Selected transactions from ABC, Inc. for its first month of operations are presented below. a. Common stock was issued to stockholders for OMR 2500 cash. b. Supplies costing OMR 700 was bought on account. c. Services valued at OMR 800 were performed for customers on account. d. Rent was paid for the month, OMR 850. e. Customers owing OMR 800 on account paid OMR 600 of the balance due (see transaction C ). f. Dividends of OMR 100 were paid to stockholders. Requirements: a) Record the above transactions in the general journal
Selected transactions from ABC, Inc. for its first month of operations are presented below. a. Common stock was issued to stockholders for OMR 2500 cash. b. Supplies costing OMR 700 was bought on account. c. Services valued at OMR 800 were performed for customers on account. d. Rent was paid for the month, OMR 850. e. Customers owing OMR 800 on account paid OMR 600 of the balance due (see transaction C ). f. Dividends of OMR 100 were paid to stockholders. Requirements: a) Record the above transactions in the general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected transactions from ABC, Inc. for its first month of operations are presented below.
a. Common stock was issued to stockholders for OMR 2500 cash.
b. Supplies costing OMR 700 was bought on account.
c. Services valued at OMR 800 were performed for customers on account.
d. Rent was paid for the month, OMR 850.
e. Customers owing OMR 800 on account paid OMR 600 of the balance due (see transaction C ). f. Dividends of OMR 100 were paid to stockholders.
Requirements:
a) Record the above transactions in the general journal
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