Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details Mr. Qais invested OMR 25,000 to start the business 1. 3 Paid rent OMR 1,000 5 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 Sold goods for cash – OMR 3,000 Sold goods for credit to MM Mobile Shop worth OMR 20,000 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb 12 15 17 18 20 Paid salaries OMR 600 22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10th Feb | Withdrew drawings OMR 500 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10th Feb Paid Insurance expenses OMR 500 24 26 28 29 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: | а. Сash b. Сapital C. Rent |d. Furniture f. Purchases i. Accounts Receivables j. Salaries g. Computer & Software |k. Drawings e. Accounts Payables h. Sales I. Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis accounting.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

pic1 is the qou  and the pic 2 is sample how to solve this problwm

 

please answer 1 and 2 and 3

Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of
electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the
following financial transactions occurred:
Feb 2020
Transaction details
Mr. Qais invested OMR 25,000 to start the business
1.
3
Paid rent OMR 1,000
5
Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000
Purchased electronic goods for cash worth OMR 10,000
7
Purchased office computer and software for business worth OMR 2,000 for cash
10
Purchased electronic goods on credit from Arabia Traders worth OMR 10,000
Sold goods for cash – OMR 3,000
Sold goods for credit to MM Mobile Shop worth OMR 20,000
Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb
Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb
12
15
17
18
20
Paid salaries OMR 600
22
Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10th Feb
| Withdrew drawings OMR 500
Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb
Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10th Feb
Paid Insurance expenses OMR 500
24
26
28
29
Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own.
Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following
account titles to journalize the transactions Majestic Computers:
| а. Сash
b. Сapital
C. Rent
|d. Furniture
f. Purchases
i. Accounts Receivables j. Salaries
g. Computer & Software
|k. Drawings
e. Accounts Payables
h. Sales
I. Insurance expenses
Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash
basis accounting.
Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual
basis accounting.
Transcribed Image Text:Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details Mr. Qais invested OMR 25,000 to start the business 1. 3 Paid rent OMR 1,000 5 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 Sold goods for cash – OMR 3,000 Sold goods for credit to MM Mobile Shop worth OMR 20,000 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb 12 15 17 18 20 Paid salaries OMR 600 22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10th Feb | Withdrew drawings OMR 500 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10th Feb Paid Insurance expenses OMR 500 24 26 28 29 Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: | а. Сash b. Сapital C. Rent |d. Furniture f. Purchases i. Accounts Receivables j. Salaries g. Computer & Software |k. Drawings e. Accounts Payables h. Sales I. Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis accounting.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Audit Sampling
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education