The following are the transactions during 2022:

02.01.2022	Purchases the CEO's car, on credit (due in 18 months)	SR 30,000.00
07.01.2022	Purchases merchandise, on credit	SR 90,000.00
01.03.2022	Sales merchandise, on credit	SR 150,000.00
04.03.2022	Our customer returns some items of 01.02.2022 sale	SR 20,000.00
20.12.2022	Accountants' salaries for December 2022, paid in cash	SR 18,000.00
31.12.2022	A customer goes bankrupt. Its receivable is written off	SR 13,000.00
31.12.2022	Revalues land to:	SR 100,000.00
31.12.2022	Depreciation: 15%, straight line, no resale value (monthly basis)	TBD
31.12.2022	Closes beginning inventory	SR 45,000.00
31.12.2022	Records the ending inventory	SR 70,000.00
31.12.2022	Revenues & expenses balanced off	TBD

Answer the following:

Record the above transactions on the journal

Transfer the journal entries to the T-accounts

Prepare the trial balance (appears below) on 31.12.2022

What is the value of Depreciation 15%, straight line, no release value (monthly basis)?

Based on the trial balance, prepare the financial statements:

1.1.2022 statement of financial position

31.12.2022 statement of financial position

2022 P&L and other comprehensive income

2022 Statement of changes in equity

31.12.2022 Trial Balance

What is the value of revenues and expenses balanced off?

Look on the internet for the financial statements of Saudi Telecom Company

Write on the boxes:

The date the last financial statements refer to → → → → → → →

Total no- current assets shown on last available balance sheet → →

Total revenue shown on last available P&L → → → → → → → →

Answer rating: 100% (QA)

Transactions are recorded as f... View the full answer