The following business transactions of Mrs.Amna, a sole trader.
May 2021
(1) Capital invested as cash RO 80,000 to start up the business
(5) Paid RO 24000 in cash to Purchase Factory
(7) Purchase of goods on credit for RO 30000 and 34500 on cash from Kalood trading
(8) Sale of goods RO 39700 on credit to Qaboos trading and for cash RO 45400
(9) Paid RO 26800 liability to the Kalood trading
(11) Paid advertisement of RO 3570
(17) Paid salaries of RO 2530
(16) Paid rent RO 375 for the house of the sole trader
(28) Collection of accounts receivable RO 27950 from Qaboos trading
You required to:
a. Prepare Journal entries
b. Post ledger accounts
c. Trail balances
Note: The formatting carries 2 marks.
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