Case Study Applying the Accounting cycle Luxury Oriental Perfumes & Cosmetics On April 1, 2017, Mr. shady Kamal began perfumes and oud oil and cosmetics business, Luxury Oriental Perfumes & Cosmetics. The business will have a monthly accounting cycle. The following are some events that happened on April 2017. 1. Apr 1. Shady invested 90,000 SAR in cash and some perfumes, Oud oil, and other cosmetics that cost 10,000 SAR in exchange for ordinary shares in Luxury Oriental Perfumes & Cosmetics. 2. Apr 1. Luxury Oriental Perfumes & Cosmetics Purchased building to be used for warehouse for signing 5 months note payable for SAR 80,000. The note Luxury Oriental Perfumes & Cosmetics to pay interest at an annual rate of 12%. 3. Apr 2. Luxury Oriental Perfumes & Cosmetics Paid 90,000 SAR for a yearly Lease policy that will expire March 31, 2018. 4. Apr 3. Luxury Oriental Perfumes & Cosmetics rented a stall in Exhibition ground that cost 12,000 SAR semiannual. The full payment due in September 30, 2017. 5. Apr 5. Luxury Oriental Perfumes & Cosmetics purchased 13,000 SAR Rose water Bottles and other accessories paying 10,000 SAR and the balance on account. 6. Apr 6. Luxury Oriental Perfumes & Cosmetics haired 3 labors starting Monday Apr 10, 2017. Each labor agreement set the salary to be 360 SAR for a six-day workweek (Sunday is off day). First payment is May 9, 2017. 7. Apr 7. Luxury Oriental Perfumes & Cosmetics Paid 10, 000 SAR to acquire shop supplies. 8. Apr 8. Luxury Oriental Perfumes & Cosmetics Received 30,000 SAR for services performed. 9. Apr 9. Luxury Oriental Perfumes & Cosmetics Signed an advertisement contract with one of the local advertising company for advertisement that cost 29, 000 SAR the company will complete the advertisement service on Apr 12. Luxury Oriental Perfumes & Cosmetics Paid 2,000 SAR on Apr 9 as a down payment and agreed to pay the balance due after the advertisement. 10. Apr 12. Luxury Oriental Perfumes & Cosmetics Paid the total amount due to the local advertising company after they conducted the service. 11. Apr 15. Luxury Oriental Perfumes & Cosmetics Received 7,000 SAR in cash from Ahmed (a client) for a reservation of Bridal makeup essentials service to be provided on Apr 26, 2017. 12. Apr 19. Luxury Oriental Perfumes & Cosmetics. Provide Hair dressing service for 16,000 SAR to Youssef (shady's relatives) and he agree to pay the total amount due later. 13. Apr 25. Luxury Oriental Perfumes & Cosmetics. Received 5,000 SAR cash in advance for a reservation of office inauguration fragrance services. The service should be provided on May 2, 2017. 14. Apr 26. Luxury Oriental Perfumes & Cosmetics perform the service to Ahmed, who had paid in advance earlier this month.15. Apr 2?. Luxury Oriental Perfumes & Cosmetics received 50% of the total amount due from Youssef(Shady's relatives) 16. Apr 29. Luxury Oriental Perfumes & Cosmetics paid 5,500 SAR utilities bill. 17. Apr 30. Luxury Oriental Perfumes 8t Cosmetics paid dividends out of last year's prots of4,000 SAR cash. Required: Apply the accounting cycle and worksheet using excel Analyze business transaction Joumalize the transaction Post to Ledger accounts. Prepare an unadjusted trial balance Joumalize and post adjusting entries. Extra adjustment data appears on April 30 201'}' consist of: MPPN!' I Supplies on hand 3000 SAR. ' Depreciation expense 5600 Prepare an adjusted trial balance Prepare the 4 nancial statements (Income Statement. retained earnings statement, Statement of Financial position) following the standards. Journalize and post-closets entries Prepare a Post-closing trial balance 2'49' 3"?\" Note that the excel file should include 7 sheets (with linked cells and probcr formula) Sheet I- Group members [name and ID] Sheet 2- Journal (has all the entries: general. adjusting, and closing entries) Sheet 3- T-Aceounts (has all the T-Accounts after posting: general, adjusting, and closing entries) Sheet 4- Unadjusted trial balance Sheet 5- Adjusted trial balance Sheet 6- Financial Statements (income statement. retained earnings Statement, Statement of Financial Position) Sheet 'i- Post closing trial balance April 2017 2 3 7 9 10 17 17 14 15 16 17 18 20 21 22 23 24 25 26 27 28 29 10