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 $$500$ and pays them in cash$\mathrm{.}17.$The company collected $$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\mathrm{.}100.$

Analysis at the end of December $2020$ reveals the following additional data.

The amount of money paid in transaction $(3)$ is for a one$-$year rental agreement.

Received utility bills in the amount of $$380,$ to be paid next month.

Two$-$third of the unearnedrent revenue was earned during the year.

December $31$ is a Monday, and employees are paid on Thurday. Birzeit II Services Company has

two employees, who are paid $$250$ ach for a $5-$day wodk week $($Sunday $-$ Thurnday$).$

The insurance expires at the nate of $$150$per month.

The company performed services for a client in December $2020,$ On December $31,$ it had not billed

the client for services provided of $$1,200.$

At year$-$end, $$600$ of supplies remain unused.

The depreciation on the equipment $($Transaction $4)$ is $$1800$ a year.

Instructions

$($a$)$ Journalize entries for the period ended December $31,2020.$

$($b$)$ post and make adjusting entries December $31,2020.($c$)$ prepare adjusted trial balance

d$)$ Prepare an income statement and owner's equity statement for the $3$ months ended December $31$

and a balanoe sheet at December $31.$

$($e$)$ Prepare the closing entries.

$($f$)$ Prepare a post$-$closing trial balance.