The following are some of the financial transactions that took place at the Zajil Goods Shipping Facility during the year 1442 AH:

On January 1, the owner of the establishment deposited 600,000 riyals in a current account at Riyad Bank in the name of the establishment. On March 2, a building was purchased for 250,000 riyals, paid by check.

On 3/5, a loan was obtained in the amount of 300,000 riyals, to be repaid after 3 years.

It was deposited in the current account at the bank.

On 4/8, two cars were purchased for shipping goods from Al-Jomaih Company at an amount of 150,000 riyals per car on credit.

On 4/10, an amount of 50,000 riyals was transferred from the current account in the bank to the establishments fund.

On 5/12, furniture and equipment were purchased for 40,000 riyals and paid in cash.

On 6/19, transportation services were provided to Al-Qassim Company in the amount of 20,000 riyals, to be paid after 10 days.

On 7/20, goods were shipped to Al-Mutlaq Company for an amount of 80,000 riyals, which I received in cash.

On 7/25, the phone bill for the facility owners home was paid in the amount of 2000 riyals in cash.

On 8/26, the facilitys workers wages amounting to 8,000 riyals were paid in cash.

On 9/27, the facilitys electricity bill of 1,000 riyals was paid in cash.

On 10/28, the payment was made to Al Jomaih Company by check On 12/29, the amount due from Al-Qassim Company was collected in cash. Required :

1. Recording transactions in the journal

2. Posting to the ledger and balancing accounts

3. Preparing the trial balance Preparing the income statement for the period ending on 12/30/1442

4. Preparing the statement of financial position for the period ending on 12/30/1442

5. Preparing lock entries

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Recording transactions in the journal Date Transaction Description Debit SR Credit SR 0101 Owners deposit in Riyad Bank 600000 0302 Purchas... View the full answer