Exercise 1 ABC is a company which provides accounting and legal services. During January, the following events and transactions occurred: On January 2, Mohamed and Kamel decide to open ABC Company. They invest 20,000 SAR cash in ABC Company in exchange for 20,000 SAR of ordinary shares. On January 3, ABC receives 10,000 SAR in cash from XYZ Company for services provided in January. On January 4, ABC purchases on account a land costing 30,000 SAR. On January 5, ABC pays office rent for January in cash 3,000 SAR. On January 6, ABC pays in cash 1,000 SAR for a one-year insurance policy. On January 10, ABC pays a 3,000 SAR cash dividend to shareholders. On January 14, ABC pays in cash employee salaries of 2,400 SAR. On January 18, ABC purchases supply of materials in cash for 1,500 SAR. On January 24, ABC pays 800 SAR bills in cash. The company previously recorded the bills as an increase in Accounts payable. Instructions 1. Journalize the January transactions 2. Post the January transactions 3. prepare the trial balance of ABC on January 31