Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions incurred in Arab bank main branch: In 1/4/2006 transfer JD 5000 to Aqaba in request of its customer (Moon Corporation) to beneficiary

The following transactions incurred in Arab bank main branch:

  1. In 1/4/2006 transfer JD 5000 to Aqaba in request of its customer (Moon Corporation) to beneficiary (Sun Corporation), 2% commission, JD 10 postal expense, Paid in cash.

  1. in 2/4/2006 The bank received $ 1500 transfer from Ohio bank to beneficiary (Amal Corporation)

$: buy = 0.710, $: Sell= 0.720, 2% commission.

  1. Issue $ 800 Bank's check on request of its customer Talal, $: Buy = 0.710, $: Sell = 0.720, 1% commission JD 3 Postal expenses, all paid in cash, to beneficiary Salem in American bank.

  1. Issues JD 2000 Bank's check on request of its customer Waleed to beneficiary Khaled in Housing Bank, JD 25 Commission, 5 JD Postal expense.

  1. The Bank purchased travelers checks by $ 2000 after deducting 2% a commission, these checks drawn on Dalas bank ($ Prices as in transaction 2).

  1. The Bank Sold Travelers checks by 500 dollars to its customer Mohammad draw on London bank all amounts recorded on customers account, 3% commission, JD 2 Postal expense, ($ price still the same in transaction 2).

Require: Record entries and show computation in tidy manner.

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

Auditing A Practical Approach

Authors: Fiona Campbell, Robyn Moroney, Jane Hamilton, Valerie Warren

2nd Canadian edition

9781118377901, 1118377907, 1119048095, 978-1118849415

More Books

Students also viewed these Accounting questions

Question

LO6 Define harassment and the role that HR plays in addressing it.

Answered: 1 week ago