1-Describe the flowing definition completely.

A ; What are the 4 steps in the closing process ( explain completely )

B. Definition of Temporary Account ( explain completely ) .

C. Definition of Permeant accounts ( explain completely )

D. Describe Current assets, long term investments and Capital assets ( explain completely )

Question 2: Exercise : Lisa Hunters company

Lisa Hunters company, Hunter Environmental Consulting (HEC), in the first month of her business

Transaction 1: Starting the Business Hunter invests $250,000 of her money to start the business. Specifically, she deposits $250,000 in a bank account set up for Hunter Transaction 2: Purchase of Land HEC purchases land for a future office location, paying $100,000Environmental Consulting

Transaction 3: Purchase of Office Supplies HEC buys stationery and other office supplies, agreeing to pay $7,000 within 30 days

Transaction 4: Earning of Service Revenue HEC earns service revenue by providing

environmental consulting services for clients. Assume the business earns $30,000 and collects this amount in cash.

Transaction 5: Earning of Service Revenue on Account HEC performs consulting

services for clients who do not pay immediately. In return for the services, HEC

issues an invoice and the clients will pay the $25,000 amount within one month

Transaction 6: Payment of Expenses During the month, HEC pays $12,000 in

cash expenses: office rent, $4,000, employee salaries $6,500, and total utilities, $1,500

Transaction 7: Payment on Account HEC pays $5,000 to the store from which it

purchased $7,000 worth of office supplies in Transaction 3.

Transaction 8: Personal Transaction. Lisa Hunter remodels her home at a cost of $30,000, paying cash from personal funds

Transaction 9: Collection on Account The business collects $15,000 from the client.

We say that it collects the cash on account.

Transaction 10: Withdrawing of Cash Lisa withdraws $6,000 cash for her business

use.

Required

1-Record journalizing all transactions (accounting equation, journal entry, and the ledger)

2- Post all transactions to the ledger.

3-Prepare the trial Balance (Unadjusted Trial Balance)