1- Sea Co. has the following transactions in the month of April 2021: 10 April : Commenced business with a capital of OMR 350,000. 14 April: Purchased Goods from Moh for credit OMR 50,000. 16 April: Sold Goods for Said on credit OMR 12,000. 21 April : Sold goods to Ali for 5,000. 22 April Bought Land for 50,000. 24 April: Purchased machinery for cash OMR 45,000. 25th April Paid OMR 2,000 for goods purchased. 26th April : Use a cash for personal use OMR 2,000. 27th April: Received OMR 3,000 from Ali. 29th April : Rent paid OMR 5,000. Write Journal Entries, ledgers and Trial balance for the transactions.

1- Sea Co. has the following transactions in the month of April 2021: 10 April : Commenced business with a capital of OMR 350,000. 14 April: Purchased Goods from Moh for credit OMR 50,000. 16 April: Sold Goods for Said on credit OMR 12,000. 21 April : Sold goods to Ali for 5,000. 22 April Bought Land for 50,000. 24 April: Purchased machinery for cash OMR 45,000. 25th April Paid OMR 2,000 for goods purchased. 26th April : Use a cash for personal use OMR 2,000. 27th April: Received OMR 3,000 from Ali. 29th April : Rent paid OMR 5,000. Write Journal Entries, ledgers and Trial balance for the transactions.

Name: Please do not give solution in image format thanku 1- Sea Co. has the
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku 1- Sea Co. has the following transactions in the month of April 2021:10th April: Commenced business with a capital of OMR 350,000.14th AprilPurchased Goods from Moh for credit OMR 50,000.16th AprilSo

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

See similar textbooks

Similar questions

Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.
Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.
Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.