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The opening balances of Asset, liability, and Owner's Equity accounts of ROMA business at January 1, 2020 are: Khalid, Capital $80,000. Cash $80,000. Plumbing supplies

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The opening balances of Asset, liability, and Owner's Equity accounts of ROMA business at January 1, 2020 are: Khalid, Capital $80,000. Cash $80,000. Plumbing supplies $ 20,000. Accounts payables 20,000 The following are the transactions of January, 2020: Jan 1: Paid insurance for four months in advance, $2,400. 2: Purchased $15,000 worth of plumbing equipment on account. 6: Purchased plumbing supplies, $2,000 cash 8: Collected $30,600 for plumbing fees for services provided. 9: Paid utility expense, $122. 10: Billed Western Construction Co. for plumbing fees earned but not to be received until later, $9,600. 14: Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $1,500. 21: Received cash from Western Construction Co. in partial payment of transaction dated Jan 10, $4,800. 26: Paid salaries to employees, $3,000 31: Received bill from George's Cleaning to be paid in June, $500. Adjusting Data A. Plumbing supplies remaining at month-end were $18,000 B. One month's insurance expired in January C. Depreciation on plumbing equipment uses the straight-line method, S500 D. Salaries accrued but not paid $600. DOMA is a service business established by MR Khalid from 2 years ago. MR. Khalid asked your group to complete the entire accounting cycle for the first Month of 2020 using the following accounts: Asset Accounts: Cash Accounts Receivable Prepaid insurance Plumbing Supplies plumbing Equipment Accumulated depreciation-plumbing Equipment Liability Accounts: Owner's Equity Accounts Accounts Payable Salaries Payable Khalid, Capital Withdrawals Revenue Accounts Fees Revenue Expense Accounts Salaries Expense Advertising expense insurance Expense plumbing Supplies Expense Depreciation Expense Utility expense Cleaning expense Page 2 of 3

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