Question 1.

Junaid opened CALL CENTER on March 1st. During March, the following transactions were completed:

January 1 Junaid invested Rs. 1,000,000 cash in the business.

1 A 10-year, $1,000,000 bond issue is sold by Call center. at 99 means 99.25 The contract rate of interest is 10%

Purchased a Building from Mr. Salman to extend business total cost of the building was Rs. 600,000 out of which Rs.300,000 was applicable to land and Rs. 300,000 was applicable to building. He pays Rs. 200,000 cash on the spot and signed a 10% note payable for remaining amount. He is liable to make complete payment after 60 days.

purchased office equipment for Rs. 5,000 on account on terms n/10 from Mr. Asghar.

Purchased servers for Rs. 600,000, paying Rs. 300,000 cash and the balance on account.

5 Purchased computer systems for Rs. 120,000 on account.

12 Signed a 9% note payable for Mr. Asghar.

14 Purchased calling software for Rs. 100,000

28 purchased furniture for call center Rs. 100,000 30 purchased supplies for Rs. 20,000 February 1 Paid 3 month rent on a lease rental contract for Rs 20000

5 Paid Rs. 120,000 cash on a 1-year insurance policy effective March 1st.

10 Received Rs 30,000 from a customer as advance fee for software update services during.

March 1 Call center. sold a 10%, 10-year ,$1,000,000 bond issue at a price of 101

15. Received rent in advance Rs. 50,000

25 Billed customers Rs. 480,000 for call services.

April 1 made payment to Mr. Salman

1 Junaid bought networking systems at the sale price of Rs. 40,000, but paid only half in cash.

20 Paid Rs. 150,000 cash on amount owed on servers and Rs. 50,000 on amount owed on computer systems.

May 1 made payment to Mr. Asghar.

June 15 purchased safety firewalls for 10,000

July 20 Paid Rs. 180,000 cash for employee salaries.

August 21 Collected Rs. 140,000 cash from customers billed on March 14th. September 28 Billed customers Rs. 450,000 for call services. October 31 Paid Rs. 50,000 for the monthly electricity bill..

November 31 Withdrew Rs. 70,000 cash from the business.

December 31 paid Rs. 150,000 cash on amount owed on servers and Rs. 70,000 on amount owed on computer systems.

Required:

Journalize the March transactions.

Post to the ledger accounts. (Use T-accounts).

Prepare an unadjusted trial balance on March 31.

Journalize the following adjustments.

Adjustments Services performed but unbilled at March 31 was Rs. 50,000

Depreciation on equipment for the month was Rs. 30,000

One-twelfth of the insurance expired.

An inventory count shows Rs. 25,000 of cleaning supplies on hand at March 31.

Accrued but unpaid employee salaries were Rs. 55,000

Reviewing the company bank statement,Mr Ali discovers Rs. 3500 of interest earned during the month of August that was previously uncollected and unrecorded.

Bad debt for the month was Rs 1500

Prepaid Rent to the extent Rs 12000.

i. Unpaid and previously unrecorded income tax for the month are Rs 3500.

Mr Junaid receives Rs 10000 for service rendered.

Services worth Rs.10,000 has been rendered to the customer from the March 6 transaction.

The companys electricity bill of Rs25000 was due on March22.

Fees earned but unbilled on March 31st for Rs 10000.

Unpaid administrative expense for the year Rs 15000

Post the adjusting entries to the T-accounts.

Prepare an adjusted trial balance.

Prepare:

An income statement OR statement of comprehensive income,

a statement of changes in equity, and

a balance sheet OR statement of financial position.

Journalize and Post the closing entries.

Prepare a post-closing trial balance at July 31.

I want complete accounting cycle Can you please make your own question And solve it please

LISE Question 1. Junaid opened "CALL CENTER" on March 1st. During March, the following transactions were completed: January 1 Junaid invested Rs. 1,000,000 cash in the business. A 10-year, $1,000,000 bond issue is sold by Call center, at 99% means 99.25 The contract rate of interest is 10% Purchased a Building from Mr. Salman to extend business total cost of the building was Rs. 600,000 out of which Rs.300.000 was applicable to land and Rs. 300,000 was applicable to building. He pays Rs. 200,000 cash on the spot and signed a 10% note payable for remaining amount. He is liable to make complete payment after 60 days. 2 purchased office equipment for Rs. 5,000 on account on terms n/10 from Mr. Asghar. 3 account. Purchased servers for Rs. 600,000. paying Rs. 300,000 cash and the balance on 5 Purchased computer systems for Rs. 120,000 on account. 12 Signed a 9% note payable for Mr. Asghar. 14 Purchased calling software for Rs. 100,000 Activate Windows Go to Settings to activate W 28 purchased furniture for call center Rs. 100.000 30 purchased supplies for Rs. 20,000 8:37 12/4/ unting cycle.pdf X 0 File C:/Users/pc/Desktop/accounting%20cycle.pdf of 4 A' Read aloud Draw Highlight Erase February 1 Paid 3 month rent on a lease rental contract for Rs 20000 5 Paid Rs. 120.000 cash on a 1-year insurance policy effective March 1". 10 services during Received Rs 30,000 from a customer as advance fee for software update March 1 Call center. sold a 10%, 10-year $1,000,000 bond issue at a price of 101 15 Received rent in advance Rs. 50,000 25 Billed customers Rs. 480,000 for call services. April 1 made payment to Mr. Salman 1 Junaid bought networking systems at the sale price of Rs. 40,000, but paid only half in cash 50,000 on amount owed no 20 Paid Rs. 150.000 cash on amount owed on servers and Rs on computer systems. May 1 made payment to Mr Asghar 8:38 PM A 12/10/2020 accounting cycle.pdf 1 File | C:/Users/pc/Desktop/accounting%20cycle.pdf of 4 + A Read aloud Draw V Highlight Erase iv). Journalize the following adjustments. Adjustments a Services performed but unbilled at March 31 was Rs 50,000 b Depreciation on equipment for the month was Rs. 30,000 One-twelfth of the insurance expired. d. An inventory count shows Rs. 25,000 of cleaning supplies on hand at March 31. e Accrued but unpaid employee salaries were Rs. 55,000 Reviewing the company bank statement Mr All discovers Rs. 3500 of interest earned during the month of August that was previously uncollected and unrecorded. Bad debt for the month was Rs 1500 Action Prepaid Rent to the extent Rs 12000 339 PM 7 d. 12/4/2020 unting cycle.pdf X + O O File | C:/Users/pc/Desktop/accounting%20cycle.pdf 8 f4 + A Read aloud Draw Highlight Erase i. Unpaid and previously unrecorded income tax for the month are Rs 3500. 1 Mr Junaid receives Rs 10000 for service rendered. k. Services worth Rs. 10,000 has been rendered to the customer from the March 6 transaction. 1. The company's electricity bill of Rs25000 was due on March 22. m. Fees earned but unbilled on March 31st for Rs 10000 n Unpaid administrative expense for the year Rs 15000 v) Post the adjusting entries to the T-accounts vi). Prepare an adjusted trial balance. vii). Prepare: An income statement OR statement of comprehensive income, a statement of changes in equity, and a balance sheet OR statement of financial position Journalize and Post the closing entries. 8:39 PM 12/4/2020 LISE Question 1. Junaid opened "CALL CENTER" on March 1st. During March, the following transactions were completed: January 1 Junaid invested Rs. 1,000,000 cash in the business. A 10-year, $1,000,000 bond issue is sold by Call center, at 99% means 99.25 The contract rate of interest is 10% Purchased a Building from Mr. Salman to extend business total cost of the building was Rs. 600,000 out of which Rs.300.000 was applicable to land and Rs. 300,000 was applicable to building. He pays Rs. 200,000 cash on the spot and signed a 10% note payable for remaining amount. He is liable to make complete payment after 60 days. 2 purchased office equipment for Rs. 5,000 on account on terms n/10 from Mr. Asghar. 3 account. Purchased servers for Rs. 600,000. paying Rs. 300,000 cash and the balance on 5 Purchased computer systems for Rs. 120,000 on account. 12 Signed a 9% note payable for Mr. Asghar. 14 Purchased calling software for Rs. 100,000 Activate Windows Go to Settings to activate W 28 purchased furniture for call center Rs. 100.000 30 purchased supplies for Rs. 20,000 8:37 12/4/ unting cycle.pdf X 0 File C:/Users/pc/Desktop/accounting%20cycle.pdf of 4 A' Read aloud Draw Highlight Erase February 1 Paid 3 month rent on a lease rental contract for Rs 20000 5 Paid Rs. 120.000 cash on a 1-year insurance policy effective March 1". 10 services during Received Rs 30,000 from a customer as advance fee for software update March 1 Call center. sold a 10%, 10-year $1,000,000 bond issue at a price of 101 15 Received rent in advance Rs. 50,000 25 Billed customers Rs. 480,000 for call services. April 1 made payment to Mr. Salman 1 Junaid bought networking systems at the sale price of Rs. 40,000, but paid only half in cash 50,000 on amount owed no 20 Paid Rs. 150.000 cash on amount owed on servers and Rs on computer systems. May 1 made payment to Mr Asghar 8:38 PM A 12/10/2020 accounting cycle.pdf 1 File | C:/Users/pc/Desktop/accounting%20cycle.pdf of 4 + A Read aloud Draw V Highlight Erase iv). Journalize the following adjustments. Adjustments a Services performed but unbilled at March 31 was Rs 50,000 b Depreciation on equipment for the month was Rs. 30,000 One-twelfth of the insurance expired. d. An inventory count shows Rs. 25,000 of cleaning supplies on hand at March 31. e Accrued but unpaid employee salaries were Rs. 55,000 Reviewing the company bank statement Mr All discovers Rs. 3500 of interest earned during the month of August that was previously uncollected and unrecorded. Bad debt for the month was Rs 1500 Action Prepaid Rent to the extent Rs 12000 339 PM 7 d. 12/4/2020 unting cycle.pdf X + O O File | C:/Users/pc/Desktop/accounting%20cycle.pdf 8 f4 + A Read aloud Draw Highlight Erase i. Unpaid and previously unrecorded income tax for the month are Rs 3500. 1 Mr Junaid receives Rs 10000 for service rendered. k. Services worth Rs. 10,000 has been rendered to the customer from the March 6 transaction. 1. The company's electricity bill of Rs25000 was due on March 22. m. Fees earned but unbilled on March 31st for Rs 10000 n Unpaid administrative expense for the year Rs 15000 v) Post the adjusting entries to the T-accounts vi). Prepare an adjusted trial balance. vii). Prepare: An income statement OR statement of comprehensive income, a statement of changes in equity, and a balance sheet OR statement of financial position Journalize and Post the closing entries. 8:39 PM 12/4/2020