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CLO 1 & 2: Talabat LLC incorporated on May 1, current year. The company engaged in delivery services and conducted the following transactions during its
CLO 1 & 2: Talabat LLC incorporated on May 1, current year. The company engaged in delivery services and conducted the following transactions during its first month of operations: Note to Students: In order to avoid plagiarism issue, each student is requested to choose different amount and not the one quoted below. Also replace the names and heads of account with synonym. Ensure that Debit amount is equal to Credit amount. 1. Mar. 2 The LLC issued 40,000 shares of capital stock to Khaled in exchange for $80,000 cash. 2. Mar. 4 Purchased a truck for $45,000. Made a $15,000 cash down payment and issued a note payable for the remaining balance. 3. Mar. 5 Paid Azizi Properties $2,500 to rent office space for the month. 4. Mar. 9 Billed customers $11,300 for services for the first half of March. 5. Mar. 15 Paid $7,100 in salaries earned by employees during the first half of March. 6. Mar. 19 Paid Alotaibi's Auto $900 for maintenance and repair services on the company truck. 7. Mar. 20 Collected $3,800 of the amounts billed to customers on March 9. 8. Mar. 28 Billed customers $14,400 for services performed during the second half of the month. 9. Mar. 30 Paid $7,500 in salaries earned by employees during the second half of the month. 10. Mar. 30 Received an $830 bill from ADNOC for fuel purchased in March. The entire amount is due by April 15. You are requested to: a) Prepare journal entries, including explanations. b) Post each entry to the appropriate ledger accounts (use the account format). c) Prepare a trial balance. d) Prepare Profit & Loss account (Income Statement). e) Prepare Owners Equity Statement and Balance Sheet
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