Extra adjustment data appears on Jan 31, 2020 consist of: *: Tools and other supplies on hand 5,000 SAR. *: Depreciation expense 3,200.

Required: 1. Journalize the transaction. 2. Prepare the 3 financial statements (Income Statement, retained earnings statement, Statement of Financial position)

ESNAD Express Provide's a simple and easy delivery service based in KSA. The business will have a monthly accounting cycle. The business started on Jan 1st, 2020. The following are some events that happened in 2020. 1. Jan 1, ESNAD Express began business with 120,000 SAR in cash and Trucks and other equipment cost 160,000 SAR in exchange for ordinary shares in ESNAD Express. 2. Jan 3, ESNAD Express paid 48,000 SAR for a one-year lease agreement that will expire Dec 31, 2020. 3. Jan 4. ESNAD Express rented a storage room that cost 84,000 SAR annually to start the business. The full payment due in Dec 31, 2020. 4. Jan 5, ESNAD Express purchased equipment that that cost 60,000 SAR. 8,000 SAR was paid in cash and the remaining on account. 5. Jan 6, ESNAD Express purchased some packaging supplies from ALFURSAN Co. signing 4 months note payable in the amount for SAR 36,000. The note required ESNAD Express to pay interest at an annual rate of 10%. 6. Jan 8, ESNAD Express CEO discussed the solution of the logistic network design problem with the logistic management; they estimate it will cost 65,000 SAR. 7. Jan 12, ESNAD Express haired 4 delivery boys, starting Saturday, Jan 11, 2020. Each employee agreement set the salary to be 1200 SAR for a six-day workweek (Friday off), and the salaries will be paid on the 3rd day of every month. First payment is on Feb 3, 2020. 8. Jan 13, ESNAD Express received 10,000 SAR for provided services. 9. Jan 14, ESNAD Express pays 19,000 SAR in advance for advertisement to 3Points Advertising Co. 10.Jan 15, 3Points Advertising Co. announced the advertisement. 11.Jan 18, ESNAD Express received 75,000 SAR in cash from a customer as an advance for an office model designing service to be provided on Jan 23, 2020. 12.Jan 23, ESNAD Express provided delivery services for the office model required by client. 13.Jan 24, ESNAD Express provided some services for 28,000 SAR to customers, and they agreed to pay the amount due later. 14.Jan 25, ESNAD Express received 18,000 SAR from customer who had been billed for services on Jan 24. 15.Jan 27, ESNAD Express paid 2,000 SAR Internet expenses. 16.Jan 30, ESNAD Express CEO paid dividends of 2,000 SAR