I do not know exactly how to go about this. I am having trouble figuring out how to write about which type of business will be good and I do not know how to do that transactions also, that is, convert the data into a journal i have attached both in the question.

The following information is derived from the slips of paper and \"receipts\" related to transactions for Monahan Media, Jan 1-Mar 31. Jan 7 Nick transferred $8,000 from his personal bank account, into an account for Monahan Media (MM), as an owner investment in the business. The specific account used to record the owner's investment will depend on your recommended business format. Jan 15 MM purchased technical equipment from Tech Corp, on account, for $2500. Jan 26 MM purchased 750 supplies, paying cash. Jan 31 MM received a $500 deposit from Weimer & Associates for sketches to be created as part of a rebranding initiative. Feb 6 MM delivered the sketches and billed Weimer & Associates for the remaining balance of $200. Feb 8 MM made a payment on account to Tech Corp, $100. Feb 14 MM shot portraits of the executive team at Lonely Hearts, an online dating service. The photos will be used on their website and in their marketing materials. The value of the services provided is $1,300. An invoice was given to Lonely Hearts at the end of the session. Feb 22 MM was contracted by Show Me The Money, a sports agent representing prominent football players. MM will stage Darryl Quan's home and clothing to create an improved \"personal image\" in order to increase endorsement opportunities for Mr. Quan. No work has been performed; no cash has been received. Feb 23 MM received a Jan-Feb phone bill for $97. Feb 28 MM leased a car at a monthly cost of $350. The terms of the lease are $0 down, 24 payments, unlimited mileage. MM has no plans to buy the car at the end of the lease. He just needs reliable and professional looking (cheap) transportation to get to his jobs. He paid the first month's lease before leaving the dealership. Mar 1 MM paid $1,800 for a one-year car insurance policy. Mar 2 MM did staging and photo work for Show Me The Money; services are valued at $1,500. The invoice for the services was provided to the sports agency at the end of the shoot. Mr. Quan is so impressed with Nick's attention to detail, he pays a $1,200 retainer for his to stage and film his upcoming engagement and subsequent wedding to Patty Professional. Mar 3 MM receives amount due from Weimer & Associates. Mar 8 MM pays the Jan-Feb phone bill. Mar 15 MM participates in local spring fair, drawing sketches and caricatures of children all afternoon. The contracted rate for his skills and time was $175. Payment was provided to MM at the end of the fair. Mar 17 MM received $850 cash in advance of media design work to be performed for Ashley's Collectibles, a specialty baby clothes shop. Mar 19 MM paid $100 to Tech Corp. Mar 22 MM paid $125 for non-warranty auto repairs that occurred on the way to filming the Quan-Professional engagement. MM provided staging and social media materials for the Quan-Professional engagement announcement. The value of the filming work performed is $800 of the retainer amount. Mar 23 MM purchased $425 additional supplies on account. Mar 25 Mr. Quan & Ms. Professional have a huge disagreement while on vacation in Las Vegas. Mr. Quan's image is damaged in the media. He requests additional photos and web content be created showing his softer side: images with puppies and kittens. Nick pays to rent the animals at a cost of $290. The value of his services is $4500 due to the extent of the work that needs to be done, emergency timing, and additional costs associated with the job (working with animals- he's allergic!). Show Me The Money paid the necessary cash due at the time the services were performed. The balance of the retainer should be zero after recording these entries. The following items are discovered after March 31 when you meet with Nick to discuss the business. The following should be adjusting entries: Apr 10 MM received bills (previously not recorded) for Internet service in January, February and March, $70 per month. Apr 10 MM estimates the Feb-Mar phone bill amount will be approximately $85. Apr 10 MM estimates the useful life of the technical equipment will be 5 years. The bank recommends straight-line depreciation, recorded to the nearest month. Nick estimates the residual value at the end of five years will be $220. Apr 10 MM estimates there are supplies worth $180 on hand at the end of March. Apr 10 MM's shoebox includes the paperwork for the car insurance. The coverage period is one year. Usage period is: Mar 1- Feb 28. Nick Monahan loves photography and wants to start his own company. He is single, 35 years old, and lives in an apartment in Cannon Beach, Oregon. He has a job as a clerk in a sporting goods store. His dream is to become a professional artist specializing in drawings and sketches for advertising and promotional events, portraits, and commissioned art. He has saved $10,000 to start the business. He knows almost nothing about accounting and has hired you (on May 10) to teach his about accounting and provide his with accounting services. The first task is to determine what form of business organization he should choose. Please provide a brief report explaining the different business forms and provide a recommendation you would suggest for his business, \"Monahan Media\" (MM). He needs this to be two pages, max. He doesn't like to read long, boring documents. So you'll need to be thorough but concise. Please include research from sources like: Journal of Accountancy, CPA Journal, Forbes, Wall Street Journal, Investopedia.com, or Yahoo Finance. Include your sources since he'd like to investigate these references as a follow up. Remember, he doesn't speak accounting fluently, so put the information you find into your own words. Cutting and pasting large areas of text from the web or other source is unacceptable. Quoted material must have quotations. Changing one or two words is not the same as summarizing someone else's ideas and citing the source. Nick deposited $10,000 into a business bank account for MM, commencing operations on Jan 7. [He didn't know anything about forms of business organization at that time, but since he had some jobs lined up, he forged ahead with starting the business.] It has been a busy three months. He's done a lot of work, but didn't know how to record anything, so mostly you are going to be looking at receipts and sheets of paper that Nick placed in a shoebox. It is now May 10; Nick would like your advice in helping his to determine whether he can leave the sporting goods store to run MM full time. In addition to the transactions info in the shoeboxes, Nick informs you that he might apply for a business loan of $25,000 and has been told by his banker that he needs a set of financial statements. The banker told his that the books should be closed as of March 31; that will be the end of business' fiscal year. You have agreed to do the following: a) b) c) d) e) f) g) Journalize the transactions and post the entries to T-accounts. Create an unadjusted trial balance. Prepare the necessary adjusting entries and post them to the T-accts. Create the adjusted trial balance. Prepare the financial statements: Income Statement, Statement of Retained Earnings, Balance Sheet. Close the books by preparing the closing entries and posting to T-accounts. Create the post-closing trial balance. h) Provide a report to Nick summarizing the first three months' operations. Make a recommendation regarding the feasibility of leaving his job at the sporting goods store. Provide advice about the business's ability to repay the loan if he borrows