Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Task 2 (12 Marks) Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman: a. Iman invested OMR. 600,000 in the business.

image text in transcribed
Task 2 (12 Marks) Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman: a. Iman invested OMR. 600,000 in the business. b. Trucks were Purchased by business for OMR. 430,000. c. Equipment purchased on credit for OMR. 9,000. d. A bill of OMR.7,200 for transporting goods was sent to Mr. Ashraf Abbasi, a customer. e. Cash of OMR 6,000 is received from the customer who was billed in d. f. Received OMR 22,300 is cash for transporting goods. g. A payment of OMR 5,000 was made on the equipment purchased in c. h. Paid expenses of different types for OMR 1,700 in cash. i. Equipment of OMR 1,200 was withdrawn from business for Iman's personal use. Required: 1. Arrange the Assets, Liabilities and Owner's Equity accounts in an Accounting Equation, using the following account titles: Cash, Trucks, Equipment, Account Receivables, Account Payable and Owner's Equity (9 marks) 2. Prepare the following T Accounts (3 marks) a. Cash account b. Accounts Receivable c. Accounts Payable

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

Step: 3

blur-text-image

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

Internal Control A Managers Journey

Authors: K. H. Spencer Pickett

1st Edition

0471402508, 978-0471402503

More Books

Students also viewed these Accounting questions

Question

What is the role of the Joint Commission in health care?

Answered: 1 week ago