Question

You will imagine a newly established SERVICE COMPANY as of Jan 01, 2015. You will start and finish the Accounting Cycle according with the below instructions. You should prepare your Semester Assignment by considering below items to be recorded to the Journal; 1. During January, record 12 economic events (directed below) to the Journal and post these recorded entries to the related Ledger accounts (10 points): a. 1 investing some capital (On the 1st of January, some capital from shareholders (1st economic event) is transferred to the company.) b. 1 getting some loan from a bank (On the 1st of January, some loan from the creditors (banks) with 20% annual interest rate is deposited to the company’s bank account (2nd economic event), c. 3 prepaid expenses, 1 unearned revenue, d. 3 accrued expense, 1 accrued revenue, e. 1 purchasing a vehicle in the beginning of January, f. 1 purchasing equipment in the beginning of January, 2. At the end of January, Prepare Trial Balance (10 points), 3. Record 8 adjusting e

Answer 1

Answer:

Your Semester Assignment (SA) is instructed below: The submission process of the SA. 1. Deadline for submission: Dec 13, 2021, Monday, 23:59 2. Do NOT prepare a "Copy-Paste" assignment. 3. DO NOT prepare the same numbers, same examples, or same thoughts for more than one student in assignments. 4. The SA should be prepared with high quality by considering English grammar and good shape in structuring paper. 5. There should be a cover page that should include; • The name, department, and number of the student. • The subject of the assignment. • The abstract (summary) of your accomplishment (by saying that what you did, what you reach, what you learn, etc.) 6. If necessary, I will inform further considerations. 7. The SA's subject: Given data and requests: You will imagine a newly established SERVICE COMPANY as of Jan 01, 2015. You will start and finish the Accounting Cycle according with the below instructions. You should prepare your Semester Assignment by considering below items to be recorded to the Journal; 1. During January, record 12 economic events (directed below) to the Journal and post these recorded entries to the related Ledger accounts (10 points): a. 1 investing some capital (On the 1" of January, some capital from shareholders (14 economic event) is transferred to the company.) b. 1 getting some loan from a bank (On the 1" of January, some loan from the creditors (banks) with 20% annual interest rate is deposited to the company's bank account (2nd economic event). c. 3 prepaid expenses, 1 unearned revenue, d. 3 accrued expense, 1 accrued revenue, e. 1 purchasing a vehicle in the beginning of January, f. 1 purchasing equipment in the beginning of January, 2. At the end of January, Prepare Trial Balance (10 points). 3. Record 8 adjusting entries (5 deferrals, 3 accruals) for previously recorded entries explained above and post these adjusting entries to the related Ledger accounts (25 points). 4. Prepare Adjusted Trial Balance (15 points), 5. Prepare Income Statement (15 points), 6. Prepare Retained Earnings Statement (10 points), 7. Prepare Balance Sheet (15 points).

Explanation: