ABC Hardware Store had the following transactions

during the year starting January 1, 2020. At the

beginning of 2020, the ledger of ABC showed Cash of

5,000 SR, opening inventory 3000 SR (300 units at

10SR per unit) and Owner's Capital of 8,000 SR.

(ABC Co. uses the

FIFO method in inventory

valuation).

a) Journalize and post the 2021 transactions.

6. Paid 350 SR for the gasoline bill for the truck. Withdraw 3000 SR cash for personal use. 8. On April 1, ABC purchased 500 units from Nasr Co., a supplier, for 15 SR per unit with a settlement discount of 5% if it paid the price within 10 days from the date of purchase. 9. On July 15, ABC purchased 700 units from El-Noor Co., a supplier, for 17 SR per unit with a settlement discount of 5% if it paid the price within 10 days from the date of purchase. 10. On August 1, ABC sold 600 units to Sami Co. at a price of 30 SR per unit with a settlement discount of 4% if the price is received within 10 days from the date of sale. (The company is not expecting the customer to take the advantage of the discount)