Exercise 3The following selected transactions for Alpha University College (AUC) were occurred during the month of Sene, 2011.a)On Sene 7, AUC collected tuition feeearned,birr 1,857,220.b)On Sene 10, AUCpurchased the following propertiesfrom RommelGeneral Trader in order to furnish the post-graduate class rooms:furniture for birr 643,245and computers and LCDs for birr 298,755. AUCpaid birr 565,200 in cash and liability is assumed for the remainder.c)On Sene 30, AUCpaid electric and water bills of Sene, birr 71,413. Instruction:Journalize the above transactions in general journal entry form.

Exercise 4On Miazia 1, 2011, Alpha University paid $48,000 for a one year office rent. Alpha prepares financial statements on Sene 30of each year. Instructions:a)Recordthe prepaid office rent on Miazia 1, 2011.b)Record the adjusting entry on Sene 30, 2011.3

Exercise 5Alpha Company purchased two cash register machineson January 1, 2019for $20,000. Thesemachines havea useful life of 4 years with no salvage value.The annual depreciation on the machinesbased on straight line method would be $5,000.Instructions:a)Journalize the acquisition of the cash register on January 1, 2019.b)Prepare the adjusting entry to record depreciation expense on December 31, 2019.

Exercise 6United Consultancy uses a one year accounting period. From the accounting records of the business,it was discovered that the owner invested $41,000 during the year. At the end of the accounting period, fees revenue account has a balance of $390,000. Salary expense, Utilities expense and miscellaneous expense accounts have balances of $80,000; $20,000; and $30,000, respectively. Assume that the beginning and ending capital balanceswere$410,000and $688,000, respectively.Instruction:Journalize all the closing entries (i.e., close the revenue, expense, income summary, and drawing accounts).