Hashem started a business that offers legal services on 1 December 2019. The following are transactions occurred during the month of December 2019: paying • Hashem brought in OMR50,000 cash and office equipment worth OMR12,000 into the business. • Bought a car for his own use worth OMR112, 000 by cash (company's money) of OMR12, 000 and signing a note payable for the balance. • Provided legal services to a client worth OMR7,000 and received cash of OMR3,000 from the client. • Purchased office supplies worth OMR2,000 cash. Paid OMR 700 cash for advertising expenses for the months of December2019. Sent a bill totaling OMR5, 000 to a client for the legal service provided and yet to receive payment. • Received OMR3, 000 cash as an agreement to start work as a legal advisor for a company starting February 2020. • Paid OMR3, 600 cash for employees' salary. Paid OMR2, 400 cash for December office rental. As at 31 December 2019, the office supplies used is OMR400. Based on the above information, you are required to: 1. Show the effects of all the above transactions in the accounting equation. 2 Prepare the journal entries to record all transactions.
Hashem started a business that offers legal services on 1 December 2019. The following are transactions occurred during the month of December 2019: paying • Hashem brought in OMR50,000 cash and office equipment worth OMR12,000 into the business. • Bought a car for his own use worth OMR112, 000 by cash (company's money) of OMR12, 000 and signing a note payable for the balance. • Provided legal services to a client worth OMR7,000 and received cash of OMR3,000 from the client. • Purchased office supplies worth OMR2,000 cash. Paid OMR 700 cash for advertising expenses for the months of December2019. Sent a bill totaling OMR5, 000 to a client for the legal service provided and yet to receive payment. • Received OMR3, 000 cash as an agreement to start work as a legal advisor for a company starting February 2020. • Paid OMR3, 600 cash for employees' salary. Paid OMR2, 400 cash for December office rental. As at 31 December 2019, the office supplies used is OMR400. Based on the above information, you are required to: 1. Show the effects of all the above transactions in the accounting equation. 2 Prepare the journal entries to record all transactions.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 3PB: Hajun Company started its business on May 1, 2019. The following transactions occurred during the...
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3. Hashem started a business that offers legal services on 1 December 2019. The following are transactions occurred during the month of December 2019: paying • Hashem brought in OMR50,000 cash and office equipment worth OMR12,000 into the business. • Bought a car for his own use worth OMR112, 000 by cash (company's money) of OMR12, 000 and signing a note payable for the balance. • Provided legal services to a client worth OMR7,000 and received cash of OMR3,000 from the client. • Purchased office supplies worth OMR2,000 cash. Paid OMR 700 cash for advertising expenses for the months of December2019. Sent a bill totaling OMR5, 000 to a client for the legal service provided and yet to receive payment. • Received OMR3, 000 cash as an agreement to start work as a legal advisor for a company starting February 2020. • Paid OMR3, 600 cash for employees' salary. Paid OMR2, 400 cash for December office rental. As at 31 December 2019, the office supplies used is OMR400. Based on the above information, you are required to:
1. Show the effects of all the above transactions in the accounting equation.
2 Prepare the journal entries to record all transactions.
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