Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. selected transactions from abc, inc. for its first

Selected transactions from ABC, Inc. for its first month of operations are presented below. 1....

60.1K

Verified Solution

Question

Accounting

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Performance of stock screeners. In Exercise 2.44 (p. 71) you learned that stock screeners are automated...

Basic Math
Q

1. Describe one of the theories presented (such as the law of effect, conditioned reflexes, reinforcement,...

Psychology
Q

Assume the current ad spending for company Y is $4,000,000 with a sales of $34,000,000. Company...

General Management
Q

Free Cash Flows Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2016 2015 Sales $6,900.0 $6,000.0 Operating costs excluding...

Finance
Q

in the two arms of the manometer shown in figure 13 E1 are 2 cm...

Physics
Q

There are two concentric conducting spherical shells of radius R and 2R respectively Inner shell...

Physics
Q

A radioactive isotope is decaying at a rate of 18% every hour. Currently there are...

Basic Math
Q

1A What is the purpose of a hypothesis test Compare the idea of hypothesis test...

Statistics
Q

Solve for x do not use your book sec 1 8 Graph and put answer...

Algebra
Q

Accounting
Q

There is a rectangular plate whose edges are maintained at a certain temperature. We are...

Accounting
Q

What role does a judge play in trial? 1) Ensures that the procedural rules are...

Finance