1. Draw up a) Sales journal and Cash Receipt Journalb) Accounts Receivable Subsidiary Ledgersc) Accounts Receivable Control account.January 1: Sold OMR 10,000 merchandise inventory, 5/15, n/30, FOBdestination with a cost price of OMR 7,000 to Mr. NasserJanuary 10: Sold OMR 20000 Merchandise inventory with a cost priceof RO 14,000.January 12: Received cash from Mr. Nasser after discount.January 30: Sold merchandise inventory to Mr. Abdullah OMR8,000(Invoice price) Cost price (OMR 5000) with a terms of 10/10, n/23at FOB destination.

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Description: 1. Draw up a) Sales journal and Cash Receipt Journalb) Accounts Receivable Subsidiary Ledgersc) Accounts Receivable Control account.January 1: Sold OMR 10,000 merchandise inventory, 5/15, n/30, FOBdestination with a cost price of OMR 7,000 to Mr. Na

Cash receipt journal is the journal which records and shows how cash been received by the business…

Answered: 1. Draw up a) Sales journal and Cash…

Business

Accounting

1. Draw up a) Sales journal and Cash Receipt Journal b) Accounts Receivable Subsidiary Ledgers c) Accounts Receivable Control account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

1. Draw up a) Sales journal and Cash Receipt Journal
b) Accounts Receivable Subsidiary Ledgers
c) Accounts Receivable Control account.
January 1: Sold OMR 10,000 merchandise inventory, 5/15, n/30, FOB
destination with a cost price of OMR 7,000 to Mr. Nasser
January 10: Sold OMR 20000 Merchandise inventory with a cost price
of RO 14,000.
January 12: Received cash from Mr. Nasser after discount.
January 30: Sold merchandise inventory to Mr. Abdullah OMR
8,000(Invoice price) Cost price (OMR 5000) with a terms of 10/10, n/23
at FOB destination.

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