Question 1 (50\%) XYZ Software was formed on Dec 1, 2022. The following transctions took place during December 1. Shareholders invested 100,000 cash in the company in exchange for ordinary shares. 2. XYZ purchased computers costing 50,000 on account. 3. Purchased basic office supplies for 5,000cash. 4. Total revenues earned were 75,00025,000 cash and 50,000 on account. 5. Paid 5,000 to suppliers for accounts payable due. 6. Received 20,00o from customers in payment of accounts receivable. 7. Received utility bills in the amount of 25,000 , to be paid next month. 8. Paid the monthly salaries of the two employees, totaling 40,000 . 9. Paid the monthly office rent for December, 5,750. Required: a. Prepare journal entries to record each of the events listed. (Omit explanations.) and Post the journal entries to T-accounts. (18%,2% per transaction) b. Prepare trial balance, (7%) income statement, (7\%) statement of retained earnings, (3\%) balance sheet (7%) and statement of cash flow (8\%) as of December 31, 2022. Question 2 (20\%) ABC Ltd. is a retailer company. ABC uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for ABC Ltd. for the month of January 2022. By using cost flow assumption of Moving Average, (a) calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (12\%) (b) Journalize each transaction by following perpetual inventory system ( 8%) Question 3 (15\%) Related information about receivables is given below End of the period balances: Accounts Receivable 75,000-debit balance Allowance for Doubtful Accounts 5,000-debit balance Aging schedule Required: (a) calculate missing values on the aging schedule. (5\%) (b) Journalize adjusting entry for receivables (10\%) Question 4 (15\%) Our company purchased an equipment on 1 July 2022 with a cost of $80,000. The equipment has no salvage value and a useful life of 4 years. Our company applies declining-balance method for the equipment. Our company also purchased a truck on 1 January 2022 with a cost of $110,000. The truck has salvage value of $10,000 and a useful life of 5 years. Our company applies straight-line method for the truck. Required: (a) Prepare depreciation schedule and make adjusting journal entries for the equipment. (8\%) (b) Prepare depreciation schedule and make adjusting journal entries for the truck. (7\%)