Emirate Computers LLC, is a renowned computer shop in Dubai, United Arab Emirates. The company sells computers and accessories to household and corporate customers. Mr. Jasim, the owner, opened Dubai Computer LLC on January 1, 2022 in Dubai, United Arab Emirates with a capital of AED 2,500,000/-. During the first year of operation (i.e. from January 1, 2022 to December 31, 2022) Mr. Jasim performed the following transactions in Dubai Computer LLC, Dubai - United Arab Emirates. 1. Purchased office equipment for cash AED 250,000/. 2. Purchased furniture for the office for cash AED 150,000/. 3. Paid rent of the store AED 170,000/. 4. Purchased desktop computers from National Computer Company, Dubai - UAE for AED 250,000/-. 5. Purchased laptop computers from Union Computer Company, Ajman - UAE for AED 150,000/-. 6. Paid salaries to the staff AED 160,000/. 7. Purchased printers from United Printers Company, UAQ UAE for AED 120,000/-. 8. Purchased scanners from Orient Scanners Company, Fujairah - UAE for AED 140,000/-. 9. Paid utility bills of the store AED 50,000/. 10. Sold laptop computers to Crescent Enterprises Limited, Abu Dhabi - UAE for AED 500,000/ - 11. Sold desktop computers to Dubai International College, Dubai - UAE for AED 400,000/- 12. Paid insurance premium of the delivery van AED 70,000/- 13. Sold scanners to Prime Enterprises Limited, Dibba - UAE for AED 140,000/. 14. Paid advertisement expenses of the store AED 40,000/- 15. Sold scanners to Excellent Associates Limited, Kalba - UAE for AED 240,000/-. Mr. Jasim has limited knowledge of the bookkeeping cycle. You are a practicing bookkeeper in Dubai, United Arab Emirates. Mr. Jasim hires your services to perform the following tasks for Emirates Computers LLC, Dubai - United Arab Emirates. REQUIREMENT 1. Define: - Journal, - Ledger, and - Trial balance and explain why they are used in the completion of the bookkeeping cycle of an organization like Emirates Computers LLC, Dubai - United Arab Emirates. 2. Define: - Purchase book, - Sales book, and - Cashbook and apply the double-entry bookkeeping system of debits and credits to record the purchase, sales, and cash transactions of Emirates Computers LLC, Dubai - United Arab Emirates, given in the above scenario, in their respective books of accounts i.e. purchase book, sales book, and cashbook. 3. Define: - Ledger, and - Trial balance and post these transactions of purchase book, sales book, and cash book in appropriate ledger accounts in the general ledger, calculate the balance of each ledger and compile a trial balance using the balances of ledger accounts. 4. Define: - Income Statement, - Capital Statement, and - Balance Sheet and prepare the income statement, capital statement, and balance sheet Emirates Computers LLC, Dubai - United Arab Emirates using the trial balance you prepared in requirement three (3) of the assignment
