Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 will 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: There is a newly established SERVICE COMPANY as of Jan 01, 2015. You should prepare your SA by considering below items to be recorded to the Journal; 1. On the 1' of January, some capital from shareholders (1" economic event) is transferred to the company. 2. On the 1 of January, some loan from the creditors (banks) with 12% annual interest rate is deposited to the company's bank account (2 economic event). 3. During January, you will consider 18 more economic events to be registered to the Journal as directed below: a. 3 prepaid expenses, I unearned revenues b. 3 accrued expense, 1 accrued revenue c. 1 purchasing a vehicle in the beginning of January, d. I purchasing equipment in the beginning of January, e. 1 Freight-in cost for purchasing of equipment, f. I Installation cost for the equipment, g. I Maintenance cost for the equipment, h. 2 adjustment entries with the bank, i. 1 month depreciation registration for the Vehicle, j. I month depreciation registration for the equipment, k. I interest registration for the loan borrowed from the bank. 4. Post the above events to the Ledger 5. At the end of January, a. Prepare Trial Balance b. Record Adjusting Entries c. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Retained Earnings Statement 8. Prepare Balance Sheetimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

15th Edition

0077328701, 9780077328702

More Books

Students also viewed these Accounting questions