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Question 1 [CLO 2, 4& 7] In March 1<sup>rd</sup> 2020 Majed Lee started his business in "The Huda Shop" trading company that trads a cosmetic, skin care and perfume. He started his business with $85,000 cash, $60,000 stock and $15,000 furniture, 10,000 equipment. The Huda Shop engaged in the following activities in March 2020: 2. The Huda Shop purchased goods from Anas company $56,000, The supplier allows "The Huda Shop" to pay their bill in October 3. The Huda Shop sold goods on account to customers Shaha $76,000 and billed him. 5. Huda Shop sold goods for cash $81,000 7. Huda Shop purchased goods for cash $27,000 9. Huda Shop paid to Anas $28,000 in cash. The company previously (in Transaction 2) recorded the bill as an increase in Accounts Payable. 17. Received in cash from customers from Shaha $62,000 who had been billed (in Transaction 3). 25. Majed Lee withdrew $4,200 in cash from the business for his personal use 26. Huda Shop received commission $8,000 26. Huda Shop Paid insurance $13,000 27. Sold goods on account to customers Hayat $42,000 28. Huda Shop purchased goods on account from Omar $33,000 2

          Question 1 [CLO 2, 4& 7]
In March 1<sup>rd</sup> 2020 Majed Lee started his business in "The Huda Shop" trading
company that trads a cosmetic, skin care and perfume. He started his business with
$85,000 cash, $60,000 stock and $15,000 furniture, 10,000 equipment. The Huda
Shop engaged in the following activities in March 2020:
2. The Huda Shop purchased goods from Anas company $56,000, The
supplier allows "The Huda Shop" to pay their bill in October
3. The Huda Shop sold goods on account to customers Shaha $76,000 and
billed him.
5. Huda Shop sold goods for cash $81,000
7. Huda Shop purchased goods for cash $27,000
9. Huda Shop paid to Anas $28,000 in cash. The company previously (in
Transaction 2) recorded the bill as an increase in Accounts Payable.
17. Received in cash from customers from Shaha $62,000 who had been
billed (in Transaction 3).
25. Majed Lee withdrew $4,200 in cash from the business for his personal use
26. Huda Shop received commission $8,000
26. Huda Shop Paid insurance $13,000
27. Sold goods on account to customers Hayat $42,000
28. Huda Shop purchased goods on account from Omar $33,000
2

Question 1 [CLO 2, 4 7]
In March 1<sup>rd</sup> 2020 Majed Lee started his business in "The Huda Shop" trading
company that trads a cosmetic, skin care and perfume. He started his business with
85,000 cash,60,000 stock and 15,000 furniture, 10,000 equipment. The Huda
Shop engaged in the following activities in March 2020:
2. The Huda Shop purchased goods from Anas company56,000, The
supplier allows "The Huda Shop" to pay their bill in October
3. The Huda Shop sold goods on account to customers Shaha 76,000 and
billed him.
5. Huda Shop sold goods for cash81,000
7. Huda Shop purchased goods for cash 27,000
9. Huda Shop paid to Anas28,000 in cash. The company previously (in
Transaction 2) recorded the bill as an increase in Accounts Payable.
17. Received in cash from customers from Shaha 62,000 who had been
billed (in Transaction 3).
25. Majed Lee withdrew4,200 in cash from the business for his personal use
26. Huda Shop received commission 8,000
26. Huda Shop Paid insurance13,000
27. Sold goods on account to customers Hayat 42,000
28. Huda Shop purchased goods on account from Omar33,000
2

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