Exercise 9: Bright Land company had the following transactions during August 2018: 1. The owner opened a business bank account and deposited OMR 50,000 from his personal fund. 2. Bright Land company purchased land for OMR 22,000. 3. Bright Land purchased supplies for OMR 4,000, and agreed to pay the supplier after one month. 4. Bright Land sold goods to customers on account OMR 6000. 5. Bright Land received cash of OMR 8,000, for providing services to the customer. 6. Bright Land paid the following expenses during the month, wages OMR 2,450 utilities OMR 550 and rent OMR 1000. 7. Bright Land paid creditors on account OMR 4000. 8. Bright Land received cash from the customers for goods sold on account OMR 6000. Indicate the effect of each transaction on the accounting equation and state the balance after recording each transaction.

Exercise 9: Bright Land company had the following transactions during August 2018: 1. The owner opened a business bank account and deposited OMR 50,000 from his personal fund. 2. Bright Land company purchased land for OMR 22,000. 3. Bright Land purchased supplies for OMR 4,000, and agreed to pay the supplier after one month. 4. Bright Land sold goods to customers on account OMR 6000. 5. Bright Land received cash of OMR 8,000, for providing services to the customer. 6. Bright Land paid the following expenses during the month, wages OMR 2,450 utilities OMR 550 and rent OMR 1000. 7. Bright Land paid creditors on account OMR 4000. 8. Bright Land received cash from the customers for goods sold on account OMR 6000. Indicate the effect of each transaction on the accounting equation and state the balance after recording each transaction.

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Description: Exercise 9: Bright Land company had the following transactions during August2018:1. The owner opened a business bank account and deposited OMR 50,000from his personal fund.2. Bright Land company purchased land for OMR 22,000.3. Bright Land purchased

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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