Reference no: EM132629932

Question - Transactions for Omar's Company for the month of November are presented below.

Nov 1. Invested L.E. 300,000 cash and L.E. 120,000 machines in the business.

Nov 2. Purchased land costing L.E. 175,000 for cash.

Nov 3. Billed customers for 15000 for services performed .

Nov 3. Purchased Truck costing L.E.30,000 ,L.E.5,000 cash and the remainder on credit.

Nov 4. Purchased supplies on account for L.E.2000.

Nov 5. Paid L.E.3,000 for a one-year insurance policy.

Nov 6. Received L.E. 6,000 cash for services performed.

Nov 7. Received L.E. 10,000 for services previously performed on account.

Nov 8. Paid Salaries to employees for L.E.3,500.

Nov 9. Omar withdrew L.E.2,000 cash from the business.

Nov 10. Received L.E. 20000 cash in advance for services will be submitted next month.

Nov 11. Borrowed a loan from a bank for L.E.30,000 ( notes payable).

Required -

1. Journalize each transaction and identify each transaction by number. You may omit journal explanations.

2. Post and calculate the balance.

3. Prepare trial balance.

4. Prepare financial statements.