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 Sep 30, 2019 consist of:

▪ Supplies on hand 3000 SAR.

▪ Depreciation expense 5600

6. Prepare an adjusted trial balance

7. Prepare the 4 financial statements (Income Statement, retained earnings statement, Statement of Financial position, and cashflow statement) following the standards.

8. Journalize and post-closing entries

9. Prepare a Post-closing trial balance

On June1, 2019, Abdul began Automobile Accessories shop, Abdul Latif Jamel Accessories. The business will have a monthly accounting cycle. The following are some events that happened on June 2019.

1. June 1. Abdul invested 90,000 SAR in cash and some screwdrivers, hammers, and other equipment that cost 10,000 SAR in exchange for ordinary shares in Abdul Latif Jamel Accessories.

2. June 1. Abdul Latif Jamel Accessories Purchased land to be used in operations for signing 5 months note payable for SAR 80,000. The note Abdul Latif Jamel Accessories. to pay interest at an annual rate of 12%.

3. June 2. Abdul Latif Jamel Accessories Paid 90,000 SAR for a yearly insurance policy that will expire May 31, 2020.

4. June 3. Abdul Latif Jamel Accessories rented a parking lot that cost 12,000 SAR semiannual. The full payment due in Nov 30, 2019.

5. June 5.Abdul Latif Jamel Accessories purchased 13,000 SAR cars tools and other equipment paying 10,000 SAR and the balance on account.

6. June 6. Abdul Latif Jamel Accessories haired 3 labors starting Monday June 10, 2019. Each labor agreement set the salary to be 360 SAR for a six-day workweek (Sunday is off day). First payment is July 9, 2019.

7. June 7. Abdul Latif Jamel Accessories. Paid 10, 000 SAR to acquire office supplies.

8. June 8. Abdul Latif Jamel Accessories. Received 30,000 SAR for services performed.

9. June 9. Abdul Latif Jamel Accessories. Signed an advertisement contract with one of the local advertising company for advertisement that cost 29000 SAR the company will complete the advertisement service on June 12. Abdul Latif Jamel Accessories. Paid 2,000 SAR on June 9 as a down payment and agreed to pay the balance due after the advertisement.

10. June 12. Abdul Latif Jamel Accessories. Paid the total amount due to the local advertising company after they conducted the service.

11. June 15. Abdul Latif Jamel Accessories. Received 7,000 SAR in cash from Ahmed (a client) for a reservation of vehicle decoration service to be provided on June 26, 2019.

12. June 19. Abdul Latif Jamel Accessories. Provide service for 16,000 SAR to Youssef (Abdul’s relatives) and he agree to pay the total amount due later.

13. June 25. Abdul Latif Jamel Accessories. Received 5,000 SAR cash in advance for a reservation of vehicle services. The service should be provided on July. 2, 2019.

14. June 26. Abdul Latif Jamel Accessories perform the service to Ahmed, who had paid in advance earlier this month.

15. June 27. Abdul Latif Jamel Accessories received 50% of the total amount due from Youssef (Abdul’s relatives)

16. June 29. Abdul Latif Jamel Accessories paid 5,500 SAR utilities bill.

17. June 30. Abdul Latif Jamel Accessories paid dividends of 4,000 SAR cash.