 1 The following transactions belong to Al-Kuwari Company, which took place during the month of June 2020 (amounts are in Qatari Riyal): June 1 14 17 22 27 30 Mr. Hamad Al-Kuwari invested QAR 100,000 in cash and QAR 150,000 in a building to establish Al-Kuwari Company. Performed services on account to Al-Mohanadi Company billed the customers QAR 20,000. Purchased office furniture of QAR 50,000 from Al-Hajri Company and paid in cash QAR 20,000 and the rest on account. Collected QAR 15,000 in cash from the balance due on Al-Mohanadi Company. Paid QAR 10,000 in cash for the balance due to Al-Hajri Company. Mr. Hamad withdraws an amount of QAR 4,000 in cash for a personal use. REQUIRED: 1) Prepare journal entries in the books of Al-Kuwari Company. 2) Post the previous transactions to the Cash and Accounts Payables - Al-Hajri Company onlyin the ledger; and balance these accounts off.

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Walter Harrison, Charles Horngren, William Thomas

10th edition

133796833, 133427536, 9780133796834, 978-0133427530

More Books

Students also viewed these Accounting questions