Ahmad started a new business on Jan 1, 2015 by depositing $ 500,000 cash in the bank as capital. The following transactions took place during the first month of operations:

3 /01/2015 Purchased supplies for $8,500 in cash.

7/01/2015 Paid $1500 cash for Mars office rent.

10/01/2015 Purchased equipment for $105,000, paid $45,000 in cash and the remaining amount will be paid after 10 days.

15/01/2015 Paid $12,000 salaries in cash.

16/01/2015 Received a bill from Gulf News for advertising amounted to $250.

17/01/2015 Ahmad withdrew $7,500 cash for personal use.

20/01/2015 Provided services to customers for $105,000 in cash.

25/01/2015 Paid $42,000 for equipment purchased on Jan 10.

31/01/2015 Paid utilities expense $ 1,200 in cash.

Requirement:

Prepare Journal entries to record the above transactions.

Prepare the trial balance for bank account on January 31, 2015.

Prepare the Balance sheet for Ahmed Company on January 31, 2015.