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Problem 1 At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding checks RO 450; deposits in transit RO 1,300; and a bank service charge RO 60. Determine the adjusted cash balance per bank at Otober 31, 2019| Problem 2 Given the following information, determine the adjusted cash balance per books. a. Balance per books as of June 30, RO 7,500. b. Interest earned on checking account, RO 25. c. Check printing charges, RO 60. d. Outstanding checks, RO 900. e. NSF check returned with bank statement, RO 250. f. Deposit mailed the afternoon of June 30, RO 1,000. Problem 3 Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund: Freight-Out RO 72 Supplies Expense 102 Entertainment of Clients 110 Postage Expense 51 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. Problem 4 2. Answer the following questions: a. In your own words, describe Segregation of Duties. Why is it important? Provide an example. b. In your own words, describe independent Internal Verification. Why is it important? Provide an example. Problem 5 Answer the following: a. On July 6, Qmanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Dugm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions. Issued 520,000 ordinary shares at RO 2.50 per share. Jan. 15 Provide the journal entry for January 15.

Problem 1 At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding checks RO 450; deposits in transit RO 1,300; and a bank service charge RO 60. Determine the adjusted cash balance per bank at Otober 31, 2019| Problem 2 Given the following information, determine the adjusted cash balance per books. a. Balance per books as of June 30, RO 7,500. b. Interest earned on checking account, RO 25. c. Check printing charges, RO 60. d. Outstanding checks, RO 900. e. NSF check returned with bank statement, RO 250. f. Deposit mailed the afternoon of June 30, RO 1,000. Problem 3 Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund: Freight-Out RO 72 Supplies Expense 102 Entertainment of Clients 110 Postage Expense 51 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. Problem 4 2. Answer the following questions: a. In your own words, describe Segregation of Duties. Why is it important? Provide an example. b. In your own words, describe independent Internal Verification. Why is it important? Provide an example. Problem 5 Answer the following: a. On July 6, Qmanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Dugm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions. Issued 520,000 ordinary shares at RO 2.50 per share. Jan. 15 Provide the journal entry for January 15.

FINANCIAL ACCOUNTING
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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Problem 1 At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding checks RO 450; deposits in transit RO 1,300; and a bank service charge RO 60. Determine the adjusted cash balance per bank at Otober 31, 2019| Problem 2 Given the following information, determine the adjusted cash balance per books. a. Balance per books as of June 30, RO 7,500. b. Interest earned on checking account, RO 25. c. Check printing charges, RO 60. d. Outstanding checks, RO 900. e. NSF check returned with bank statement, RO 250. f. Deposit mailed the afternoon of June 30, RO 1,000. Problem 3 Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund: Freight-Out RO 72 Supplies Expense 102 Entertainment of Clients 110 Postage Expense 51 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
Transcribed Image Text:Problem 1 At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding checks RO 450; deposits in transit RO 1,300; and a bank service charge RO 60. Determine the adjusted cash balance per bank at Otober 31, 2019| Problem 2 Given the following information, determine the adjusted cash balance per books. a. Balance per books as of June 30, RO 7,500. b. Interest earned on checking account, RO 25. c. Check printing charges, RO 60. d. Outstanding checks, RO 900. e. NSF check returned with bank statement, RO 250. f. Deposit mailed the afternoon of June 30, RO 1,000. Problem 3 Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund: Freight-Out RO 72 Supplies Expense 102 Entertainment of Clients 110 Postage Expense 51 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
Problem 4 2. Answer the following questions: a. In your own words, describe Segregation of Duties. Why is it important? Provide an example. b. In your own words, describe independent Internal Verification. Why is it important? Provide an example. Problem 5 Answer the following: a. On July 6, Qmanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Dugm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions. Issued 520,000 ordinary shares at RO 2.50 per share. Jan. 15 Provide the journal entry for January 15.
Transcribed Image Text:Problem 4 2. Answer the following questions: a. In your own words, describe Segregation of Duties. Why is it important? Provide an example. b. In your own words, describe independent Internal Verification. Why is it important? Provide an example. Problem 5 Answer the following: a. On July 6, Qmanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Dugm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions. Issued 520,000 ordinary shares at RO 2.50 per share. Jan. 15 Provide the journal entry for January 15.
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