Selected transactions from ABC, Inc. for its first month of operations are presented below. 1....
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Selected transactions from ABC, Inc. for its first month of operations are presented below. 1. Common stock was issued to stockholders for OMR 3,000 cash. 2. Cash receipts of OMR 1,800 from selling products to Aysha. 3. Purchased Equipment for OMR 4,900, paying OMR 1,500 in cash and borrowing 3,400 from the bank . 4. Services valued at OMR 1,450 were performed for customers on account. 5. Salaries was paid for the month, OMR 2000. 6. Customers owing OMR 700 on account receivables paid the full amount. 7. Dividends of OMR 500 were paid to stockholders. 8. The owner of ABC bought OMR 1,000 of home supplies for personal use. b) Using T accounts, post the journal entries to the general ledger. (Rubrics: 0.5 mark for each correct T-Account, Total marks = 4.5) c) Using the ledger, prepare a trial balance on January 31, 2021.
Selected transactions from ABC, Inc. for its first month of operations are presented below.
1. Common stock was issued to stockholders for OMR 3,000 cash.
2. Cash receipts of OMR 1,800 from selling products to Aysha.
3. Purchased Equipment for OMR 4,900, paying OMR 1,500 in cash and borrowing 3,400
from the bank .
4. Services valued at OMR 1,450 were performed for customers on account.
5. Salaries was paid for the month, OMR 2000.
6. Customers owing OMR 700 on account receivables paid the full amount.
7. Dividends of OMR 500 were paid to stockholders.
8. The owner of ABC bought OMR 1,000 of home supplies for personal use.
b) Using T accounts, post the journal entries to the general ledger.
(Rubrics: 0.5 mark for each correct T-Account, Total marks = 4.5)
c) Using the ledger, prepare a trial balance on January 31, 2021.
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