hi , im almost done with my project but am stuck on the last 3 parts : 7,8,9 . If someone could help me finish that would be really helpful.
third picture are the instructions for the project . ive done 1-6 and need to finish 7-9. the first two pics are the work that I have completed
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 1 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 Cash withdrawn by 'X'$ 5,000 8.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 Journal Entries for the month of September 2020 In your answer of Point 2. Journal Entry For Capital Introduced shall be Cash A/c Dr. To Owners Capital Alc. Not Mr X A 3. Capital AC By Cash 100,000 To Cash 5000 Bal C.d 95.000 CA | To Capital Au 15.0) 18,00 4.000 100,000 HY Salary paid lly Reni Prid Hy legal loped Hy Lednicily prid By Purchase Hly Prepand Salury By Capitale 190.000 By Baled 45,000 1.CXXO 5.000 135,500 To Sales Saluy AC 15,000 To Cash 16,000 By Poland LOMA 48 14.1 ( 4 , Route To Ch 18,000 By Profit and Lou. A 18,000 Legal Expenses To Cl 4.000 BY Prol and Los 4 4,000 Electricky Ale To Cash 2.500 By Profit and Los Aic MAAC Bal Cd L.12.000 By Truck 1.12.000 Sales A 1.30,000 By Account Reecivable 75,000 4. Trial Balne Debit Cash A/C Credit Capital Alc Prepaid Salary 1,000 Truck MA 112.000 112 Purchase 45.000 205.000 Account Receivable 75,000 Salary Liperise 15,000 Rent Expense 18,000 Legal Lxpense 1,000 Fleetriety Expense 3.50 412.000 412.00 5. Adjusting Entries 1. Depreciation to be charged on Truck of $ 2000 2. Provision for Bad Debts need to provided for @ 10%. (10% of 75,000 7500) 3. Telephone Expense of $1,000 is unpaid. 6. Adjusted Trial Balance Trial Balnce Debit Credit Cash AC Capital Ac 138.500 99.000 Prepad Salury 1,000 Trick MA 112.000 Purchase Sales 45,000 215,000 Account Receivable Telephone Hillality) 75.000 1.000 Salary Expense Provision Hent Expert 18,000 Legal Expense 1.500 Depreciation Provinored tebe 1.500 Telephone 1.000 alca See 1 IC RAM Tech The As MAA lcd pedy RR 100 Depreciation to be charged on Truck S2000 for Bed Deed to provided for 9.10 5.000000 Tolche boense of so is dised Balance Trance pedy 10. Sales Sery 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 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
