Q1. In January 2023, ABC Sole Proprietorship Conducted the Following Transactions (Amounts in Saudi Riyal)

1. Owner paid the capital for 5,000,000 in cash.
2. It purchased equipment for 500,000 in cash.
3. It purchased inventory for 2,000,000 in cash.
4. It Sold inventory for 1,000,000 in cash.
5. It Sold inventory for 200,000 on credit.
6. It paid salaries for 250,000 in cash.
7. It borrowed 500,000 from Riyadh bank by signing a promissory note.
8. It purchased supplies for 100,000 on credit.
9. It paid for the purchased supplies on credit.
10. It collected the sold inventory on credit.

Required: Pass the Above Transactions in the Journal Using the Accrual Accounting

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