Review the list of business transactions during the company's first month of operations in

January $($Document attached: ABC LTD: Business Transactions $($January$)$

Review the Company's chart of Accounts $($Document attached: ABC LTD: Chart of Accounts$)$

Record each transaction with a journal entry using the double$-$entry accounting system with

debits and credits. Ensure each entry is detailed and correctly categorizes debits and credits.

ABC LTD$.$ Business Transactions $($January$)$

Started the Business:

January $1$: The owner invested $$10,000$ in cash to start the business.

Purchased Office Supplies on Account:

January $2$: Bought office supplies on account for $$100.$

Provided Services on Credit:

January $5$: Provided design services to a client on credit for $$1,000.$

Received Cash for Services Rendered:

January $7$: The company performed services for cash in the amount of $$800.$

Paid Rent Expense:

January $15$: Paid $$1,200$ in cash for office rent for the month of January.

Bought Equipment on Account:

January $16$: Purchased office equipment on account for $$2,000$ to be paid within $30$ days

Received Payment on Account:

January $18$: Received $$500$ in cash as partial payment from the January $5$ th transaction.

Paid Utility Bill:

January $20$: Paid $$300$ in cash for utilities.

Purchased Inventory on Account

January $22$: Purchased inventory for $$500$ on account

Borrowed Money from a Bank:

January $27$: Obtained $$5,0003$ year note payable with an $8\%$ interest rate from the

bank. Payments will be made annually starting in December.

Paid Owner Withdrawals:

January $31$: An owner withdrawal of $$600$ was made.

Accrued Salaries Expense:

January $31$: Accrued $$400$ in salary expenses at the end of the month. Disregard the

calculation of payroll taxes or payroll tax expenses for this transaction.

Depreciation on Equipment:

January $31$: Recorded $$100$ in depreciation for the office equipment.

Closing the Revenue and Expense Accounts:

January $31$: Complete the necessary closing entries for ABC company

ABC LTD$.$ Chart of Accounts:

Assets:

$101$ Cash

$102$ Accounts Receivable

$103$ Inventory

$104$ Office Supplies

$105$ Office Equipment

$106$ Accumulated Depreciation $-$ Office Equipment

Liabilities:

$201$ Accounts Payable

$202$ Notes Payable

$203$ Interest Payable

$204$ Salaries Payable

Equity:

$301$ Owner's Equity

$302$ Owner Withdrawals$/$Drawings

$303$ Retained Earnings

Revenue:

$401$ Sales Revenue

$402$ Service Revenue

Expenses:

$501$ Rent Expense

$502$ Utilities Expense

$503$ Cost of Goods sold

$504$ Depreciation Expense

$505$ Salaries Expense

$506$ Interest Expense