Question 3 After six months of business, Sony bridal material shop had the follo

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Question 3 After six months of business, Sony bridal material shop had the following account balances Cash OMR10,500, Account Receivable OMR1,500, Office Supplies OMR750, Bridal dress OMR63,000, Account Payable OMR13,500, and Share Capital OMR62,250 The following transactions took place in the month of July: 2016 2 4 July 6 July 10 July 11 July Purchased wedding gowns for cash Received wedding jewelry hire charges Paid shop rent Paid beautician salary Collected from customers for previous wedding make up 600 Purchased office supplies for cash Purchased hair accessories on credit OMR 7,500 22,500 1,500 1,200 July 14 July 15 July 20 July 300 3,000 1,500 450 22 July 25 July 30 July Made part payment of purchases on July 15 Paid electricity bill Paid payables due at the beginning of the month Declared and paid dividends 6,000 i. Construct a table of assets, liabilities and owner's equity in equation form. (26 marks) il. Anatyse the effects of the transactions on the accounting equation. (4 marks Version 1 Page

Explanation / Answer

Assets = Liabilities + Owner's Equity Date Cash + Accounts Receivable + Office Supplies + Bridal Dress = Accounts Payable + Share Capital + Retained Earnings Jul. 1 10500 + 1500 + 750 + 63000 = 13500 + 62250 + Jul. 2 -7500 + + + 7500 = + + Jul. 4 22500 + + + = + + 22500 Jul. 6 -1500 + + + = + + -1500 Jul. 10 -1200 + + + = + + -1200 Jul. 11 600 + -600 + + = + + Jul. 14 -300 + + 300 + = + + Jul. 15 + + + 3000 = 3000 + + Jul. 20 -1500 + + + = -1500 + + Jul. 22 -450 + + + = + + -450 Jul. 25 -13500 + + + = -13500 + + Jul. 30 -6000 + + + = + + -6000 1650 + 900 + 1050 + 73500 = 1500 + 62250 + 13350 77100 77100

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