Birzeit IT Services Company was formed on October 1, 2020. Journalize and post the following transactions that took place during the first three months. 1. October 1, 2020, Omar invested $40,000 cash in the company, as its sole owner. 2. October 1, 2020, hired two employees to work in the office. They will each be paid a salary of $1,050 per month. 3. October 1, 2020, paid $12,000 cash in advance for the first year's office rental. 4. October 1, 2020, purchased furniture and equipment costing $15,000. A cash payment of $8,000 was made immediately; the remainder will be paid within 6 months. 5. October 8, 2020, paid advertising expenses $100. 6. October 31, 2020, paid the monthly salaries of the two employees, totaling $2,100. 7. November 1, 2020, paid $1,800 cash for a one-year insurance policy on the furniture and equipment. 8. November 8, 2020, purchased basic office supplies for $420 cash. 9. November 15, 2020, received $2,100 cash for services performed for customers. 10. November 30, 2020, paid the monthly salaries of the two employees, totaling $2,100. 11. December 9, 2020, earned a total revenue of $5,000-$3,000 cash and $2,000 on account. 12. December 13, 2020, Omar withdraws $500 cash for personal use. 13. December 15, 2020, hired two employees to begin work on December 20. Each employee is to receive a weekly salary of $250 for a 5-day work week (Sunday - Thursday), payable every week. 14. December 17, 2020, purchased more office supplies for $1,500 on account. 15. December 19, 2020, paid $1500 to suppliers for accounts payable due. 16. December 20, 2020, Birzeit IT Services Company owes employee salaries of $500 and pays them in cash.

Birzeit IT Services Company was formed on October 1, 2020. Journalize and post the following transactions that took place during the first three months. 1. October 1, 2020, Omar invested $40.000 cash in the company, as its sole owner. 2. October 1, 2020, hired two employees to work in the office. They will each be paid a salary of $1,050 per month. 3. October 1,2020. paid $12,000 cash in advance for the first year's office rental. 4. October 1, 2020, purchased furmiture and equipment costing $15,000. A cash payment of $8,000 was made immediately; the remainder will be paid within 6 months. 5. October 8,2020 , paid advertising expenses $100. 6. October 31,2020 , paid the monthly salaries of the two employees, totaling $2,100. 7. November 1, 2020, paid $1,800 cash for a one-year insurance policy on the furniture and equipment. 8. November 8,2020 , purchased basic office supplies for $420 cash. 9. November 15,2020 , received $2,100 cash for services performed for customers. 10. November 30,2020 , paid the monthly salaries of the two employees, totaling $2,100. 11. December 9,2020 , earned a total revenue of $5,000$3,000 cash and $2,000 on account. 12. December 13, 2020. Omar withdraws $500 cash for personal use. 13. December 15, 2020, hired two employees to begin work on December 20. Each employee is to receive a weekly salary of $250 for a 5-day work week (Sunday - Thursday), payable every week. 14. December 17,2020 , purchased more office supplies for $1,500 on account. 15. December 19,2020 , paid $1500 to suppliers for accounts payable due. 16. December 20, 2020. Birzeit IT Services Company owes employee salaries of $500 and pays them in cash. 17. The company collected $15,300 from a customer in December 2020 for services to be performed in 2021. 18. December 24, 2020, received $1,500 from customers in payment of accounts receivable. 19. December 31, 2020, paid the monthly salaries of the two employees, totaling $2,100. Analysis at the end of December 2020 reveals the following additional data. 1. The amount of moncy paid in transaction (3) is for a one-year rental agreement. 2. Received utility bills in the amount of $380, to be paid next month. 3. Two-third of the unearned rent revenue was earned during the year. 4. December 31 isa Monday, and employees are paid on Thursday. Birecit II Services Company hus two employees, who are paid $250 dich for a 5-day wodk week (Sunday - Thurday). 5. The insurance expires at the nte of $150 per moath. 6. The company performed services for a client in December 2020,0 n December 31 , it had not balled the client for services provided of $1,200. 7. At year-end, $600 of supplies remain unused. 8. The depreciation on the equipment (Transaction 4 ) is $1800 a year. Instructions (a) Journalize and post the adjusting entries for the period ended December 31, 2020. (b) Frepare an adjusted trial balance. (c) Prepure an income statement and owner's equity statement for the 3 months ended December 31 and a balance sheet at December 31 . (d) Prepare the closing entries. (e) Prepare a post-closing trial balance