The following business transactions of WESTERN ENTERPRISES LTD$.$ for the month October $31,2023,$ are given below:

Requirements:

$1.$ Prepare General Journal by passing journal entries using the proper format.

$2.$ Prepare Accounting Equation using the proper format.

$3.$ Prepare General Ledgers $($T Accounts$).$

$4.$ Prepare Trial Balance using proper format.

$5.$ Prepare Financial Statements: Income Statement, Statement of Owners Equity and Balance Sheet using proper formats.

Instructions:

$1.$ Use MS Excel to prepare this project.

Business Transactions happened in the month of OCTOBER $2023.$

October $1$st$.$ An amount of $$2,700,000$ invested in the business by the owner and deposited the amount in the name the company $($Name of your company$).$

$2$nd$.$ Purchased office building for $$1,650,500$ by check from Sutton Reality Ltd$.$

$3$rd$.$ Purchased office supplies $$3,650$ on account from ABC Office Supplies Ltd by check.

$3$rd$.$ Paid advance rent $$60,000$ for $6$ months to a landlord named Bright Reality Inc. by check.

$4$th$.$ Received $$45,400$ from a client named ABC Enterprises Ltd$.$ for providing professional services by check.

$4$th$.$ Performed professional services for $$37,600$ to a client named Royal Business House Inc. on account.

$5$th$.$ Received check # $230$ from client Royal Business House Inc. for the service provided on account $$42,650.$

$6$th$.$ The owner withdraws $$6,500$ for personal use.

$6$th$.$ Borrowed $$250,000$ from the bank named Royal Bank Ltd$.$ to finance the first phase of construction of the new theatre. Signed a note payable to the bank in the name of Baycrest Cinema Company.

$7$th$.$ Paid property tax expense on the building purchased, by check of $$10,400$ to the City of Surrey.

$8$th$.$ Received $$25,760$ by check for providing services from your customer Western Distributors Inc. and deposited that amount in the bank.

$10$th Entertainment expense of $$475$ paid by the owner using company debit card.

$11$th$.$ Stationary items and printing purchased for $$790$ on account from STAPLES Ltd$.$

$14$th$.$ Commercial insurance covered obtained for the business from an insurance company named ALLIED INSURANCE SERVICES LTD The total annual premium $ $2,652\mathrm{.}00$ was paid in advance by check.

$16$th$.$ Electric supply bill received from BC Hydro for October $2023$ will be paid in November $2023$ for $$645.$

$18$th$.$ Heating gas bill received from FORTIS Gas Company on October$18,2023,$ for $$665\mathrm{.}00$ to be paid in November $2023.$

$19$th$.$ Purchased goods for sales $$175,785$ on account.

$20$th Goods sold for cash $$115,537($ Cost of Goods Sold $$76,224)$

$20$th$.$ Purchased electrical appliances for $ $18,850$ on account from Trail Appliances Ltd$.$

$21$st$.$ Purchased office furniture for $$18,568$ on account from MNJ Furniture Ltd$.$

$22$nd$.$ Purchased Computers and accessories for $$15,750$ on account from Best Buy.

$22$nd$.$ Paid commercial insurance premium in advance for the entire year $$2,652$ by check to Allied Insurance Ltd$.$

$25$th$.$ Goods purchased for $ $284,252$ on account from Golden Boys Limited.

$25$th$.$ Goods sold for $ $110,578$ in cash. $($Cost of Goods Sold $$576,746).$

$31$st$.$ Record wages for the $2$nd pay period of October $2023$ to be paid in the following month in $2023$ amounting to $$45,725.$

$31$st$.$ Interest accrued on the bank loan for the month of October $2023$ is $$3,425.$

$31$st Bank charges S$ $525$ to be recorded.

$31.$ Record amortization expenses for the month of October $2023$ at the rates given below:

$$ Office building @ $5\%$ per annum

$$ Electrical appliances @$10\%$ per annum

$$ Office furniture @ $7\%$ per annum

$$ Computers @ $25\%$ per annum