Sara opened B care, a skin care service business, on January 1, 2020 During January, the business completed the following transactions 1. Jan 1. Sara invested 90,000 SAR in cash and 15,000 SAR in skin care equipment in exchange for ordinary shares in B care. 2. Jan 1. B care rented a place that cost 18,000 SAR annually to start the business. The full payment due in Dec 31, 2020 3. Jan 2. B care paid 9,000 SAR for a one-year insurance policy that will expire Dec 31, 2020. 4. Jan 3. B care purchased some skin care kits from Faces signing 4 months note payable in the amount of 18,000 SAR. The note required B care to pay interest at an annual rate of 12%. 5. Jan 5. B care purchased equipment that that cost 36,000 SAR. 15,000 SAR was paid in cash and the remaining on account. 6. Jan 8. Sara discusses the store interior design with her sister, they estimate it will cost 25,000 SAR. 7. Jan 10. B care employed 6 ladies, starting Monday, Jan 11, 2020. Each employee agreement set the salary to be 900 SAR for a six-day work week (Sunday off), and the salaries will be paid on the 10th day of every month. First payment is on Feb 10, 2020. 8. Jan 12. B care pays 11,000 SAR in advance for advertisement on UFM. 9. Jan 15. UFM announced the advertisement 10. Jan 18 B care received total of 5,000 SAR for provided services. 11. Jan 18. B care received 3,000 SAR in cash from a customer for a reservation of a skin care service to be provided on Jan 22, 2020. 12. Jan 20. B care provided some services for 20,000 SAR to customers, and they agreed to pay the amount due later. 13. Jan 22. B care provided the skin care service to a customer (she had made a reservation on Jan 18 in Transaction 11) 14. Jan 26. B care received 8,000 SAR from customers who had been billed for services (in Transaction 12). 15. Jan 30. B care paid 1,500 SAR utilities expenses. 16. Jan 30. B care pays a dividend of 1,000 SAR in cash to Sara the owner. Required: Apply the accounting cycle and worksheet using excel 1. Analyze business transaction 2. Journalize the transaction 3. Post to Ledger accounts. 4. Prepare an unadjusted trial balance 5. Journalize and post adjusting entries. Extra adjustment data appears on January 31, 2020 consist of: skin care kits on hand 10,000 SAR Depreciation is 2,500 SAR 6. Prepare an adjusted trial balance 7. Prepare the 3 financial statements (Income Statement, retained carnings statement, Statement of Financial position) following the standards. 8. Journalize and post closing entries 9. Prepare a Post-closing trial balance Note that the excel file should include 7 sheets (with linked cells and prober formula) Sheet - Group members (name and ID) Sheet 2- Journal (has all the entries: general, adjusting, and closing entries) Sheet 3- T-Accounts (has all the T-Accounts after posting general, adjusting, and closing entries) Sheet 4-Unadjusted trial balance Sheet 5- Adjusted trial balance Sheet 6- Financial Statements (Income statement, Retained earnings statement, Statement of Financial Position) Sheet 7- Post closing trial balance January 2020 Thu la B 19 10 11 12 13 14 115 16 117 18 19 120 21 22 23 24 25 26 27 28 129 30 31
