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Nouah and Sarah, former CBA students, had saved some cash and decided to start their own business. They surveyed the market to find what business suits their budget, and what business they know the best. Since they have some experience in makeup and beauty, they decided to open a beauty salon. Together they each wone 50% of the salon. The salon will have a monthly accounting cycle. They have started their business on Jan 1st, 2020 The following are some events that happened in January 2020. Add the event and do any adjustments needed by the end of the accounting period. Jan 1. Nouah and Sarah invested 60,000 SAR in cash and 10,000 SAR in hairdryers, straighteners, and other hair equipment in exchange for ordinary shares in the salon Jan 1. The salon rented a place that cost 12,000 SAR annually to start the business. The full payment due in Dec 31, 2020 Jan 1. The salon haired you (the group members) with a monthly salary of 1,500 SAR each. The salary is to be paid on the first day of each month. Jan 2. The salon paid 6,000 SAR for a one-year insurance policy that will expire Dec. 31, 2020 Jan 3. The salon incurred some office expenses and sign 3 months note payable in the amount of 1,200 SAR. The note required the salon to pay interest at an annual rate of 10%. Jan 5. The salon purchased chairs, stands, and other equipment to decorate the salon that cost 16,000 SAR from Nazib 3,000 SAR was paid in cash and the remaining on account Jan 6. The salon signed a 15,000 SAR contract with a snapchat celebrity to cover the opening day that would be held on Thursday Jan 9. The salon paid 2,000 SAR down payment to the celebrity on Jan 6 and agreed to pay the balance due after the advertisement. Jan 9. The opening day, the celebrity announced the opening day on her social media accounts, and the salon paid the total amount due. Jan 9. By the end of the day, the salon had served 5 customers, create the following sales receipts: Nosce (new) 2 make up services, 1 hair services Hind Hamad 4 make up services; 4 hair services; 1 nails service Suzan Khalid 2 nails services, 3 facial services Rana (new) 3 make up services, 3 hair services, 3 nails service Aceci (new) 2 nails services: 2 facial services Jan 14. The salon provided some services for 11,900 SAR to Amal (Norah best friend) and her family. and she agreed to pay the amount due later. The services include hair, nail, and make up services for 7 ladies Jan 26. The salon received 2000 SAR from Amal Jan 30. The salon paid 500 SAR utilities expenses. Jan 30. The salon board of directors declared and paid 800 SAR cash dividends to shareholders Required: 1. Record the adjusting entries. Extra adjustment data appears on Jan 31, 2020 consist of: - Depreciation is 3000 SAR

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