Legal Services Company Ltd. was formed on June 1, 2022. During the first month of operations, the following transactions occurred:

1. Shareholders invested SR50,000 cash in exchange for ordinary shares.

2. Paid SR4,000 for June rent on office space.

3. Purchased office equipment on account SR15,000.

4. Provided services to clients for cash SR12,500.

5. Paid expenses of SR7,500 (electricity, utilities, and telephone).

Question One (5 marks): Legal Services Company Ltd. was formed on June 1, 2022. During the first month of operations, the following transactions occurred: 1. Shareholders invested SR5O,000 cash in exchange for ordinary shares. 2. Paid SR4,000 for June rent on office space. 3. Purchased office equipment on account SR15,000. 4. Provided services to clients for cash SR12,500. 5. Paid expenses of SR7,500 (electricity, utilities, and telephone)