Exercise 1: The following transactions took place at the National Commercial Bank in Jeddah on January 1, 2002: during the period: 1. SR 400,000 cash deposits. 2. SR 500,000 checks are withdrawn upon...

Extracted text: Exercise 1: The following transactions took place at the National Commercial Bank in Jeddah on January 1, 2002: during the period: 1. SR 400,000 cash deposits. 2. SR 500,000 checks are withdrawn upon other banks, collected from them an amount of SR 440,000 with a collecting commission of SR 4,000. 3. SR 350,000 cash withdrawals. 4. SR 270,000 checks that are coming from other banks only SR 200,000 were paid to them. 5. Transferring between current accounts at the same bank was SR 200,000. 6. Debit commission for the credit current accounts were SR 30,000. Required: 1. Journalize the transactions in the general journal. 2. Post to the current accounts assuming that the balance on January 2002 was SR 435,000,