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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
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.
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