Which one of the following journal entry is Correct on 20th February 2020?a.Debit Accounts receivable OMR 150 Credit Cash OMR 150b.Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150c.Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150d.Debit Cash OMR 150 Credit Sales return and allowances OMR 150Which one of the following journal entry is Correct on 10th January 2020?a.Debit Accounts payable OMR 9,000 Credit Cash OMR 9,000b.Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000c.Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450d.Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000Which one of the following journal entry is Correct on 15th February 2020?a.Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000b.Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000c.Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000d.Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000Which one of the following journal entry is Correct on 28th February 2020?a.Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850b.Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000c.Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850d.Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850 Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturingindustries for 10 years. She then started her own business called Mobile World Solutions inMuscat. She is buying and selling mobile & software accessories in sultanate of Oman. Thebusiness uses periodic inventory system. All journal entries should be identified in thebooks of Mobile Word Solutions.DateTransactions1st January Purchases 100 Galaxy mobiles at a cost of OMR 120each from Akbar Mobiles (wholesale merchandise)The payment terms are 5/10, n/30.3rd January Purchases 100 external hard disk at a cost of OMR60 each Computer Supplies LLC (wholesalemerchandise) The payment terms are 3/10, n/30.Trade discount was given by the supplier @ 5% on20202020invoice price5th January The business discovers that 25 of the Galaxymobiles are wrong color and returns to Akbarmobiles for a full refund.10th January Full settlement was made by the business to Akbar20202020mobiles.15th February The business sold 100 Galaxy mobiles at a CostOMR 150 each to Nizwa Mobiles (a retailmerchandise). The payment terms are 2/10,n/60.2020 5th January2020The business discovers that 25 of the Galaxymobiles are wrong color and returns to Akbarmobiles for a full refund.10th January Full settlement was made by the business to Akbar2020mobiles.15th February The business sold 100 Galaxy mobiles at a CostOMR 150 each to Nizwa Mobiles (a retailmerchandise). The payment terms are 2/10,n/60.20th February Nizwa mobiles discovers that 30 mobiles which waspurchased on 15th February 2020 are slightlydamaged. The customer decides to keep themobiles but receives a sales allowance OMR 5 per20202020mobiles.28th February Received full settlement from Nizwa mobiles.2020ANSWER QUESTION NO 42 TO 45

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: mobiles are wrong color and returns to…

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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Which one of the following journal entry is Correct on 20th February 2020? a. Debit Accounts receivable OMR 150 Credit Cash OMR 150 b. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 c. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150 d. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 Which one of the following journal entry is Correct on 10th January 2020? a. Debit Accounts payable OMR 9,000 Credit Cash OMR 9,000 b. Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000 c. Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450 d. Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000 Which one of the following journal entry is Correct on 15th February 2020? a. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 b. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000 c. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 d. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 Which one of the following journal entry is Correct on 28th February 2020? a. Debit Accounts Payable OMR 14,850 Credit Cash OMR 14,850 b. Debit Cash OMR 14,850 Debit Discount OMR 150 Credit Accounts receivable OMR 15,000 c. Debit Cash OMR 14,850 Credit Accounts receivable OMR 14,850 d. Debit Cash OMR 14,553 Debit Discount OMR 297 Credit Accounts receivable OMR 14,850

Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing
industries for 10 years. She then started her own business called Mobile World Solutions in
Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The
business uses periodic inventory system. All journal entries should be identified in the
books of Mobile Word Solutions.
Date
Transactions
1st January Purchases 100 Galaxy mobiles at a cost of OMR 120
each from Akbar Mobiles (wholesale merchandise)
The payment terms are 5/10, n/30.
3rd January Purchases 100 external hard disk at a cost of OMR
60 each Computer Supplies LLC (wholesale
merchandise) The payment terms are 3/10, n/30.
Trade discount was given by the supplier @ 5% on
2020
2020
invoice price
5th January The business discovers that 25 of the Galaxy
mobiles are wrong color and returns to Akbar
mobiles for a full refund.
10th January Full settlement was made by the business to Akbar
2020
2020
mobiles.
15th February The business sold 100 Galaxy mobiles at a Cost
OMR 150 each to Nizwa Mobiles (a retail
merchandise). The payment terms are 2/10,n/60.
2020

5th January
2020
The business discovers that 25 of the Galaxy
mobiles are wrong color and returns to Akbar
mobiles for a full refund.
10th January Full settlement was made by the business to Akbar
2020
mobiles.
15th February The business sold 100 Galaxy mobiles at a Cost
OMR 150 each to Nizwa Mobiles (a retail
merchandise). The payment terms are 2/10,n/60.
20th February Nizwa mobiles discovers that 30 mobiles which was
purchased on 15th February 2020 are slightly
damaged. The customer decides to keep the
mobiles but receives a sales allowance OMR 5 per
2020
2020
mobiles.
28th February Received full settlement from Nizwa mobiles.
2020
ANSWER QUESTION NO 42 TO 45

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