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5. Mr. Snow white opened a Laundry services in January 2019. He plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction S.NO January Transactions Started business by wing capital for cash 300000 Betewed loan from Bank Muscat not payable 580000 Recruited staff agreed a salary of $300 Purchased washing machine for 5000 paid 45% cash and the remaining amount will be paid latex 3. 6 Performed laundry services to customer who promised to pay late 12000 7 Paid rent for the building for the whole year 2000 . 8 Me Snow white ordered for three steam Iron Box for 5300 which will be delivered in May 8. Supplies were purchased an account for wage in this month S6000 9. 10 Cleaning of carpet services were performed to a customer who paidmediately 540000 10. Received cash 4000 from a client for the Laundry service to be provided for the month of February 16 MR.Snow whiteondered goods from Mart for 500 but they were delivered 12 25 Owner withdrew cash to pay his wife's medical bills 53000 13 A bill for was received for for this month 14 28 Collections were made for the orice performed on 65 16000 15.31 Paid salaries to the employees at the end of the monta 300 16.31 Paid dividend to his shareholders Stone 17 31 The owner paid donations from his personal funds $200 to Oman charitable organization . 14 26 From the above information you are required to: 5. Analyze the transaction by using accounting equation. (0.5 Mark 13 = 8 marks) 6. Prepare the Journal entries for the month of January. (0.25 for cach account=7 marks) 7. Post the entries and calculate the balances. (0.5 Mark*13 = 6.5 marks) 8. Use the balances to prepare the unadjusted trial Balance (7 marks) 9. Consider the following adjustments to prepare the Adjusted Trial Balance after completing the unadjusted trial balance. (10 Marks) Adjusting entries for A. Supplies at the end of the month amounted to $ 4000 Rent for the month amounted to $ 500 C. The life span of the washing machine was 5 years and residual value 2000 D. Salary of $ 150 will be paid in February Unearned revenue was 1000 at the end of the month 10. Use the adjusted Trial Balance to prepare Income statement, statement of owners' equity and statement of financial Position. (6.5 marks) B. E

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