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 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) b) Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Instructions: a) b) Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Assets Date Liabilities Owner's Equity Accounts Receivable Supplies Note Payable Account Payable James 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 30 240 275 15 Inventory Purchases Purchases Total 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 Trial Balance Debit Credit Cash 56000 Accounts Receivables 64300 Supplies 23000 Prepaid Insurance 14500 Equipment 660000 Notes Payable 235400 Accounts Payable 57000 Capital 420000 Drawings 15000 Service Revenue 160400 Salaries Expenses 24000 Rent Expenses 16000 872800 872800 Instruction a) b) Journalize the closing entries at December 31, 2019 Post the closing entries to "Income Summary" and "Capital by using "T" accounts (a)Journal Entries Date Account Ref. Debit (b). "T" Accounts Capital Income Summary 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 Adjusted Trial Balance Adjustments Account Title/Ledger Trial Balance Debit T Credit T Debit T Credit Debit Credit Cash 4,400 Accounts receivable 2,600 Prepaid Rent 1200 Supplies 900 Equipment 8,400 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. Adjusted Trial Balance Adjustments Account Title Trial Balance Debit Credit Debit Credit Debit Credit