Alhamoud company is an electronic company that also provides maintenance services on electronics. The company is located in Riyadh, Saudi Arabia. At the beginning of 2022 , the Ledger of the company showed Cash of 50,000 SAR, opening inventory 6,000 SAR (300 units at 10SAR per unit), and Owner's Capital of 50,000 SAR. Alhamoud Company uses the FIFO method in inventory valuation. Part 1 1.1 Journalize all the 2022 transactions of Alhamoud Company below by preparing the General Journal. The following transactions has occurred during the year of 2022: 1. The owner of the company invested 120,000 SAR cash in the business on January 1. 2. Purchased a vehicle from Abdullatif Jameel for 32,000 SAR on credit on February 10. 3. Paid in advance 2,700 SAR cash on a 4-year insurance policy effective January 1. 4. On June 1, Alhamoud Company purchased 500 units from Alshaya Co. for 15 SAR per unit with a settlement discount of 6.00% only if it paid the amount due within 15 days from the date of purchase. 5. On September 12, Alhamoud purchased 700 units from Alesaci Co., for 17 SAR per unit with a settlement discount of 5.00% only if it paid the amount due within 9 days from the date of purchase. 6. On October 3, Alhamoud sold 600 units to Moon Co. and Sun Co. at a price of 30 SAR per unit with a settlement discount of 5.00% only if the amount due is received within 10 days from the date of sale. Alhamoud Company was expecting the customer to take the advantage of the cash discount. 7. The owner Withdrew 3,000 SAR cash for personal use on May 15. 8. On June 6, Alhamoud paid the full amount due to Alshaya Co. 9. On October 1, Alhamoud paid the full amount due to Alesaei Co. 10. Paid 50,000 SAR cash for employee salaries on November 15. 2.1 Use the information from Part 1.1 to post the transactions of the Alhamoud Company to the proper T-accounts. The brought forward (b/f) balances if any for the first four T-accounts are needed to be computed, and the remaining balances will be filled out automatically. Likewise, the Unadjusted Trial Balance Statement, is an accounting report that lists the closing balances of all accounts in the general ledger at a point in time, will be filled out automatically after posting all the transaction to the right t-account. The report is primarily used to ensure that the total of all debits equals the total of all credits. This means that there are no unbalanced journal entries in the accounting system that would make it impossible to generate accurate financial statements. Part 3 3.1 Prepare the necessary adjusting double-entries, which are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts, for the following transactions at the year-end of December 31, 2022, for the Alhamoud Company. 1. The company depreciates the vehicle at 20.00% Straight Line Rate. A full year's depreciation is charged in the year of purchase and none in the year of disposal. 2. The insurance expense is relevant for 4 years. 3. Accrued but unpaid employee salaries were 2,000 SAR. 4. Alhamoud Company has a bank deposit in which it receives an interest income of 200 SAR per month. At year-end, it is found that the company received 2,000 SAR in total. Part 4 4.1 Update the company's ledger accounts to reflect the adjustments made in part 3.1. The Adjusted Trial Balance Statement will be filled out automatically to reflect the adjusting entries. 4.2 Prepare the Statement of Profit or Loss and Statement of Financial Position of the Alhamoud Company the for the year ending 31 December 2022. 4 Alhamoud company is an electronic company that also provides maintenance services on electronics. The company is located in Riyadh, Saudi Arabia. At the beginning of 2022 , the Ledger of the company showed Cash of 50,000 SAR, opening inventory 6,000 SAR (300 units at 10SAR per unit), and Owner's Capital of 50,000 SAR. Alhamoud Company uses the FIFO method in inventory valuation. Part 1 1.1 Journalize all the 2022 transactions of Alhamoud Company below by preparing the General Journal. The following transactions has occurred during the year of 2022: 1. The owner of the company invested 120,000 SAR cash in the business on January 1. 2. Purchased a vehicle from Abdullatif Jameel for 32,000 SAR on credit on February 10. 3. Paid in advance 2,700 SAR cash on a 4-year insurance policy effective January 1. 4. On June 1, Alhamoud Company purchased 500 units from Alshaya Co. for 15 SAR per unit with a settlement discount of 6.00% only if it paid the amount due within 15 days from the date of purchase. 5. On September 12, Alhamoud purchased 700 units from Alesaci Co., for 17 SAR per unit with a settlement discount of 5.00% only if it paid the amount due within 9 days from the date of purchase. 6. On October 3, Alhamoud sold 600 units to Moon Co. and Sun Co. at a price of 30 SAR per unit with a settlement discount of 5.00% only if the amount due is received within 10 days from the date of sale. Alhamoud Company was expecting the customer to take the advantage of the cash discount. 7. The owner Withdrew 3,000 SAR cash for personal use on May 15. 8. On June 6, Alhamoud paid the full amount due to Alshaya Co. 9. On October 1, Alhamoud paid the full amount due to Alesaei Co. 10. Paid 50,000 SAR cash for employee salaries on November 15. 2.1 Use the information from Part 1.1 to post the transactions of the Alhamoud Company to the proper T-accounts. The brought forward (b/f) balances if any for the first four T-accounts are needed to be computed, and the remaining balances will be filled out automatically. Likewise, the Unadjusted Trial Balance Statement, is an accounting report that lists the closing balances of all accounts in the general ledger at a point in time, will be filled out automatically after posting all the transaction to the right t-account. The report is primarily used to ensure that the total of all debits equals the total of all credits. This means that there are no unbalanced journal entries in the accounting system that would make it impossible to generate accurate financial statements. Part 3 3.1 Prepare the necessary adjusting double-entries, which are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts, for the following transactions at the year-end of December 31, 2022, for the Alhamoud Company. 1. The company depreciates the vehicle at 20.00% Straight Line Rate. A full year's depreciation is charged in the year of purchase and none in the year of disposal. 2. The insurance expense is relevant for 4 years. 3. Accrued but unpaid employee salaries were 2,000 SAR. 4. Alhamoud Company has a bank deposit in which it receives an interest income of 200 SAR per month. At year-end, it is found that the company received 2,000 SAR in total. Part 4 4.1 Update the company's ledger accounts to reflect the adjustments made in part 3.1. The Adjusted Trial Balance Statement will be filled out automatically to reflect the adjusting entries. 4.2 Prepare the Statement of Profit or Loss and Statement of Financial Position of the Alhamoud Company the for the year ending 31 December 2022. 4