$20.000+ 500 $15.000/month $20,000 1 -25% of sales this week are on Dccount Customer agress to pay within 30 days) Week 6 (October 12-16): 6 : Ti Multiplier is 1,000 on Monday, 1.500 on Tuesday, 2 ODD on Wednesday 2.500 on Thursday, and 5,000 on Friday 21 You collect 40% of your accounts receivable from week 5. If you recorded an account receivable on Tuesday of last wook you collect 40% of that on Tuesday at this week etc. 5% of your entire account recnivables are considered to be uncollectile and you use the direct write-off method to meke this recording. 3) If you did not record a lass from lawsuit in week 5, you learn from neighbouring businesses the importance of security cameras. This is considered a long term asset in your journal entry which totals $1,500 4) Meeting your cash needs: After 3 weeks of recording sales, take a screenshot of your Cash Account October 15th and submit wil per up students with the most cash with students that have less cash, and both students must egree on a loan with terms as follows: annual interest rate of 5% and the peybeck date is 90 days short tem "The cash specific rask is worth 2% of Susan Week 7 (October 19-23): T The multiplier this week is 1000 2. If you are a service based business, you now are about to engage in selling tangible items related to your business. This could be t-shits Cell Phone Casings. etc, Gong forward your sales will be 10% service revenue and 20% sales revenue of the sales revenue you record you will have to record debit to cost of goods sold and a credit to inventory. This will be 25% of what you record as sales revenue. 3) Check your Accounts Receivable T-Account on Monday before you record eny sales. Whatever the belence remaining is, 50% you collect and 50% you have to write off (Uncolectible Account Exechsel. 4) This week 50% of your sales are on account 51 If you've sent me your Cash Account ending balance, I will notify you on Monday regarding the Ioan. On Monday October 15th) you must make this joumal entry to show you receiving the on from another student or paying out the loan to another student. This will be a note payable or note receivable in your journals. Week 8 (October 26-30) 1 The multiplier this week is 500 for everyone "This cash specific task is worth 2% of this 10% submission Week 7 (October 19-23): 1) The multiplier this week is 1,000 : 2) If you are a service based business, you now are about to engage in selling tangible items related to your business. This could be T-Shirts, Cell Phone Casings, etc. Going forward your sales will be 80% service revenue and 20% sales revenue or the sales revenue you record you will have to record a debit to cost of goods sold and a credit to Inventory. This will be 25% of what you record as sales revenue, 31 Check your Accounts Receivable T-Account on Monday before you record any sales Whatever the balance remaining is, 50% you collect and 50% you have to write off (Uncollectible Account Expense 41 This week, 50% of your sales are on account. 5) If you've sent me your Cash T Account ending balance I will notify you on Monday regarding the loan. On Monday October 19th) you must make this journal entry to show you receiving the loan from another student or paying out the loan to another student. This will be a note payable or note receivable in your journals. Week 8: (October 26-30) 1 The multiplier this week is 500 for everyone 2) This week you will record a sale everyday regardless of whether the stock price increases or decreases. Whatever the change in price is you multiply this by 500 and this is your sales total. . 31 You collect 100% of your account receivables from last week. Week 9: Due to election uncertainity, this is a bad week for business. 11 The multiplier this week is still 500 . 2) Unlike week 8, only record a sale if the stock price increased 3) Additional unforeseen expenses are incurred this week which total $10,000. 41f Trump wins, the multiplier increases on Thursday and Friday to 2,000. Biden wins, the multiplier remains at 500 Part 2: Once all the journal entries are made, make a Trial Balance to show your T- Accounts balance (Debits - Credits). $20.000+ 500 $15.000/month $20,000 1 -25% of sales this week are on Dccount Customer agress to pay within 30 days) Week 6 (October 12-16): 6 : Ti Multiplier is 1,000 on Monday, 1.500 on Tuesday, 2 ODD on Wednesday 2.500 on Thursday, and 5,000 on Friday 21 You collect 40% of your accounts receivable from week 5. If you recorded an account receivable on Tuesday of last wook you collect 40% of that on Tuesday at this week etc. 5% of your entire account recnivables are considered to be uncollectile and you use the direct write-off method to meke this recording. 3) If you did not record a lass from lawsuit in week 5, you learn from neighbouring businesses the importance of security cameras. This is considered a long term asset in your journal entry which totals $1,500 4) Meeting your cash needs: After 3 weeks of recording sales, take a screenshot of your Cash Account October 15th and submit wil per up students with the most cash with students that have less cash, and both students must egree on a loan with terms as follows: annual interest rate of 5% and the peybeck date is 90 days short tem "The cash specific rask is worth 2% of Susan Week 7 (October 19-23): T The multiplier this week is 1000 2. If you are a service based business, you now are about to engage in selling tangible items related to your business. This could be t-shits Cell Phone Casings. etc, Gong forward your sales will be 10% service revenue and 20% sales revenue of the sales revenue you record you will have to record debit to cost of goods sold and a credit to inventory. This will be 25% of what you record as sales revenue. 3) Check your Accounts Receivable T-Account on Monday before you record eny sales. Whatever the belence remaining is, 50% you collect and 50% you have to write off (Uncolectible Account Exechsel. 4) This week 50% of your sales are on account 51 If you've sent me your Cash Account ending balance, I will notify you on Monday regarding the Ioan. On Monday October 15th) you must make this joumal entry to show you receiving the on from another student or paying out the loan to another student. This will be a note payable or note receivable in your journals. Week 8 (October 26-30) 1 The multiplier this week is 500 for everyone "This cash specific task is worth 2% of this 10% submission Week 7 (October 19-23): 1) The multiplier this week is 1,000 : 2) If you are a service based business, you now are about to engage in selling tangible items related to your business. This could be T-Shirts, Cell Phone Casings, etc. Going forward your sales will be 80% service revenue and 20% sales revenue or the sales revenue you record you will have to record a debit to cost of goods sold and a credit to Inventory. This will be 25% of what you record as sales revenue, 31 Check your Accounts Receivable T-Account on Monday before you record any sales Whatever the balance remaining is, 50% you collect and 50% you have to write off (Uncollectible Account Expense 41 This week, 50% of your sales are on account. 5) If you've sent me your Cash T Account ending balance I will notify you on Monday regarding the loan. On Monday October 19th) you must make this journal entry to show you receiving the loan from another student or paying out the loan to another student. This will be a note payable or note receivable in your journals. Week 8: (October 26-30) 1 The multiplier this week is 500 for everyone 2) This week you will record a sale everyday regardless of whether the stock price increases or decreases. Whatever the change in price is you multiply this by 500 and this is your sales total. . 31 You collect 100% of your account receivables from last week. Week 9: Due to election uncertainity, this is a bad week for business. 11 The multiplier this week is still 500 . 2) Unlike week 8, only record a sale if the stock price increased 3) Additional unforeseen expenses are incurred this week which total $10,000. 41f Trump wins, the multiplier increases on Thursday and Friday to 2,000. Biden wins, the multiplier remains at 500 Part 2: Once all the journal entries are made, make a Trial Balance to show your T- Accounts balance (Debits - Credits)