Q1: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions a) Show the effects of these transactions on the accounting equation b) Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner's Equity Cash Accounts Supplies Note Account James Receivable Payable Payable Capital Particulars Amount ($) Amount ($) Q2: (A) Al Falah Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Date Details Units Unit Cost Total Cost May 1 Inventory 30 8 240 15 Purchases 25 11 275 24 Purchases 35 12 420 Total 90 935 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (B): In its first month of operations, Al Hamd Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $9.Assuming there are 360 units on hand, compute the cost of the ending inventory under the average-cost method. Q3: The worksheet of the Ford Motor service Company LLC as follows. Ford Motor service Company LLC Worksheet (partial) for the year ended December 31, 2019 Adjusted Account Title/Ledger Balance Tow Balance Debit Credit 58000 Accounts Receivables 64300 I 23000 Prepaid Insurance 14500 580000 Notes Payable 235400 Accounts Payable 57000 Capital 420000 15000 Service Revenue 160400 Salaries Expenses 24000 Rent Expenses 16000 872800872800 Instruction a) Journalize the closing entries at December 31, 2019 b) Post the closing entries to "Income Summary" and "Capital" by using "T" accounts (a) Journal Entries Date Account Ref Debit Credit ( Account Capital Q4: The trial balance columns of the worksheet for Acer service Co.LLC, are as follows. Acer service Co.LLC, Worksheet (partial) for the Month Ended January 31, 2020 Account Title/Ledger Trial Balance Adjustments "Trial Balance Debit Credit Debit Credit Debit Credit Cash 4,400 Accounts receivable 2,600 Prepaid Rent 1 1200 Supplies Equipment TR400 Notes Payable 2.000 Accounts payable 1,450 Unearned revenue 1,500 Capital 8,600 Drawings 1,400 Service revenue 6,700 Salaries expenses 800 Interest expenses 250 Advertising expenses 300 20,250 20,250 Other data: a) At the end of January there is no supplies on hand b) Unearned revenue earned during the month is $500 c) Rent expires at the rate of $200 per month. d) Interest of $150 on the notes payable has accrued during January Instructions Complete the worksheet by entering adjustments and prepare adjusted trial balance. Account Title Trial Balance Adjustments Adjusted Debit Credit Debit Credit Debit Credit