Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, itmade a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if:(a) On July 7 Rasheed company received full payment.(b) On July 22 Rasheed company received full payment. Q10.The financial record of Adam Inc were destroyed by fire at the end of 2020.Fortunately, the controller had kept certain statistical data related to the income statement as below:a. The beginning inventory was OMR 138,000.b. Sales discount was OMR 25,500c. 45,000 ordinary shares were outstanding.d. Interest expenses OMR 30,000e. Income tax rate 30%f. Cost of goods sold OMR 750,000g. Administrative expenses are 20% of cost of goods sold but only 10% of gross sales.h. Half of the operating expenses related to sales activities.From the foregoing information, prepare an income statement.Page 4

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Q7. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.

Q7. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.

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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Question

Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it
made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if:
(a) On July 7 Rasheed company received full payment.
(b) On July 22 Rasheed company received full payment.

Q10.
The financial record of Adam Inc were destroyed by fire at the end of 2020.
Fortunately, the controller had kept certain statistical data related to the income statement as below:
a. The beginning inventory was OMR 138,000.
b. Sales discount was OMR 25,500
c. 45,000 ordinary shares were outstanding.
d. Interest expenses OMR 30,000
e. Income tax rate 30%
f. Cost of goods sold OMR 750,000
g. Administrative expenses are 20% of cost of goods sold but only 10% of gross sales.
h. Half of the operating expenses related to sales activities.
From the foregoing information, prepare an income statement.
Page 4

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