Given below are the transactions related to Omar Enterprises for the month of March 2020. Date Transactions March 2020, 1 Mr. Omar is the proprietor started business with Cash 150,000 and Machinery 50,000 OMR (i) (ii) 3 Purchased Building for OMR 80,000 and paid OMR 50,000 in cash and remaining amount to be paid in the near future Borrow money from Bank Muscat 5 Purchased goods for cash 6 Purchased a computer for office purposes 7 Cash Sales 8 Paid electricity expenses 9 Purchased stationery for office use 10 Purchased goods from XYZ Limited 11 Sold goods on credit from ABC LLC Saham 12 Paid telephone charge 14 Paid the remaining OMR 30,000 for the building bought on 3rd March 15 Paid rent 17 Commission received 22 Sold goods to Mr. Ali Ibrahim for Cash 25 Paid Salary to Employees 26 | Mr. Omar withdraw cash for personal use 20,000 34,000 1,200 16,000 400 320 40,000 40,000 800 1,200 2,400 24,000 2,400 2,000 REQUIRED TO PREPARE A. Joumal Entries B. Ledger Accounts C. Trial Balance

Given below are the transactions related to Omar Enterprises for the month of March 2020. Date Transactions March 2020, 1 Mr. Omar is the proprietor started business with Cash 150,000 and Machinery 50,000 OMR (i) (ii) 3 Purchased Building for OMR 80,000 and paid OMR 50,000 in cash and remaining amount to be paid in the near future Borrow money from Bank Muscat 5 Purchased goods for cash 6 Purchased a computer for office purposes 7 Cash Sales 8 Paid electricity expenses 9 Purchased stationery for office use 10 Purchased goods from XYZ Limited 11 Sold goods on credit from ABC LLC Saham 12 Paid telephone charge 14 Paid the remaining OMR 30,000 for the building bought on 3rd March 15 Paid rent 17 Commission received 22 Sold goods to Mr. Ali Ibrahim for Cash 25 Paid Salary to Employees 26 | Mr. Omar withdraw cash for personal use 20,000 34,000 1,200 16,000 400 320 40,000 40,000 800 1,200 2,400 24,000 2,400 2,000 REQUIRED TO PREPARE A. Joumal Entries B. Ledger Accounts C. Trial Balance

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Description: Given below are the transactions related to Omar Enterprises for the month of March 2020.TransactionsMarch 2020, 1 | Mr. Omar is the proprietor started business withCash 150,000 andMachinery 50,000DateOMR(i)(ii)3 Purchased Building for OMR 80,000 an

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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Process the above transactions through a table such as the one attached. Thetransaction of 1 March 2021above is used as an example. Record amountswithout brackets to indicate an increase; amounts in brackets to indicate adecrease; and 0 (a zero) for no effect.
Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Accounts from Incomplete Records Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff 17,500 Trade expanses 6,500 Electricity bill of factory 7,500 Drawings of Karue 3,000 Cash paid to creditors 42,000 Discount allowed 1,200 Discount received 3,000 Bad debts written-off 1,300 Cash balance at end of year 20,000 Mr.Karue used goods worth Kshs.2, 500 for private purposes, which is not recorded in the books. Charge depreciation on furniture 10% and…
The transactions of Mr. Azizul Hani, a merchant for the month of March 2023 are as follows. 2023 RM March 1 Starting a business with cash as capital 5 000 3 Buy merchandise on credit from Razi 850 5 Sell merchandise on credit to Chia 800 10 Buy an office desk for cash 750 12 Cash purchase 1 000 14 Cash sale 900 17 Sell merchandise on credit to Zam 2 250 18 Pay Razi in cash 250 24 Pay general expenses with cash 200 31 Chia settled the debt in full with cash 800 You are required to record the above transactions into the ledger account and balance.
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please answer and explain all transactions in detail with effects
Procedures: 1. Analyze the following business transactions below. For the month of December 2022, Mr. Mira Shikigami had the following transactions: Dec. Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm 1 1 The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two (2) equal annual installments. 1 The firm paid P15,000 for the necessary permits and licenses for its operation. 1 The firm paid P180,000 for the annual rent of the office space. The lease contract will expire on June 1 of the following year and will be renewed yearly. 3 The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit. 3 The firm purchased supplies worth P50,000. 9 The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of three (3) years with no residual value. The company treats purchases during the first half of…
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Computation of assets, liabilities, and equity after a series of transactions The December 31, 2019, balance sheet of Charles Realty reported total assets of $900,000, total liabilities of $350,000, and equity of $550,000. The following transactions occurred in January of 2020: (1) The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance. (2) The business collected accounts receivable totaling $45,000. (3) The business sold one-fifth of the land (which had cost $50,000) land costing $50,000 for $60,000 cash. (4) The business paid off $50,000 of the note payable. What is the TOTAL LIABILITIES?
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