Reference no: EM133139387

Question - Solar Company was established on March 1 of 2021. The Company completed the following business transactions during March 2021:

March 1: Ordinary shshareownersnvested cash Br.35,000, accounts receivable Br. 10,000 and supplies Br.15,000 in the Company

March 1: The Company received Br.50,000 from preferred shareholders

March 1: The company paid Br. 24,000 for one year of building rental services.

March 4: The Company purchased office equipment on account for Br. 25,000 from XYZ Company

March 5: The Company received Br. 8,500 from customers in payment of their account

March 6: The Company paid Br.1,500 for a newspaper advertising

March 10: The Company paid Br. 5,000 to XYZ Company.

March 16: The Company received Br.30,000 from sales.

March 20: The Company purchased supplies for Br. 6,500 on credit

March 20: The Company received Br. 60,000 from a one-year loan.

March 31: The Company Paid Br. 7000 for utility bill for the month

March 31: The Company received Br.20,000 from sales

March 31: The Company paid salaries expense of Br.15,000 for the month

March 31: The company sales on account for Br.40,000.

March 31: The supplies used in operation is Br. 11,500.

March 31: Depreciation Expense for the month is Br.1,000 March 31. A dividend of Br.5000 has been paid.

Required -

1. Record the above transactions in the general journal format.

2. Post the journals to the ledger in T- account format.

3. Set up a trial balance as of March 31, 2021.

4. Set up an income statement for the month ended March 31, 2021.

5. Set up a statement of retained earnings for the month ended March 31, 2021.

6. Set up a statement of cash flows for the month ended March 31, 2021.

7. Set up balance sheet on March 31, 2021.