Assignment Question(s): (Marks 15)
Question 1: (5 Marks)
Sarah owns a boutique that sells women’s clothing and accessories. She keeps track of her business transactions using a journal.
Instructions: Prepare the journal entry in SAR currency for each of the above transactions.
Question 2: (5 Marks)
Omar owns a catering service company that provides food and beverage services for events such as weddings and corporate events. He uses the accrual basis of accounting to record his company’s financial transactions. Here are some of the transactions that occurred during the year:
Question 3: (5 Marks)
ABC Consulting is a company that provides consulting services to clients in various industries. The company also rents out a portion of its office space to other businesses. As the accountant for ABC Consulting, you are tasked with preparing the company’s income statement for the year 2022 based on the following information taken from the trial balance:
Your task is to prepare the income statement for ABC Consulting in 2022 based on the information provided above.
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