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Note: Attempt all questions. Question 01: Mr. Jacob is the owner of ABC Corporation. His company was established on 1st September 2022. Following are
Note: Attempt all questions. Question 01: Mr. Jacob is the owner of ABC Corporation. His company was established on 1st September 2022. Following are the transactions of ABC Corporation: (2x5 = 10 Marks) September 03: Mr. Jacob invested $1 million cash in his business. September 10: The owner purchased inventory worth $50,000 in cash. September 15: The owner purchased the building on credit for $200,000 to run his business. September 18: The owner provided services and earned revenue of $40,000 in cash. September 20: The owner further rendered services on credit worth $25,000. September 25: The owner paid various utility expenses worth $80,000; of which $40,000 was electricity expenses, $20,000 was water expenses, $5,000 was gas expenses and $15,000 was telephone expenses. September 28: The owner withdrew $15,000 for personal use. Requirements: I. Prepare General Journal II. Prepare Ledgers or T-Accounts III. Prepare Income Statement for the month ended September 31, 2022 IV. Prepare Statement of Owner's Equity for the month ended September 31, 2022 V. Prepare Balance Sheet for September 31, 2022 L
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