Question
The following are some of the financial transactions that took place at the Zajil Goods Shipping Facility during the year 1442 AH: On January 1,
The following are some of the financial transactions that took place at the Zajil Goods Shipping Facility during the year 1442 AH:
On January 1, the owner of the establishment deposited 600,000 riyals in a current account at Riyad Bank in the name of the establishment. On March 2, a building was purchased for 250,000 riyals, paid by check.
On 3/5, a loan was obtained in the amount of 300,000 riyals, to be repaid after 3 years.
It was deposited in the current account at the bank.
On 4/8, two cars were purchased for shipping goods from Al-Jomaih Company at an amount of 150,000 riyals per car on credit.
On 4/10, an amount of 50,000 riyals was transferred from the current account in the bank to the establishments fund.
On 5/12, furniture and equipment were purchased for 40,000 riyals and paid in cash.
On 6/19, transportation services were provided to Al-Qassim Company in the amount of 20,000 riyals, to be paid after 10 days.
On 7/20, goods were shipped to Al-Mutlaq Company for an amount of 80,000 riyals, which I received in cash.
On 7/25, the phone bill for the facility owners home was paid in the amount of 2000 riyals in cash.
On 8/26, the facilitys workers wages amounting to 8,000 riyals were paid in cash.
On 9/27, the facilitys electricity bill of 1,000 riyals was paid in cash.
On 10/28, the payment was made to Al Jomaih Company by check On 12/29, the amount due from Al-Qassim Company was collected in cash. Required :
- Recording transactions in the journal
2. Posting to the ledger and balancing accounts
3. Preparing the trial balance Preparing the income statement for the period ending on 12/30/1442
4. Preparing the statement of financial position for the period ending on 12/30/1442
5. Preparing lock entries
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