QUSTION 1: On October 1, 2011. Ahmad started his own landscaping services company. The following transactions occurred during the month of October. October 1 He invested $10,000 cash in the business. 2 purchased equipment for $3,500 on account 4 Paid $1,200 for a one-year insurance 5 purchased office supplies for $800 cash 7 provided $2,600 of services to a customer on account 10 Paid $500 cash for the equipment purchased on account on October 2 15 received $2,000 in cash for services provided to a new customer 17 paid $200 cash to repair expense 18 paid $900 cash in salary expense 20 received $2,100 cash from a customer on account 22 Paid $1500 cash dividends to shareholders Instructions: Journalize these transactions Post to the ledger account Prepare the trial balance at October 31,2011.
QUSTION 1:
On October 1, 2011. Ahmad started his own landscaping services company. The following transactions occurred during the month of October.
|
October |
1 |
He invested $10,000 cash in the business. |
|
|
2 |
purchased equipment for $3,500 on account |
|
|
4 |
Paid $1,200 for a one-year insurance |
|
|
5 |
purchased office supplies for $800 cash |
|
|
7 |
provided $2,600 of services to a customer on account |
|
|
10 |
Paid $500 cash for the equipment purchased on account on October 2 |
|
|
15 |
received $2,000 in cash for services provided to a new customer |
|
|
17 |
paid $200 cash to repair expense |
|
|
18 |
paid $900 cash in salary expense |
|
|
20 |
received $2,100 cash from a customer on account |
|
|
22 |
Paid $1500 cash dividends to shareholders |
Instructions:
- Journalize these transactions
- Post to the ledger account
- Prepare the
trial balance at October 31,2011.
QUSTION 2:
The ledger of Muscat Company on January 31, 2017, includes the following selected accounts before
|
Account |
Debit |
Credit |
|
Prepaid Insurance |
OMR 2400 |
|
|
Supplies |
1,500 |
|
|
Equipment |
30,000 |
|
|
Accumulated |
|
5000 |
|
Unearned Service Revenue |
|
6000 |
|
Salaries Expense |
10,000 |
An analysis of the accounts shows the following:
- Insurance expires at the rate of OMR 200 per month.
- Supplies on hand total OMR 500.
- The equipment depreciates OMR 150 per month.
- Half (1/2) of the unearned revenue was earned in January.
Instructions:
Prepare the adjusting entries for the month of January
QUSTION 3:
The following information provided by ABC companies. as of December31, 2019
|
Accounts |
Amount |
|
Cash |
1.400 |
|
Revenue |
17,000 |
|
Accounts Payable |
2,000 |
|
|
1,800 |
|
Rent Expense |
9,000 |
|
dividend |
600 |
|
Supplies Expense |
1,200 |
|
Notes Payable |
5,000 |
|
Equipment |
16,000 |
|
Supplies |
4,000 |
|
Share Capital |
10,000 |
|
Retained Earning |
? |
Instructions
(a) Prepare an income statement.
(b) Prepare a statement of
(c) Prepare a balance sheet.
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