Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system All journ Dete Transactions 1" January Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, 30. 2020 d January Purchases 100 external hard disk at a cost of OMR 2020 60 each Computer Supplies LLC (wholesale merchandise) The payment tems are 3/10, n/30. Tracle discount was given by the supplier 5% on invoice price S January 2020 The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund. 10 January Full settlement was made by the business to Akbar 2020 mobiles. 15 February The business sold 100 Galary mobiles at a Cost OMR 150 each to Nizwa Mobiles (a retail merchand se). The payment terms are 2/10/60. 2020 20 February Nawa mobiles discovers that 30 mobiles which was 2020 purchased on 15th February 2020 are slightly damaged. The customer decides to keep the mobiles but receives a sales allowance OMR 5 per mobiles. 28 February Received full settiement from Nizwa mobiles. 2020 ANSWER QUESTION NO 42 TO 45 Which one of the following journal entry is Correct on 28th February 2020? Oa Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850 Ob. Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000 O. Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850 O d. Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850
Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system All journ Dete Transactions 1" January Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, 30. 2020 d January Purchases 100 external hard disk at a cost of OMR 2020 60 each Computer Supplies LLC (wholesale merchandise) The payment tems are 3/10, n/30. Tracle discount was given by the supplier 5% on invoice price S January 2020 The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund. 10 January Full settlement was made by the business to Akbar 2020 mobiles. 15 February The business sold 100 Galary mobiles at a Cost OMR 150 each to Nizwa Mobiles (a retail merchand se). The payment terms are 2/10/60. 2020 20 February Nawa mobiles discovers that 30 mobiles which was 2020 purchased on 15th February 2020 are slightly damaged. The customer decides to keep the mobiles but receives a sales allowance OMR 5 per mobiles. 28 February Received full settiement from Nizwa mobiles. 2020 ANSWER QUESTION NO 42 TO 45 Which one of the following journal entry is Correct on 28th February 2020? Oa Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850 Ob. Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000 O. Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850 O d. Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journ
Date
Transactions
1* January Purchases 100 Galexy mobiles at a cost of OMR 120
2020
leach from Akbar Mobiles (wholesale merchandise)
The payment terms are 5/10, 30.
3rd January Purchases 100 excternal hard disk at a cost of OMR
2020
60 each Computer Supplies LLC (wholesale
merchandise) The payment tems are 3/10, n/30.
Tracle discount was given by the supplier O 5% on
invoice price
5 January The business discovers that 25 of the Galaxy
mobiles are wrong color and returns to Akbar
mobiles for a full refund.
2020
10h January Full settlement was made by the business to Akbar
2020
mobiles
15 February The business sold 100 Galaxy mobiles at a Cost
OMR 150 each to Nizwe Mobiles (a retail
merchandise). The payment terms are 2/1060.
2020
20 FebruaryNizwa mobiles discovers that 30 mobiles which was
2020
purchased on 15th February 2020 are slightly
damaged. The customer decides to keep the
mobiles but receives a sales allowance OMR 5 per
mobiles
28 February Received full settlement from Nizwa mobiles.
2020
ANSWER QUESTION NO 42 TO 45
Which one of the following journal entry is Correct on 28th February 2020?
Oa Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850
Ob. Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000
O. Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850
O d. Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850
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