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Extra adjustment data appears on June 30, 2020 consist of: *: Tools and other supplies on hand 2,000 SAR. *: Depreciation expense 5,200.

Required: Apply the accounting cycle and worksheet using excel 1. Journalize the transaction. 2. Prepare the 3 financial statements (Income Statement, retained earnings statement, Statement of Financial position)

HALA Automotive opened a car repair shop. The business will have a monthly accounting cycle. On June 1, 2020, During June, the business completed the following transactions. 1. June 1, Began business with 70,000 SAR in cash and 65,000 SAR in screwdrivers, hammers, and other equipment in exchange for ordinary shares in HALA Automotive. 2. June 3, HALA Automotive paid 33,000 SAR for a one-year lease agreement that will expire May 31, 2021. 3. June 4, HALA Automotive rented a parking lot that cost 96,000 SAR annually to start the business. The full payment due in May 31, 2021. 4. June 5, HALA Automotive purchased equipment that cost 45,000 SAR. 10,000 SAR was paid in cash and the remaining on account. 5. June 6, HALA Automotive purchased car tools from Babatin Auto Parts Est. signing 3 months note payable in the amount for SAR 9,000. The note required HALA Automotive to pay interest at an annual rate of 10%. 6. June 8, HALA Automotive CEO discuss the advertising plan with the advertising manager they estimate it will cost 18,000 SAR. 7. June 12, HALA Automotive haired 2 receptionist starting Saturday, June 6, 2020. Each employee agreement set the salary to be 1,050 SAR for a six-day workweek (Friday off), and the salaries will be paid on the 3rd day of every month. First payment is on July 3, 2020. 8. June 13, HALA Automotive received 7,000 SAR for provided car repair services. 9. June 14, HALA Automotive pays 12,000 SAR in advance for advertisement to LINK advertising Co. 10. June 15, LINK advertising Co. announced the advertisement 11. June 18, HALA Automotive received 60,000 SAR in cash from Taxi Co. as an advance for a car repair service to be provided on June 23, 2020. 12. June 23, HALA Automotive provided the car repair service required by Taxi Co. 13. June 24, HALA Automotive provided some services for 35,000 SAR to Limo Taxi Co., and they agreed to pay the amount due later. 14. June 25, HALA Automotive received 20,000 SAR from customer who had been billed for services on Jun 24. 15. June 27, HALA Automotive 3,000 SAR utility expenses. 16. June 30, HALA Automotive CEO announced and paid dividends of 2,000 SAR

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