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Posted: June 15th, 2022

University of Modern Sciences ACCT 201 ACCT 102: Spring 2015 – 2016 Assignment 2 10 Marks Deadline for Submission May 6th, 2016

University of Modern SciencesStudent Name: ……………………………………College of BusinessStudent ID: ……………………………………….——————————————————————————————————————-Accounting ACCT 102: Spring 2015 – 2016Assignment 210 MarksDeadline for Submission May 6th, 2016Note: Assignment should be uploaded on the portalNo marks will be given to assignments sent by e-mailSaleh Company started its operations on January 1, 2016. The following transactions tookplace during the first month of operations:Jan 1: Saleh invests $890,000 cash to start the business.Jan 3: Purchased furniture for $125,000, paying $65,000 in cash and sign a note for theremaining balance.Jan 8: Purchased supplies for $6,200 on credit.Jan 14: Paid $9,000 cash for January rent.Jan 19: Paid $2,100 cash for office supplies purchased on January 8.Jan 24: Services billed to customers amount to $52,000.Jan 26: Received utility bills for $11,000 for the month of January.Jan 29: Paid $32,000 cash for salaries.Jan 30: Received $40,000 cash from customers in payment for services billed on January 24.Jan 31: Saleh withdrew $5,500 from the business for personal use.Required:1- Prepare Journal entries to record the above transactions.2- Post to the appropriate ledger accounts.3- Prepare the trial balance on January 31, 2016.4. Prepare financial statements for the month.

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