Assuming it is the end of April, identify and post 7 adjusting entries, ensuring there are at least 5 different types of entries. The amounts and items recorded should be related to the information provided in questions 1 and 2 which I have provided below. Record the adjusting entries in the General Journal and post them to the ledger accounts (T.Accounts), include dates and narrations. Prepare the adjusted Trial Balance. (This is expected to be completed using Excel) This is question 1: Select a service business that you would like to run, choose a name and location for your business. Explain the service you are selling (only 1 service should be selected) and further explain what form of organisation your business will take (i.e. sole proprietorship, partnership or private/public company). Provide at least two reasons for your organisations form and briefly explain why you did not choose the other forms of business. Answer: The service company I'd like to start is named "FitWell," and it's based in Melbourne, Australia. It offers personal training and fitness coaching. We provide clients with individualised fitness coaching and training to assist them in reaching their fitness objectives. Part b As a sole proprietorship, FitWell will be set up since it is an easy business structure to set up, has cheap startup costs, and gives the owner total control over all business decisions. Furthermore, as I am the only service provider in my role as a personal trainer, a sole proprietorship is the best organisational structure for my company. Part c One of the key benefits of a solo proprietorship is that tax filing is reasonably simple and that there is no requirement to split profits with partners. A solo proprietorship is a good choice because it offers flexibility in terms of working hours and location. Because they are more difficult to start up, involve more legal and financial requirements, and perhaps demand considerable capital investment, we did not choose a partnership or private/public company. A private/public business may need to comply with stricter regulations and involves shareholders, whereas a partnership shares profits and decision-making with partners. This is question 2: Assume you will start your business on the 1st of April 2023 undertake market research and prepare a list (they are not recorded in this question) of possible business transactions relevant to your business that will occur during April. Your transactions should be referenced properly to demonstrate your appropriate market research. You should provide at least 10 different transactions related to the activities of your business. NOTE: it is expected you will undertake research into the industry in which your business operates to ensure the transactions relate to the business type and are of reasonable amounts. You are expected to gather this information from the internet, you are not expected to enquire directly with such businesses. Answer: As a personal training and fitness coaching business, FitWellwill engage in the following transactions during April 2023: FitWell, a company that offers personal training and fitness coaching, will take part in the following transactions in April 2023: April 1: Dumbbells, resistance bands and yoga mats can be purchased for $3000 from retailers such as Gym Direct(www.gymdirect.com.au) and Fitness Deals Online (www.fitnessdealsonline.com.au). April 3: $2500 paid to landlord or property management business for paid rent,such as anytime fitness (www.anytimefitness.com.au) or Fitness First, for the gym facility where FitWell operates (www.fitnessfirst.com.au). April 6: $500 has been paid towards EnergyAustralia'sutility bill. April 7: Acquired a $200 software membership from MindBody. April 14: A $1,000 insurance premium was paid to Fitness Australia. April 21: $300 was paid to Facebook for advertising costs. April 23: $500 has been paid to the Australian Institute of Fitness in professional development fees. April 25: A personal trainer received a $2,000 salary. April 26: A $1,500 tax payment has been paid to the Australian Taxation Office. April 28: $100 has been paid to Stripe in processing fees. These transactions were found through research into the fitness and personal training industries, and they are probably typical costs and transactions for a company of this kind.