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# Transactions Details 1 On Jan 1 2023, Jema Ali withdrew $400,000 from personal savings and deposited it in the new business checking account for
# Transactions Details 1 On Jan 1 2023, Jema Ali withdrew $400,000 from personal savings and deposited it in the new business checking account for Ali's Best Boots Inc. 2 On Feb 20 2023, Ali's Best Boots Inc. issued a $5,000,000 check to purchase equipment. 3 On Feb 21 2023, the firm bought a truck for $75,000 on account. 4 On Feb 28 2023, Ali bought some decorations for the office for $7,700, paying $2,000 in cash and the rest was bought on credit from Office Plus. 5 Ali's Best Boots Inc. issued a check for $8,500 to Office Delux Inc. for purchase office supplies. 6 Ali's Best Boots Inc. issued a check in the amount of $2,500 to Office Plus. 7 Ali's Best Boots Inc. issued a check for $8,000 to pay rent for the months of December and January in advance. 8 During the year, the business earned $96,000 in revenue from clients who paid cash for boots bought from Ali's Best Boots Inc. 9 Ali's Best Boots sold some boots to customers on credit for $303,000 in March 2023. 10 In the year, Ali's Best Boots Inc. earned $33,000 from various other customers on account. 11 Charge account clients paid $76,000, reducing the amount owed to Ali's Best Boots Inc.. 12 In the year, Ali's Best Boots Inc. paid $108,000 in salaries. 13 Ali's Best Boots Inc. issued a check for $1200 to pay the utilities bill. 14 Jema Ali wrote a check to withdraw $25,000 cash for personal use. At the end of the year, on Dec 31 2023, Ali recorded the following depreciations: 15 $100,000 depreciation for equipment purchased earlier in the year. 16 $3,000 depreciation for the equipment. 17 On Dec 31, 2023, Ali realised some customers will not be able to pay the company. Ali estimated the amount customers will not be able to pay is $28,000. Questions: A Record the transactions in GL accounts. B Balance your GL accounts. C Prepare a trial balance using the accounts shown and balance in the trial balance. D Prepare an income statement. E Prepare an owner's equity statement. F Prepare a balance sheet.
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