Nihal started an accounting service business. The following transactions took place in the business in October 2020 October 1. Nihal started business with cash OMR 5000. October 5. The company billed a client for accounting services on account, OMR 700 October 7. Supplies were purchased on account, OMR 650. October 12. The company received cash from clients billed previously, OMR 600 October 15. Nihal received an invoice for computer repair services from Abdullah enterprise, the invoice will be paid in next month OMR 850. October 20. Rent was paid, OMR 550 Answer the following 3 questions - The journal entry on 1st of October is Dr: Capital, Cr: Cash Dr: Cash Cr: Capital Dr: Supplies, Cr: Cash None of the above The journal entry on 20th October is Dr Rent , Cr Rent Payable Dr: Capital, Cr: Cash As per the journal entry on 7th of October , which account will be debited ? Accounts Payable A/c Purchases A/c Supplies A/c Cash A/c Dr Cash, Cr Rent Dr Rent , Cr Cash

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Nihal started an accounting service business. The following transactions took place in the business in October 2020 October 1. Nihal started business with cash OMR 5000. October 5. The company billed a client for accounting services on account, OMR 700 October 7. Supplies were purchased on account, OMR 650. October 12. The company received cash from clients billed previously, OMR 600 October 15. Nihal received an invoice for computer repair services from Abdullah enterprise, the invoice will be paid in next month OMR 850. October 20. Rent was paid, OMR 550 Answer the following 3 questions - The journal entry on 1st of October is Dr: Capital, Cr: Cash Dr: Cash Cr: Capital Dr: Supplies, Cr: Cash None of the above The journal entry on 20th October is Dr Rent , Cr Rent Payable Dr: Capital, Cr: Cash As per the journal entry on 7th of October , which account will be debited ? Accounts Payable A/c Purchases A/c Supplies A/c Cash A/c Dr Cash, Cr Rent Dr Rent , Cr Cash
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