Question-1: Required, Journalize these transactions in General Journal, Post these entries to the Ledger account, Prepare the Trial Balance Prepare Trading account, Profit and loss account and Prepare balance sheet. On 1 January 2020 the owners started their business with $ 500 000 deposited into the company's bank account. On 2 January the company received $400 000 loan from the Sohar bank and deposited into the company bank account. On 3 January the company bought Furniture costs $ 300 000 on credit. On 4 January the company bought Machines for $ 200 000 using cheque. On 5 January the company sold Furniture for $ 160 000 by cheque. On 6 January the company sold Machines for $ 120 000on credit. On 7 January the company paid Salaries $ 20 000 by cheque. On 8 January t the company received Rent Revenue $ 36 000 by cheque. On 9th January the company bought Goods for $ 200 000on credit. On 10th the company bought Goods for $ 100 000 by cheque. On 11th the company sold Goods for $ 400 000 by cheque. On 12th the company sold Goods for $ 200 000on credit. On 13th the company paid Phone expenses for $ 30 000 by cheque. On 14th the company received Rent revenue $ 24 000 by cheque. On 15th the company paid Interest expenses $ 20 000 by cheque. On 16th the company received Service revenue $ 20 000 Cash. On 17th the company received Interest revenue $ 30 000 by cheque. On 18th the company paid Rent Expenses $ 20 000 Cash. Note: Assume that the Closing stock was $ 160 000 General Journal Explanation N.O Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Bank Capital Loan Furniture Creditors Machines Debtors Salaries Rent revenue Rent expenses Purchases Sales Phone expenses Interest expenses Services revenue Interest revenues Cash Trail Balance Dr Account name Cr Trading Account Profit and Loss Account Balance Sheet (Statement of financial Position) Current liabilities: Current Assets: Long-term Liabilities: Fixed Assets: Owner's equity: End of Task