Question 2 (10 marks) a) Explain the meaning of each accounting concept with the examples. b) Describe the treatment of outstanding expenses and prepaid expenses with the examples. (10 marks) Question 3 After six months of business, Sony bridal material shop had the following account balances Cash OMR10,500, Account Receivable OMR1,500, Office Supplies OMR750, Bridal dress OMR63,000, Account Payable OMR13,500, and Share Capital OMR62,250. The following transactions took place in the month of July: 2016 Purchased wedding gowns for cash Received wedding jewelry hire charges Paid shop rent Paid beautician salary Collected from customers for previous wedding make up 600 Purchased office supplies for cash Purchased hair accessories on credit OMR 7,500 22,500 1,500 1,200 2 July 4 July 6 July 10 July 11 July 14 July 15 July 20 July 22 July 25 July 30 July 300 3,000 1,500 450 Made part payment of purchases on July 15 Paid electricity bill Paid payables due at the beginning of the month Declared and paid dividends 6,000 i. Construct a table of assets, liabilities and owner's equity in equation form. (26 marks i. Anatyse the effects of the transactions on the accounting equation. (4 marks Version1 Pag