I. Introduction You are a Junior Accountant trainee in an accountancy firm which serves a number of clients with different financial needs. At the end of your training period your line manager wants to assess your ability and knowledge in handling some of the main financial accounting issues regarding the process of recording financial transactions and preparing basic final accounts, in order to do so he asked you to conduct some tasks to demonstrate your ability and to reflect the knowledge and skills you have gain during your training period. In this assignment you are required to handle a number of financial accounting problems. Problem 1: Your line manager has provided you with the following information: A Sole Trader business incorporates as Software Programming Company that specialises in providing computer programming services. The business has been established on 1st November, 2020 without having specialised accounting department or system. However, at the end of November the business faces major difficulties and misunderstanding of the process of recording and journalizes the relevant economic transactions that have been done during the first month in an appropriate and standardized way. 1 Instructions In this task you have to use the transactions given at the end in order to: 1) Analyse transactions using double entry bookkeeping appropriately and effectively. Your analysis should show the effects of transactions on the basic accounting equation and the progression toward preparing the trial balance. The analysis should include: a) Which accounts does the transaction affect? (Names of individual accounts?) b) What category does each of these accounts belong to? (Asset, Liability or Owner's Equity, Revenue, Expense or Drawings?) c) Is the value of the individual account going to increase or decrease as a result of the transaction? 2) Journalize the November transactions, by applying the double entry book-keeping system of debits and credits. Problem 2: Your line manager has asked you to use the Journal book that you have produced previously for the Software programming company (in problem 1) in order to: Instructions 1) Open ledger accounts and post the November transactions. 2) Prepare a Trail Balance at Nonember30", applying the use of the balance off rule to complete the ledger 3) Apply trial balance figures to show which statement of financial accounts they will end up in. Problem 3: In this task your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners' equity statement, and balance sheet. Instructions 1) Produce the final accounts for a sole trader business (Software Programming Company) including profit and loss account, owners' equity statement, and balance sheet for the Period ended November 30'h. Using the trial balance that you have produced in problem 2. 2) Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content. TRANSACTIONS 1. Sept 1st.Capital stock was issued for cash, $ 300,000. 2 Sept 2nd purchased trucks by signing a note bearing no interest, $ 210,000. 3. Sept 3rd Earned service revenue on account, $ 4,800. 4. Sept 5th.Paid the note payable for the trucks purchased, $ 210,000. 5. Sept 6.thPaid utilities for the month an amount of $ 1,800. 6. Sept 7th.Paid rent for full year an amount of $ 7,200. 7. Sept 8th.Incurred supplies expenses on account an amount of $ 1,920. 8. Sept. 8th Collected the account receivable resulting from transaction (on sept 3rd ) 9. Sept 9th purchased another premises for cash, $ 48,000. 10. Sept 10th.paid cash for supplies expenses incurred on sept 8th 11. Sept 11h The owner withdrew cash from business to pay his daughters fees $4000 12. Sept12th The business purchased computer hard ware for $50000. 30% payable in cash and 70%payable later 13. Sept13thBusiness paid a cash dividend of $6000 14. Sept 30th received a bill for $800 for advertising for the current month. 15. Sept 30h Retained earnings of the firm were 5000