1. Choose a business to start. You can start any service company that you like, for example, facial salon, travel agency, or day care services, etc. Write your group members' names and IDs and typeame of your business (Service Company) in the google sheet by SUNDAY of week 3. 2. PART 1: SECTION A. Write a business report which include: a. Introduction about your company. Identify the shareholder and the type of business. b. Create a company logo and describe the logo. c. In table form, list how much investment each shareholder will invest? d. In table form, list the type of service (be specific on the type of chosen business) and what prices will you charge for your service(s)? e. Decide the location of your business? Decide if you want to buy the building or rent it. f. Decide how to inform customers about your new business. It represents the options you may select regarding the advertising for your store. You must determine the amount that you will spend on advertising and the types of advertising. g. In table form, list how much salary you will pay per month for each of your employees? You must also decide on the manager, worker and any other people working in your company. h. Other Information for planning your operation: You will need this information to make a reasonable plan i) ASSET: what do you need to purchase? In table form list the name of the assets and how much each will cost and useful life and salvage value: For example: ii) FINANCING: How much do you need to borrow to acquire your assets? Where to borrow? Interest charges? Period of borrowing (the amount borrowed depend on the duration, large amount longer duration and higher interest rate) iii) DIVIDEND: How much is the dividend payment for the shareholders? (One amount of dividend payment in cash at the end of the three months period) 3. PART 1: SECTION B: Prepare necessary transactions for a three months period. From your part 1, create necessary transactions for the three months period (January, February and March) Each month should have at least 5 transactions; which include revenue, expense, purchase of assets, transactions for liabilities and equity, etc. (Use the table form like this) PART 2: EXCEL. From the three months transactions that you created in the Part 1B, Prepare: A. In excel - journal entry for the three months B. In excel - post the journal entry to ledgers and calculate one balance (total) amount for each account. C. In excel - Prepare trial balance at the end of March D. In excel - Prepare adjusting entries at the end of March (You have to prepare adjusting entries for the three months period refer to Module 4) E. In excel, prepare income statements, balance sheet and statement of retained earnings F. In excel, prepare closing entries and post-closing trial balance 1. Choose a business to start. You can start any service company that you like, for example, facial salon, travel agency, or day care services, etc. Write your group members' names and IDs and typeame of your business (Service Company) in the google sheet by SUNDAY of week 3. 2. PART 1: SECTION A. Write a business report which include: a. Introduction about your company. Identify the shareholder and the type of business. b. Create a company logo and describe the logo. c. In table form, list how much investment each shareholder will invest? d. In table form, list the type of service (be specific on the type of chosen business) and what prices will you charge for your service(s)? e. Decide the location of your business? Decide if you want to buy the building or rent it. f. Decide how to inform customers about your new business. It represents the options you may select regarding the advertising for your store. You must determine the amount that you will spend on advertising and the types of advertising. g. In table form, list how much salary you will pay per month for each of your employees? You must also decide on the manager, worker and any other people working in your company. h. Other Information for planning your operation: You will need this information to make a reasonable plan i) ASSET: what do you need to purchase? In table form list the name of the assets and how much each will cost and useful life and salvage value: For example: ii) FINANCING: How much do you need to borrow to acquire your assets? Where to borrow? Interest charges? Period of borrowing (the amount borrowed depend on the duration, large amount longer duration and higher interest rate) iii) DIVIDEND: How much is the dividend payment for the shareholders? (One amount of dividend payment in cash at the end of the three months period) 3. PART 1: SECTION B: Prepare necessary transactions for a three months period. From your part 1, create necessary transactions for the three months period (January, February and March) Each month should have at least 5 transactions; which include revenue, expense, purchase of assets, transactions for liabilities and equity, etc. (Use the table form like this) PART 2: EXCEL. From the three months transactions that you created in the Part 1B, Prepare: A. In excel - journal entry for the three months B. In excel - post the journal entry to ledgers and calculate one balance (total) amount for each account. C. In excel - Prepare trial balance at the end of March D. In excel - Prepare adjusting entries at the end of March (You have to prepare adjusting entries for the three months period refer to Module 4) E. In excel, prepare income statements, balance sheet and statement of retained earnings F. In excel, prepare closing entries and post-closing trial balance