Mr. Almutairi decided to invest 2,800,000 S.R in wholesaler grocery market and called it "Almutairi Market" in the beginning of 2020. The following transaction occurred during the first year: 1. In 1/1/2020 Mr. Almutairi hires a new manager with a monthly salary of 50,000 S.R. 2- In the same day, the manager of the market sign a 3 years rental contract for a gallery to be used for the business and pays 160,000 S.R. 3. In 15/1/2020, the market purchase 184,000 S.R of supplies to be used in the business. 4- In 23/1/2020, the market purchase 400,000 S.R of equipment with a useful life of 10 years 5. In 2/2/2020, the market purchase 250,000 S.R of merchandise Inventory from Banda Company paying 150,000 in cash, and 100,000 on account, credit terms are 10/20, 1/60. (The total unites are 25,000). 6- In 18/2/2020, the market purchase another merchandise Inventory of 110,000 S.R from Al-Genan Company and received 10% trade Discounts, with a terms FOB Shipping Point, 5/30, n/90. 7. In 1/3/2020, the Market opened for customers and started to generate money. 8- In 5/ 3/ 2020, the market sold 350,000 S.R merchandise on account to KSM Company, terms FOB Destination, 1/15, n/30. The cost of the merchandise was 200,000. 9. In 10/3/2020, the market pays all the due amount to Banda and Al-Genan Company. 10- In 13/3/2020, the market received amount due to KSM Company. 11- In 31/3/2020, the market pay 20,000 utilities bills for water and electricity. 12- In 1/6/2020, the market borrow 300,000 S.R from SABA bank with interest of 10% a year, due each year. 13- In 6/9/2020, the market received a cleaning service of 2,000 on account. 14- In 1/9/2020, the market invested 360,000 S.R in securities that return 4% interest per year. 15- In 3 / 10 / 2020, the market sold 192,000 S.R merchandise cash to PAE Company. The cost of the merchandise was 123,000. 16- In 6 / 11 / 2020, the manager of the market sign a distribution contract with Mini Market to provide their market with goods in the beginning of 2021 and received 60,000 S.R. 17- In the year-end, the market's manager counted the company inventories and found that, 44,000 S.R supplies left in hand. In addition, the manager discover 28,000 utilities bills and 12,000 salaries not paid yet. Required: As an accountant for "Almutairi Market", you have been asked by the owner to prepare the following documents to the external editor: 1- The General journal and ledger for the year 2020. (6 points) 2- The worksheet and the financial statements. (6 points) 3- The trial balance per-closing. (Must be separated from the worksheet). (4 points) 4- Opening new Accounting Books for the New Accounting Period 2021 and prepare the opening trail balance. (2 points) Mr. Almutairi decided to invest 2,800,000 S.R in wholesaler grocery market and called it "Almutairi Market" in the beginning of 2020. The following transaction occurred during the first year: 1. In 1/1/2020 Mr. Almutairi hires a new manager with a monthly salary of 50,000 S.R. 2- In the same day, the manager of the market sign a 3 years rental contract for a gallery to be used for the business and pays 160,000 S.R. 3. In 15/1/2020, the market purchase 184,000 S.R of supplies to be used in the business. 4- In 23/1/2020, the market purchase 400,000 S.R of equipment with a useful life of 10 years 5. In 2/2/2020, the market purchase 250,000 S.R of merchandise Inventory from Banda Company paying 150,000 in cash, and 100,000 on account, credit terms are 10/20, 1/60. (The total unites are 25,000). 6- In 18/2/2020, the market purchase another merchandise Inventory of 110,000 S.R from Al-Genan Company and received 10% trade Discounts, with a terms FOB Shipping Point, 5/30, n/90. 7. In 1/3/2020, the Market opened for customers and started to generate money. 8- In 5/ 3/ 2020, the market sold 350,000 S.R merchandise on account to KSM Company, terms FOB Destination, 1/15, n/30. The cost of the merchandise was 200,000. 9. In 10/3/2020, the market pays all the due amount to Banda and Al-Genan Company. 10- In 13/3/2020, the market received amount due to KSM Company. 11- In 31/3/2020, the market pay 20,000 utilities bills for water and electricity. 12- In 1/6/2020, the market borrow 300,000 S.R from SABA bank with interest of 10% a year, due each year. 13- In 6/9/2020, the market received a cleaning service of 2,000 on account. 14- In 1/9/2020, the market invested 360,000 S.R in securities that return 4% interest per year. 15- In 3 / 10 / 2020, the market sold 192,000 S.R merchandise cash to PAE Company. The cost of the merchandise was 123,000. 16- In 6 / 11 / 2020, the manager of the market sign a distribution contract with Mini Market to provide their market with goods in the beginning of 2021 and received 60,000 S.R. 17- In the year-end, the market's manager counted the company inventories and found that, 44,000 S.R supplies left in hand. In addition, the manager discover 28,000 utilities bills and 12,000 salaries not paid yet. Required: As an accountant for "Almutairi Market", you have been asked by the owner to prepare the following documents to the external editor: 1- The General journal and ledger for the year 2020. (6 points) 2- The worksheet and the financial statements. (6 points) 3- The trial balance per-closing. (Must be separated from the worksheet). (4 points) 4- Opening new Accounting Books for the New Accounting Period 2021 and prepare the opening trail balance. (2 points)
