2:22 Back Unit 5 - Assignment Draft -LO2... Unit 5: Accounting principles Assignment Draft #2 LO:2 Student Name ID Number Unit number and Title Unit 5: Accounting Princip 2021-2022 UT Ag Tide Production and interpretations LO: 2 Vocational scenario DELTA/Aelta is a sole proprietorship accounting firm. The company was founded last year to provide business-consulting services to their existing and new clients. They have a headquarters in Amman, which is located in Jordan. Having successfully completed your six-month probation as a Graduate Trainee at the accountancy firm, you have now been attached to a unit in the firm that deals with the provision of accountancy and consultancy services to small businesses that are typically set up as sole traders, not for profit and partnerships. The firm is careful about which small and emerging businesses it works with as it seeks to spot growth potential, identify, and work with clients that have scalable business models. Task 2: learning outcome 2 Your supervisor, one of the firm's Key Account Managers, has asked you to compile the yearend financial statements ready for submission and provide, for each client, some detailed analysis of the figures produced. Instructions In this task, you have to answer the below Questions: Q1. From the data provided, you are required to prepare the year-end financial statements, taking into consideration accounting principles, conventions and standards. 2:22 Back Unit 5 - Assignment Draft -LO2... year-end financial statements, taking into consideration accounting principles, conventions and standards. Casel: Beta Bookshop is a sole trader company; offers to customers a well-rounded selection of books and stationery for children, teens, and adults. Use the below Adjusted Trial Balance on December 31-2021. To prepare the financial statement. Book Adjusted Tal Balance December 31.2021 a Cad 1.200 Accable 30,000 applic 16.000 Inventory 40,000 P 67,000 Accumulated Depreciation Equipment) Con Accounts Payable 13.500 Notes payable 30,000 Owners capital (OC) Owners Drawings (OD) 2.000 Sales Reven Sdes co-co 16,000 Cost of goods wild 300,000 Sdaries and wages expess 39,000 10.300 Depreciation expenses Intertex T 1.700 E341,700 (5417001 Case 1: Bleta Bookshop Net Sales Deta Bookshop home Statement December 31.200 Less: Cost of goods sold Operating expenses (OPEX Salaries and wages expenses Supplies expenses Depreciation expense Jatost expe Tetal Operating expenses Net Income (N Deta Bookshop 2:23 Back Unit 5 - Assignment Draft -LO2... Case 1: Beta Bookshop Jets Bookshop Income Statement December 11.2021 Net Sales Less: Cost of goods sold Kiro profit Operating expenses (OPEX Salaries and wages expenses Depreciation expetes It exp Total Operating expenses Net Income (Net lo Peta Bookshop Owen equity me December 11.2021 Beginning capital Owner's Drawings ending capital Schaltal A Camente Cash Statement of financial December 31.201 Accounts receivable Supplies Investory Prepaid ince Total cums Non esment a Equipmen Accumulated depreciation Tetal Net catre Labines and owna egay Labinies Access Payable Notes payable Usemad reven Total Labilities Total Lab-licies and w Case2: Justice for Law services is a Partnership company; Use the below Adjusted Than Dance on December 31-2021. To 2:23 Back Unit 5 - Assignment Draft -LO2... Case2: Justice for Law services is a Partnership company; Use the below Adjusted Trial Balance on December 31-2021. To prepare the financial statement. Added Trial B December 31.3021 De a Cal Accounts receivable Prepaid i 5,500 Equipment 50,000 Accumulated Depreciatio 1400 Accoyable 25.000 Notes payable 50,000 Interest payable 300 Salaries and wages payable 6,000 Used service reve 8,000 Owners capital-p1(5) 30,000 Owner capital partner 12 (50) 50,000 Owners Drawings (50%) 2,500 Owners Drawings per 2 (50%) 2500 Service Revenue 106,000 Salaries and wage expe Supplies 15,000 Deprecationexp 2000 Rest expenses Insurance expens 500 Case 2: Justice for Law services Justice for Law services Income Statemen December 31.3021 Reve Service Revena capes Salanes and wages expense Supplies expenses Depreciation expe Interest expens Total Operating expenses Net Income (Net low) SubtotalTotal Justice for Law serves Part Capital S December 11.2021 Begening capital Net income Owner's Drawings Partner Per 15 (5 2:23 Back Unit 5 - Assignment Draft -LO2... Inace expens Total 295,900 295.900 Case 2: Justice for Law services Justice for Law services December 11.2021 Revo Service Reven expenses Salaries and wapes expe Supplies expens Depreciation expenses expenses Total Operating expemes Net Income (Net k SubtotalTita Justice fe Law w Partsen Capital Su December 31.201 Beginning capital -Net income Owner's Dewings -de capital Partner Par Teta (se) Ast Camera Ca Justice Se Law Sutement of financial pesti December 31,2821 Labandona egaby Labies Accounts payable Accous receivable Nomes payable Salaries and wages payable Supplies Prepaid ret Total cument a Total cu Non current a Equipment Accumulated depreciation Total No curentats Total Total Labelin Ending capital Partner #1 ding capital Partie 2 Total Equity 2:23 Back Unit 5 - Assignment Draft -LO2... Case3: Al-Aqsa charity is a Non-profit organization to improve quality of life for others at a community. Use the below Adjusted Trial Balance on December 31-2021 To prepare the financial statement. Al-Aqua charity December 30 2021 Debit Credit Cad 000113 Acceivable-cript 23,500 Ab Beginning Net Affai Subscription Get and don Medical expe 1,000 1500 5,000 12,050 13,500 12,700 38,100 12,700 1.350 Expenses for charitable event 14.400 11.300 94.00 94,050 Case 3: Al-Aqsa charity Al-Aq charity Statement of Activity December 31 2021 Subscription Total Resor expenses Medcal expens Exposes for charitable eve Admitive expenses Total expenses Changin Net Assets, begin Net asnding balance SubtotalTal 2:23 Back Unit 5 - Assignment Draft -LO2... A Al-Ay Statement of financial positio Decher 31202 Labslides and Labilities Current acts Kash Accounts receivable- Shon term invest Prepudiance Tital current assets Non current acts Equipment (Ngo Total Nee cantant Total At Peyable Total Labines Net Asses Total Labites and net aucti Q2.From the data provided you will need to make and show appropriate adjustments to both the income statement and the balance sheet. Zeta corporation for Consulting and Investments using the unadjusted trial balance, make the appropriate adjustments, then prepare the adjusted trial balance and extract the suitable financial statements for November 30.2021 Analysis reveals the following additional data: 1. Purchased one year Prepaid insurance for 3,600. 2. Account of supplies shows 700 of unused supplies. 3. one-half of the unearned revenue has been recognized for service performed. 4. Salaries of 1,100 are accrued and unpaid at November 30. 5. Revenue for services performed but unrecorded for November totaled 11,000 Instructions: 1. Journalize the adjusting entries on November 30, 2. Prepare an adjusted trial balance on November 30. 3. Prepare the financial statements 2:24 Back Unit 5 - Assignment Draft -LO2... Instructions: 1. Journalize the adjusting entries on November 30. 2. Prepare an adjusted trial balance on November 30. 3. Prepare the financial statements Zata corporation for Consulting and lavest Le adjusted Trial Bel November 30.2021 Ca Accountable Debit Credit (10,400 3,000 14.000 Acculated Depreciation (Equipment) 3,600 Accounts Payable 5.000 Used service reven 1500 Share capi 12,000 Retained eamings beginning Dividend 2000 services Reve 45,000 Salities and wapes expe 15,000 Ulises exp Depreciation expenses 1,400 Rest expens 11.000 Total Adjusting entries: Transaction Date Account Title De 71,500471,500 2:24 Back Unit 5 - Assignment Draft -LO2... Adjusting entries: Transaction Date Account Title Debit Credit 1 Account Dr C D C DO Cal Accou receivable 2:24 Back Unit 5 - Assignment Draft -LO2... Toul Prepare the Financial statements Zeta corporation for Consuing and Investment Income Statemen N10.2021 Revenue Service Reven Salaries and wages expenses Utilities exposes Depreciation expens Jonance expenses Supplies expemes Tetal Operating expenses Net Income (Netl Subtotal Total Zeta oporation for Conting and Invement tained earnings statements November 30 2021 Beginning retained earnings Net income -Dividends ending standings Zeta corporation for Consulting and Invest Statement of financial position Doceber 31.2021 Amets Katrentats Ke Accouts receivable Prepaid ince Tetal curenta Non current s Equipment Accounts payable Unamed revea Salaries & wages payable Total Labilities Fading retained caning Accumulated depreciation Total Equity Total Ne carente Total me Total Lablines and equity