Principles of Financial Accounting - ACCT 201 Case Study Applying the accounting cycle ABC CARGO Nizamudin had saved some cash and decided to start a Small Business called ABC CARGO. The business will have a monthly accounting cycle. They have started their business on May 1st, 2019. The following are some events that happened in 2019. 1. May 1. Nizamudin invested 50,000 SAR in cash and used Trucks and other equipment cost 60,000 SAR in exchange for ordinary shares in ABC CARGO. 2. May 1. ABC CARGO rented a parking lot that cost 60,000 SAR annually. The full payment due in Apr.30, 2020. 3. May 2. ABC CARGO paid 72,000 SAR for a one-year insurance policy for the used truck that will expire Apr.30, 2020 4. May 3. ABC CARGO purchased some tools and other supplies from SACO signing 5 months note payable for SAR 30,000. The note required ABC CARGO to pay interest at an annual rate of 20%. 5. May 5. ABC CARGO purchased cell phone and other electronic equipment that cost 5000 SAR from Jarir. 2.000 SAR was paid in cash and the remaining on account