Hamdan Bin Mohammed Smart University (HBMSU) records the following transactions in its books of accounts for the month of February 2024. nswer Feb 1 Earned tuition fees of AED 350,000 from the learners for the Spring 2024 semester, of which AED 200,000 is received in cash, and the rest remains outstanding. Cash Feb 3 Purchased a car valued at AED 50,000, of which AED 45,000 is paid in cash, and the remaining will be paid after six months. Feb 7 Feb 15 Feb 18 Purchased office supplies on credit of AED 4,800. Feb 25 Paid monthly salary to the employees of AED 70,000. Required: Show the effects of the above transaction on the accounting equation using the following template: Paid AED 12,000 for utilities and other related expenses. AED 2,000 is paid for the maintenance of the car parking space. Assets Car Accounts Receivable Liabilities Owner's Equity Owner's Owner's Expense Revenue Capital Drawings

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Also prepare, prepare a ledger account for "Accounts Payable" showing its closing balance. Very fast pls I don't need explanation just answer

D
Hamdan Bin Mohammed Smart University (HBMSU) records the following transactions in its books of
accounts for the month of February 2024.
Answer
Feb 1 Earned tuition fees of AED 350,000 from the learners for the Spring
2024 semester, of which AED 200,000 is received in cash, and the
rest remains outstanding.
Cash
Feb 3 Purchased a car valued at AED 50,000, of which AED 45,000 is paid
in cash, and the remaining will be paid after six months.
Feb 7
Feb 15
Feb 18 Purchased office supplies on credit of AED 4,800.
Feb 25 Paid monthly salary to the employees of AED 70,000.
Required: Show the effects of the above transaction on the accounting equation using the following
template:
Paid AED 12,000 for utilities and other related expenses.
AED 2,000 is paid for the maintenance of the car parking space.
Assets
Car
Accounts
Receivable
Liabilities
Owner's Equity
Owner's Owner's Expense Revenue
Capital Drawings
Transcribed Image Text:D Hamdan Bin Mohammed Smart University (HBMSU) records the following transactions in its books of accounts for the month of February 2024. Answer Feb 1 Earned tuition fees of AED 350,000 from the learners for the Spring 2024 semester, of which AED 200,000 is received in cash, and the rest remains outstanding. Cash Feb 3 Purchased a car valued at AED 50,000, of which AED 45,000 is paid in cash, and the remaining will be paid after six months. Feb 7 Feb 15 Feb 18 Purchased office supplies on credit of AED 4,800. Feb 25 Paid monthly salary to the employees of AED 70,000. Required: Show the effects of the above transaction on the accounting equation using the following template: Paid AED 12,000 for utilities and other related expenses. AED 2,000 is paid for the maintenance of the car parking space. Assets Car Accounts Receivable Liabilities Owner's Equity Owner's Owner's Expense Revenue Capital Drawings
prepare a ledger account for "Cash" showing its closing balance.
8⁰
2²
5
Transcribed Image Text:prepare a ledger account for "Cash" showing its closing balance. 8⁰ 2² 5
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