Mr. Ghassan started a travel agency, Dreams Travels, on March 1, 2021. Following transactions are related to the business of Dreams Travels for the month of March 2021 March 1 Invested OMR 10,000 as capital March 3 Purchased office fumiture for OMR 3,000 from Blossom Furniture. Paid OMR 1,000 and agreed to pay the balance after one months. March 4 Purchased supplies for OMR 100. March 7 Paid rent for the next 12 months OMR 2,400 March 9 Borrowed OMR 5000 for one year form Ibri Bank. March 11 Advertising expenses OMR 300. March 14 Earned OMR 4,000 for the travel service provided to a schools, but received OMR 1,000 immediately. March 16 Purchased supplies worth OMR 200 on credit from Paper Mart. March 17 Received commission from a vendor OMR 200 March 20 Ghassan took OMR 300 for personal expenses. March 22 Provided service to a Hajj Group and earned OMR 500, but did not receive cash. March 24 Received money from the school OMR 3,000 for the transaction on March 14. March 27 Paid commission OMR 150 to the service agents. March 29 Paid OMR 200 to Paper Mart for the purchase on March 16. March 30 Paid franchise fee for the month OMR 500

Mr. Ghassan started a travel agency, Dreams Travels, on March 1, 2021. Following transactions are related to the business of Dreams Travels for the month of March 2021 March 1 Invested OMR 10,000 as capital March 3 Purchased office fumiture for OMR 3,000 from Blossom Furniture. Paid OMR 1,000 and agreed to pay the balance after one months. March 4 Purchased supplies for OMR 100. March 7 Paid rent for the next 12 months OMR 2,400 March 9 Borrowed OMR 5000 for one year form Ibri Bank. March 11 Advertising expenses OMR 300. March 14 Earned OMR 4,000 for the travel service provided to a schools, but received OMR 1,000 immediately. March 16 Purchased supplies worth OMR 200 on credit from Paper Mart. March 17 Received commission from a vendor OMR 200 March 20 Ghassan took OMR 300 for personal expenses. March 22 Provided service to a Hajj Group and earned OMR 500, but did not receive cash. March 24 Received money from the school OMR 3,000 for the transaction on March 14. March 27 Paid commission OMR 150 to the service agents. March 29 Paid OMR 200 to Paper Mart for the purchase on March 16. March 30 Paid franchise fee for the month OMR 500

Name: Show the effect of each transaction of Dreams Travels on the Accountin
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Description: Show the effect of each transaction of Dreams Travels on the Accounting Equation. Mr. Ghassan started a travel agency, Dreams Travels, on March 1, 2021. Following transactionsare related to the business of Dreams Travels for the month of March 2021Ma

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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