Balance sheet of Company Jolie dated 01.12.2018 showed the following accounts: a) tangible fixed asset (equipment) 40 000* b) trade receivables 8 000 c) inventory: material 12 000** d) cash in bank account 8 000 e) share capital 30 000 e) bank loan 20 000*** f) trade payables 10 000 * historical value of the car 120 000 ** material X: 800 units at 8 /unit and material Y: 1120 units at 5 /unit. *** interest: 4% /year In December, 2018 the company noted the following economic transactions: 1. One of the company employees received a pre-payment of 50 to purchase stamps from post office. 2. Company bought for cash 300 units of material X at a price of 7/unit. 3. Company calculated and paid interest on the bank loan for the month of December. 4. Company bought with cash a computer worth 3 000. Computer will be used for a period longer than one year. 5. Company sold on deferred payment 500 units of material X at a price of 13 /unit. 6. Sold materials were delivered to the client. A weighted-average method was applied. 7. Company received information about bank fees in the amount of 550. Bank fees will be paid in January. 8. Company calculated salaries of administrative employees 3 500. 9. Company paid off 1 000 of trade receivables. 10. Company employee settled the pre-payment by bringing an invoice for post office services. Required: 1/ Open the accounts with opening balances. 2/ Record all transactions. Materials are valued at cost of purchase. 3/ Close all accounts, show their ending balances and calculate profit or loss for January 2018 according to costs by nature structure in the Profit/(loss) account.

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