\begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ DATE } & DESCRIPTION/ACCOUNT & PR. & DEBIT & CREDIT \\ \hline 1 & 1 & June & Bank & & 15,000.00 & \\ \hline 2 & & & Onners Equity & & & 15,000.00 \\ \hline 3 & 1 & Jue & Ecuipment-Computer & & 4,460.00 & \\ \hline 4 & & & AC Stzbilizer & & 150.00 & \\ \hline 5 & & & Funniture & & 175.00 & \\ \hline 6 & & & Sales Tex & & 287.10 & \\ \hline 7 & & & Cosh & & & 5,072.10 \\ \hline 8 & 2 & June & Newspaper & & 20.00 & \\ \hline 9 & & & Sales Tex & & 1.20 & \\ \hline 10 & & & Cash & & & 21.20 \\ \hline 11 & 3 & June & Adivertising Expense & & 170.00 & \\ \hline 12 & & & Sales Tex & & 10.20 & \\ \hline 13 & & & Cosh & & & 180.20 \\ \hline 14 & 4 & June & Rent Expense & & 1,475.00 & \\ \hline 15 & & & Cash & & & 1,475.00 \\ \hline 16 & 3 & June & Advertising Expense & & 450.00 & \\ \hline 17 & & & Cosh & & & 450.00 \\ \hline 18 & 5 & June & Vekicle & & 23,540,00 & \\ \hline 19 & & & Owners Equity & & & 23,540.00 \\ \hline 20 & 5 & June & Office-Expense (Mrilings) & & 28.00 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & & Accounts Payable & & 28.00 \\ \hline & & Accounta Payable & 28.00 & \\ \hline & & cosh & & 28.00 \\ \hline 5 & June & Accounts Payzble & 1,950.00 & \\ \hline & & Service Reveme-Videography & & 1,950.00 \\ \hline 5 & June & Cash & 650.00 & \\ \hline & & Accounts Receivable & & 650.00 \\ \hline 5 & June & Accounts Receivable & 600.00 & \\ \hline & & Service Reveme-Videography & & 600.00 \\ \hline 5 & June & Cash & 300.00 & \\ \hline & & Accounts Receivable & & 300.00 \\ \hline 7 & June & No Journal Entry Required & & \\ \hline 8 & Jure & Ecuipment-Videography & 3,100.00 & \\ \hline & & Sales Tex & 186.00 & \\ \hline & & cash & & 3,286.00 \\ \hline 9 & June & Supplies-Videography & 300.00 & \\ \hline & & Sales Tex & 18.00 & \\ \hline & & Cash & & 318. \\ \hline 9 & June & Cash & 300.00 & \\ \hline & & Accounts Receivable & & 300 \\ \hline 9 & \begin{tabular}{ll} iune \\ \end{tabular} & Ecuirment-Videograbhy & 550.00 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline 42 & & & Accounts Payable & & 550.00 \\ \hline 43 & & & Accounts Payable & 550.00 & \\ \hline 44 & & & & & 550.00 \\ \hline & & & cash & & \\ \hline 45 & 10 & Jure & Accounts Receivable & 1,500.00 & \\ \hline 46 & & & Service Reveme-Videography & & 1,500.00 \\ \hline 47 & 10 & Jure & cash & 500.00 & \\ \hline 48 & & & Accounts Receivable & & 500.00 \\ \hline 49 & 11 & Jue & Accounts Receivable & 1,030.00 & \\ \hline 50 & & & Service Reveme-Videography & & 1,030.00 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ DATE } & DESCRIPTIONACCOUNT & DEBIT & CREDIT \\ \hline & 11 & June & Prepaid Insurence & 450.00 & \\ \hline & & & Cash & & 450.00 \\ \hline & 12 & June & Cash & 650.00 & \\ \hline & & & Accounts Receivable & & 650.00 \\ \hline & 12 & June & Cash & 450.00 & \\ \hline & & & Service Revemse-DVD & & 450.00 \\ \hline & 15 & June & Salarues \& Wages Experses & 2,750.00 & \\ \hline & & & Cash & & 2,750.00 \\ \hline & 15 & June & No Journal Entry Required & & \\ \hline & 16 & June & Euipment-Videography & 455.00 & \\ \hline & & & Sales Tex & 27.30 & \\ \hline & & & Accounts Payzble & & 482.3 \\ \hline & 16 & June & Advertising Expenses & 174.00 & \\ \hline & & & Cash & & 174.0 \\ \hline & 17 & June & Cash & 650.00 & \\ \hline 16 & & & Accounts Receivable & & 650.0 \\ \hline 17 & 17 & June & Supplies-Videography & 42.00 & \\ \hline 18 & & & Sales Tex & 2.52 & \\ \hline 19 & & & Cash & & 44.5 \\ \hline 20 & 18 & June & Cash & 46.64 & \\ \hline 2 & & & Supplies Return-Videography & & 46.64 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline 22 & 19 & June & cosh & 500.00 & \\ \hline 23 & & & Accourts Receivable & & 500.00 \\ \hline 24 & 19 & June & cash & 700.00 & \\ \hline 25 & & & Service Reverus-Videography & & 700.00 \\ \hline 26 & 19 & June & cash & 200.00 & \\ \hline 27 & & & Service Reverus-Video editing & & 200.00 \\ \hline 28 & 19 & June & Office-Expenses (Mailing) & 24.60 & \\ \hline 29 & & & Accounts Payzble & & 24.60 \\ \hline 30 & & & Accounts Payzble & 24.60 & \\ \hline 31 & & & cash & & 24.60 \\ \hline 32 & 19 & June & Maintenarce Charges-Utility Vehicle & 82.50 & \\ \hline 33 & & & Accounts Payzble & & 82.50 \\ \hline 34 & & & Accounts Payzble & 82.50 & \\ \hline 35 & & & cash & & 82.50 \\ \hline 36 & 22 & June & No Journal Entry Required & & \\ \hline 37 & 23 & June & cash & 1,030.00 & \\ \hline 38 & & & Accounts Receivable & & 1,030.00 \\ \hline 39 & 23 & June & Telephone Expenses & 42.06 & \\ \hline 40 & & & Cosh & & 42.06 \\ \hline 41 & 25 & June & Drawings & 1,000.00 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & & & & & \\ \hline 42 & & & Cash & & 1,000.00 \\ \hline 43 & 26 & Jupe & Ecuipment-Computer & 1,370.00 & \\ \hline 44 & & & Cash & & 1,370.00 \\ \hline 45 & 26 & Jure & Cash & 500.00 & \\ \hline 46 & & & Accounts Receivable & & 500.00 \\ \hline 47 & 27 & Jupe & Digital Library & 900.00 & \\ \hline 48 & & & cosh & & 900.00 \\ \hline 49 & 27 & Jume & Videography Equipment-Maintenance Charges(cam & 75.00 & \\ \hline 50 & & & cash & & 75.00 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ DATE } & DESCRIPTION/ACCOUNT & \begin{tabular}{l} \\ R \end{tabular} & DEBIT & CREDIT \\ \hline 1 & 27 & June & Cash & & 295.00 & \\ \hline 2 & & & Service Reveme-Editing & & & 295.00 \\ \hline 3 & 27 & June & No Journal Entry Required & & & \\ \hline 4 & 29 & June & Salaries \& Wages Experses & & 1,690.00 & \\ \hline 5 & & & Cash & & & 1,690.00 \\ \hline 6 & 29 & June & Utilites Expense & & 143.80 & \\ \hline 7 & & & Cash & & & 143.80 \\ \hline 8 & 29 & June & Accounts Receivable & & 3,600.00 & \\ \hline 9 & & & Service Retum-Videography & & & 3,600.00 \\ \hline 10 & 29 & June & Cash & & 1,200.00 & \\ \hline 11 & & & accounts Receivzble & & & 1,200.00 \\ \hline 12 & 29 & June & Supplies-Videograply & & 45.50 & \\ \hline 13 & & & Sales Tax & & 2.73 & \\ \hline 14 & & & cash & & & 48.23 \\ \hline 15 & 29 & June & No Journal Entry Required & & & \\ \hline \end{tabular} CASH \begin{tabular}{|c|c|c|c|} \hline date & DEBIT & CREDIT & date \\ \hline 2021 & 15000 & 5072.1 & 2021-06- \\ \hline 202 & 650 & 21.2 & 2021-06- \\ \hline 202 & 300 & 180.2 & 2021-06- \\ \hline 2021 & 300 & 1475 & 2021-06- \\ \hline 2021 & 500 & 450 & 2021-06- \\ \hline 202 & 650 & 28 & 2021-06- \\ \hline 2021 & 450 & 3286 & 2021-06- \\ \hline 2021 & 650 & 318 & 2021-06- \\ \hline 202 & 46.64 & 550 & 2021-06- \\ \hline 2021 & 500 & 450 & 2021-06- \\ \hline 202 & 700 & 2750 & 2021-06- \\ \hline 202 & 200 & 174 & 2021-06- \\ \hline 2021 & 1030 & 44.52 & 2021-06- \\ \hline 202 & 500 & 24.6 & 2021-06- \\ \hline 202 & 295 & 82.5 & 2021-06- \\ \hline 2021 & 1200 & 42.06 & 2021-06- \\ \hline & & 1000 & 2021-06- \\ \hline & & 1370 & 2021-06- \\ \hline & & 900 & 2021-06- \\ \hline & & 75 & 2021-06- \\ \hline & & 1690 & 2021-06- \\ \hline & & 143.8 & 2021-06- \\ \hline & & 48.23 & 2021-06- \\ \hline Bal & 2796.43 & & \\ \hline \end{tabular} Project \#1 Outcomes Part III: From chapter 2 \& 3 1. Prepare an Income Statement, Statement of Owner's Equity and Balance Sheet. Related to Essential Employability Skills 2. Demonstrate verbal, written and/or digital communication skills. 3. Demonstrate working with others to complete goals \& assignments. 4. Demonstrate ability to analyze and address problems; generate and evaluate solutions; and implement the appropriate solution for the use. Total 20 points for Parts III REQUIRED FOR POINTS for Part III - (A) Financial Statements \& (B) Analysis Presentation \& Reflection: To prepare the financial statements, the following steps must be completed: 1. Using the graded and corrected results from Part II (It is beneficial to prepare an unadjusted Trial Balance at this point), and the following information, record the adjusting journal entries. You can use the journal form from Part II, create a new page if needed, or open the Part II file and save as a new document. a. Videography Supplies on hand June 30 are $156.00 b. Unexpired Insurance is $300.00 c. Depreciation is computed using the straight-line method. - Computer equipment (June 1 purchase) has an estimated life of 3 years (36 months) with no salvage value. - The SUV (June 5) has an estimated life of 5 years ( 60 months) with a $1,700 salvage value. - Equipment (June 8 and 9 purchase) has an estimated life of 3 years (36 months) with no salvage value. Depreciation can be calculated together for this equipment - For simplicity, round the monthly depreciation to whole dollars and consider each of the three categories to be a full month of depreciation. - Note: Ignore equipment purchased after the 10dm of the month. No depreciation will begin on those items until the following month. 2. Using the adjusted totals for each account (It is beneficial to prepare an adjusted Trial balance at this point), the 3 common Financial statements must be prepared in good form. The appropriate correct format can be found on slide 43,44&46 in chapter 5 and Figure 5.5.5.6 and 5.7 in the e-text. 3. A blank sheet tab has been provided to start the process on a second tab of the journal entry form (Part II). 4. The adjusted final 3 Financial Statements must be submitted to the assignment folder in D2L for Part III and all should be on the sheet you submit/share for the project: a. Income Statement for the month of June. b. Statement of Owner"s Equity for the month of June. c. Balance Sheet as of June 30,CY a. What was the monthly profit or loss? b. What percentage of the revenue remains as net profit? Does this seem reasonable? c. Which expense account had the highest expense total? Why do you think that is? d. How does the cash balance look? e. What dollar amount does Island Video owe to its creditors at the end of the month? f. How do the receivables compare to the payables? g. Does this business provide a valuable service to the community that can be continued long-term? h. What types of customers did the business have (remember the goal from Part II) and which area had the most dollars of revenue? Refer back to your responses in part I and your first comments about the business. Now that you have a bit more knowledge to work with.... i. Any other questions you feel the owner, banker, creditor would want to know? Remember, these are the users of the reports that should have been identified in Part I, question iii. j. Clearly the business has and needs a separate bank account because of the "separate entity" assumption. What do you think of the reimbursements that happened when Anthony spent his personal money on business expenses and then needed to be reimbursed from the business? Is there a better way to handle this other than reimbursing the owner for a business expense? k. Anything that supports your initial comments about the business plan? Any big changes to your initial thoughts? (Part I, question v) 1. Anything that surprised you in this simulated accounting process? m. Did you answer the question about accounts needed accurately in Part I, question i? Did you 'guess' most of the accounts that you actually used in the journal? n. Now that you've seen the simulated documents that this business uses for recording transactions did you initially include those in Part I question vi or was there a document you hadn't thought about? These documents are the supporting records for a business and something an auditor will want to see during the audit process