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hello ! I am half way through this assigment and am really struggling.. The first picture is the instructions and the other pictures are what
hello ! I am half way through this assigment and am really struggling.. The first picture is the instructions and the other pictures are what I have already gotten done. I am missing Parts : 3,5,6,7,8,9. if someone can please help me you'd literally save my grade in this class , thank you!
1. Write a short description (2-3 sentences) of your new company. What industry is it in? What do you offer customers or clients? 2. Create 10 transactions and their corresponding journal entries for the month of September 2020. 1. These transactions must affect: Assets, Liabilities, Owner's Capital, Owner's Drawings, Revenues and Expenses 3. Post the journal entries into a ledger or into T-accounts. 4. Prepare a trial balance. 5. Create 3 adjusting entries. 6. Prepare an adjusted trial balance. 7. Prepare an Income Statement, Owner's Equity Statement and Balance Sheet. 8. Journalize your 4 closing entries. 9. Prepare a post-closing trial balance. To start a construction company : Butchers Construction co. Put Together a Solid Business Plan : Business plan should establish the goals of your construction business. It should include detailed plans for every stage involved in the process along with the timeframe and funding you will need to meet each of your goals Find a Good Home Base for Company : The property you choose as a home base will need to have adequate office and storage space since you will likely be storing equipment and tools onsite My construction company will take materials from primary industries in order to build residential and commercial buildings. Construction is an industry that is part of the secondary sector of the economy, not the primary sector. The primary sector is one that directly uses natural resources. Transaction for the month of september 2020 I 1. Capital introduced by Mr 'X' $ 100,0002 2. Salary Paid $ 15,000 3. Rent Paid $ 18,000 4. Legal Expenses Paid $ 4,000 5. Purchased of Raw Materials $ 45,000 6. Purchased a new Truck from 'A' for credit $ 112,000 7. Cash withdrawn by 'X' $ 5,000 8. Earned an income of $ 205,000, out of which $ 75,000 are receivable. 9. Electricity Paid $ 3,500 10. Salary Paid Advance $1,000 3 Rent 18,000 Cash 18,000 Legal Expense 4,000 Cash 4,000 5 Purchase 45,000 Cash 45,000 6 Vehicle (Truck) 112,000 Mr A 112,000 I 7 Mr X 5,000 Cash 5,000 8 Cash 130,000 Account Receivable 75,000 Sales 205,000 Journal Entries for the month of September 2020 Number Account Debit ($) Credit($) 1 Cash 100,000 Mr X 100,000 2 Salary 15,000 Cash 15,000 I Salary Advance 1,000 Legal Expense 4,000 Purchase 45,000 Vehicle(Truck) 112,000 Mr A 112,000 Drawings 5,000 Sales 205,000 Account Receivable 75,000 I 3,500 Electricity Cash 138,500 Rent 18,000 Total 417,000 417,000 Step by Step Solution
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