Accounting Project Part 1

For this culminating activity you are going to creat a company for a service business in any industry you choose. 1. You will start by creating a name, logo and description of the type of services your business provides. 2. Now that you have established your company, it's time to create a list of transactions for your business for the fiscal period ending Dec 31, 2020. Using the list of transactions types below, describe in plain words 16 typical & unique transactions that could take place in the first month of your company. You are not creating Journal Entries at this point, just a transaction description. Example: Dec 1 - Purchase Invoice # 502 from Staples for office supplies in the amount of $450 plus HST. When you are creating your transactions make sure you consider the timeline and the actual activities of a real business. For example you cannot write a cheque to pay an Account Payable when you have not first made a purchase from the supplier. Create only one for each of the below scenarios, source document MUST be provided and HST must be indicated where appropriate: Owner, (Your Name), investing an initial amount in the business. Obtaining a bank loan Purchase of office supplies Purchase of equipment or vehicle. If you are paying with cash, make sure you have enough to cover the purchase. Paying an expense Recording a sale not yet paid for in the amount of $3000. Recording a purchase to be paid within 30 days Recording a sales return by customer who returned something bought Paying an amount owed to a supplier Receiving payment on account from a customer Recording an owner taking out money for personal use Recording a purchase refund - you returned something you bought Partial payment of the bank loan with interest Purchase at least one year's worth of insurance starting mid-year. Pay for one year of rent Another transaction specifically related to your own business