Homework Help is Here – Start Your Trial Now!
Business
Accounting
Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details Mr. Qais invested OMR 25,000 to start the business Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 Purchased office computer and software for business worth OMR 2,000 for cash Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 10 12 Sold goods for cash - OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5h Feb Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10* Feb 17 18 BUSS B 1004 QP Page 1 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - Cw (IA) - All -QP 20 Paid salaries OMR 600 22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10h Feb 24 Withdrew drawings OMR 500 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10 Feb Paid Insurance expenses OMR 500 26 28 29 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers:" a. Cash b. Capital C. Rent d. Furniture 8. Computer & Software k. Drawings e. Accounts Payables f. Purchases h. Sales . Accounts Receivables Salaries I Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting

Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details Mr. Qais invested OMR 25,000 to start the business Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 Purchased office computer and software for business worth OMR 2,000 for cash Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 10 12 Sold goods for cash - OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5h Feb Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10* Feb 17 18 BUSS B 1004 QP Page 1 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - Cw (IA) - All -QP 20 Paid salaries OMR 600 22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10h Feb 24 Withdrew drawings OMR 500 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10 Feb Paid Insurance expenses OMR 500 26 28 29 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers:" a. Cash b. Capital C. Rent d. Furniture 8. Computer & Software k. Drawings e. Accounts Payables f. Purchases h. Sales . Accounts Receivables Salaries I Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1PA: Consider the following situations and determine (1) which type of liability should be recognized...
See similar textbooks
icon
Related questions
Question
100%

please find the attachement and write the answers in details 

Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details Mr. Qais invested OMR 25,000 to start the business Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 Purchased office computer and software for business worth OMR 2,000 for cash Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 10 12 Sold goods for cash - OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5h Feb Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10* Feb 17 18 BUSS B 1004 QP Page 1 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - Cw (IA) - All -QP 20 Paid salaries OMR 600 22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10h Feb 24 Withdrew drawings OMR 500 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10 Feb Paid Insurance expenses OMR 500 26 28 29 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers:" a. Cash b. Capital C. Rent d. Furniture 8. Computer & Software k. Drawings e. Accounts Payables f. Purchases h. Sales . Accounts Receivables Salaries I Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting
Transcribed Image Text:Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details Mr. Qais invested OMR 25,000 to start the business Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 Purchased office computer and software for business worth OMR 2,000 for cash Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 10 12 Sold goods for cash - OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5h Feb Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10* Feb 17 18 BUSS B 1004 QP Page 1 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - Cw (IA) - All -QP 20 Paid salaries OMR 600 22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10h Feb 24 Withdrew drawings OMR 500 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10 Feb Paid Insurance expenses OMR 500 26 28 29 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers:" a. Cash b. Capital C. Rent d. Furniture 8. Computer & Software k. Drawings e. Accounts Payables f. Purchases h. Sales . Accounts Receivables Salaries I Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Procedural Coding: CPT and HCPCS
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SEE MORE TEXTBOOKS