Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journal entries should be identified in the books of Mobile Word Solutions.DateTransactions1st January 2020Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, n/30. 3rd January 2020Purchases 100 external hard disk at a cost of OMR 60 each Computer Supplies LLC (wholesale merchandise) The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on invoice price5th January 2020The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund..10th January 2020Full settlement was made by the business to Akbar mobiles.15th February 2020The business sold 100 Galaxy mobiles at a Cost OMR 150 each to Nizwa Mobiles (a retail merchandise). The payment terms are 2/10,n/60.20th February 2020Nizwa mobiles discovers that 30 mobiles which was purchased on 15th February 2020 are slightly damaged. The customer decides to keep the mobiles but receives a sales allowance OMR 5 per mobiles. 28th February 2020Received full settlement from Nizwa mobiles.ANSWER QUESTION NO 40 TO 44 1-Which one of the following journal entry is Correct on 10th January 2020?a.Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000b.Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000c.Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450d.Debit Accounts payable OMR 9,000 Credit Cash OMR 9,0002-Which one of the following journal entry is Correct on 1st January 2020?a.Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000b.Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400c.Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400d.Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,0003-Which one of the following journal entry is Correct on 20th February 2020?a.Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150b.Debit Cash OMR 150 Credit Sales return and allowances OMR 150c.Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150d.Debit Accounts receivable OMR 150 Credit Cash OMR 1504-Which one of the following journal entry is Correct on 28th February 2020?a.Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850b.Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850c.Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000d.Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,8505-Identify the journal entry on 3rd January 2020?a.Debit Purchase OMR 6000 Credit Accounts payable OMR 6000b.Debit Purchase OMR 5700 Credit Accounts payable OMR 5700c.Debit Purchase OMR 5700 Debit Purchase Discount 300 Credit Accounts payable OMR 6000d.Debit Accounts receivable OMR 5700 Credit Sales OMR 5700

The journal entries are prepared to keep the record of day to day transactions of the business.

Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journal entries should be identified in the books of Mobile Word Solutions. Date Transactions 1st January 2020 Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, n/30. 3rd January 2020 Purchases 100 external hard disk at a cost of OMR 60 each Computer Supplies LLC (wholesale merchandise) The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on invoice price 5th January 2020 The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund.. 10th January 2020 Full settlement was made by the business to Akbar mobiles. 15th February 2020 The business sold 100 Galaxy mobiles at a Cost OMR 150 each to Nizwa Mobiles (a retail merchandise). The payment terms are 2/10,n/60. 20th February 2020 Nizwa mobiles discovers that 30 mobiles which was purchased on 15th February 2020 are slightly damaged. The customer decides to keep the mobiles but receives a sales allowance OMR 5 per mobiles. 28th February 2020 Received full settlement from Nizwa mobiles.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journal entries should be identified in the books of Mobile Word Solutions.

Date	Transactions
1^st January 2020	Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, n/30.
3^rd January 2020	Purchases 100 external hard disk at a cost of OMR 60 each Computer Supplies LLC (wholesale merchandise) The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on invoice price
5^th January 2020	The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund..
10^th January 2020	Full settlement was made by the business to Akbar mobiles.
15^th February 2020	The business sold 100 Galaxy mobiles at a Cost OMR 150 each to Nizwa Mobiles (a retail merchandise). The payment terms are 2/10,n/60.
20^th February 2020	Nizwa mobiles discovers that 30 mobiles which was purchased on 15^th February 2020 are slightly damaged. The customer decides to keep the mobiles but receives a sales allowance OMR 5 per mobiles.
28^th February 2020	Received full settlement from Nizwa mobiles.

ANSWER QUESTION NO 40 TO 44

1-Which one of the following journal entry is Correct on 10th January 2020?

Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000

Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000

Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450

Debit Accounts payable OMR 9,000 Credit Cash OMR 9,000

2-Which one of the following journal entry is Correct on 1st January 2020?

Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000

Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400

Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400

Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000

3-Which one of the following journal entry is Correct on 20th February 2020?

Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150

Debit Cash OMR 150 Credit Sales return and allowances OMR 150

Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150

Debit Accounts receivable OMR 150 Credit Cash OMR 150

4-Which one of the following journal entry is Correct on 28th February 2020?

Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850

Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850

Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000

Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850

5-Identify the journal entry on 3rd January 2020?

Debit Purchase OMR 6000 Credit Accounts payable OMR 6000

Debit Purchase OMR 5700 Credit Accounts payable OMR 5700

Debit Purchase OMR 5700 Debit Purchase Discount 300 Credit Accounts payable OMR 6000

Debit Accounts receivable OMR 5700 Credit Sales OMR 5700

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

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.