Period-End Balance Sheet of Entity A

100 cases	44.000	300 Bank Loans	100.000
102 Banks	120.000	320 sellers	450.000
120 Buyers	210.000	500 Capital	760.000
121 Notes Receivable	300.000
153 Commercial Goods	600.000
255 Fixtures	60.000
257 Accumulated Depreciation (-)	(24.000)
TOTAL	1.310.000	TOTAL	1,310.000

1- INTRAPERIOD TRANSACTIONS

-300.000 TL goods were purchased and 150.000 TL promissory note was endorsed in return and the balance account remained open. (VAT 18%) -800.000 TL of goods were sold and 100.000 TL cash and 150.000 TL check was received in return and the balance account remained open (VAT 18%). -A check for 50.000 TL is given to the bank for collection. -40.000 TL of general administrative expenses were incurred (VAT 18%). -A discount of 20.000 TL is given to the buyers.

2- END OF PERIOD TRANSACTIONS Interest accrued on bank account amounting to TL 8.000 and bank loans amounting to TL 15.000. Depreciation is provided for fixed assets at the rate of 20% according to the straight-line method.

The trade goods balance at the end of the period is TL 320.000.

I3- REQUIREMENTS: Make accounting records for opening entries, in-period transactions and end-of-period transactions. - Create the Income Statement by calculating the profit or loss of the business for the period.