6:31 LTE BAF CULMINATING... You have learned the accounting cycle for a service business and the operating accounts of a merchandising business. This project will enable you to showcase your learnings through a business profile you create. This is an independent project INSTRUCTIONS: 1. You are the new CEO of Create a sole owner business that sells both a service and merchandise (one type of good is fine, eg, surfboards). Provide a business profile explaining what the business is about, what the business sells, where it is located and a company logo. Also include the opening entry for your business. This can be completed in a Google Doc and submitted on the de date. 2. You require a title page with the project title, course, teacher name, date and your name at the top 1/3 of your document, centered and bolded. Use a slightly larger font. Include your logo below this information 3. Create 25 business transactions that occur over the span of one month (you pick the month 10 of the transactions MUST be merchandise related. Be creative and specific to your type of business and include all the necessary information in your transactions to allow them to be journalized accordingly HST (13%) is included on all sales and purchases. The transactions must include at least the following: a) Merchandise sale on account b) Merchandise sales return and allowance c) Purchase of merchandise inventory d) Purchase return and allowance e) One merchandise discount earned f) One merchandise discount allowed g) Purchase of a long-lived asset with depreciation calculated accordingly h) Purchase of an insurance policy with the adjustment calculated accordingly Bank loan and interest payment i) 3 sales on account k) 3 purchases on account 13 expenses 4. Journalize the opening entry and the 25 transactions you have created in the excel spreadsheet that has been shared with you. Fill in the spreadsheet as you need Start at page one. Use the periodic inventory system along with returns and allowances and discount accounts. 5. The discount calculations must be shown directly underneath your journal entry so it's accuracy can be evaluated. 6. Create a sales invoice or purchase invoice for one of your transactions above, include all the pertinent details as seen in your textbook. Your logo, business name and relevant information for the transaction should be included. 7. Post the transactions to the ledger provided in the excel spreadsheet Additional accounts may be available (named already), if you don't require them then you may change the name or delete accordingly. The account numbers have been given to you but may be changed if needed 8. Calculate your adjusting entries at the end of the month at least for depreciation and insurance as noted above along with any other accounts that should be adjusted, eg Supplies. Record this AFTER your regular transactions with a heading in the journal labeled ADIUSTING ENTRIES 9. Create an income statement and a balance sheet for your business in the excel spreadsheet that has been shared with you. Include the Cost of Goods Sold section in the income statement. These spreadsheets provide a basic outline of the statements, it's up to you to create the professionally finished documents 10. Submit your business profile, source document and excel spreadsheets in the submit folder on the due date. You will have time in class to work on this project and ask me questions if needed