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January 3 Office furniture was purchased on the account with an amount of 200,000 riyals that will be paid over the next year. January 31
January 3 Office furniture was purchased on the account with an amount of 200,000 riyals that will be paid over the next year. January 31 The salaries payable for the month of January amounted to 80,000 riyals. February 15 A customer was provided with services in the amount of 40,000 riyals, and the customer April30Ashort-termloanwastakenforaperiodof6monthsintheamountof100,000riyalsataninterestrateof5%fortheyear.June15onOctober15.August27promisedtopaythefeeslaterduringtheyear.Anamountof20,000riyalswasreceivedfromthecustomertowhomtheservicewasprovidedAdirectoroftheHumanResourcesDepartmentwasappointed,withasalaryof20,000riyals per month, and he will start his work on October 1 . December 31 The equipment depreciation was estimated at 32,000 riyals. Required: A. Prepare the necessary journal entries to record transactions according to the cash basis, the modified accrual, and the accrual basis that the financial period ends on December 31, 2017. B. Record only the first three transactions (that occurred on January 3, January 31, and February 15) in the accounting equations for government funds and non-funds accounts
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