I need solution to this please.
Gmail ull 3:57 PM 60% Assignment -1,... la ACN 201, ASSIGNMENT-1, SUMMER 2021 Marks: 5. Assignment type: Individual, handwritten: Deadline: 31 July 2021. Saturday@11.59 PM On June 1, 2021, Babor Lotus opened Lotu Repair Service. During the month, the following transactions occurred: June 1 Invested TK. 20,000 cash in the business. 1 Paid the rent for the store for current month, TK. 1,700. 1 Paid the premium on a one-year insurance policy. Tk. 1,920 2 Purchased repair equipment from Bilbao Company, Tk. 16,800. Terms were Tk. 2,400 down and Tk. 1,200 per month for one year. First payment is due July 1. 5 Purchased repair supplies from Rusin Company on credit, TK. 1,872. 8 Paid cash for an advertisement in a local newspaper, Tk. 240. 15 Received cash repair revenue for the first half of the month, Tk. 1,600. 21 Paid Rusin Company on account, Tk. 900. 30 Received cash repair revenue for the last half of June, Tk. 3,900. 30 Made a withdrawal, Tk. 1,200. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, Prepaid insurance, equipment, accounts payable, capital, withdrawal, revenues, expenses. 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on June 30, 2021 and prove the arithmetic accuracy of the accounts. Other data: a) The repair equipment has an estimated useful life of 24 months with zero salvage value. b) The physical count revealed Tk.872 supplies on hand at the end the month c) One month insurance expired. Requirements: 5) Prepare necessary adjusting entries on June 30, 2021. 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended June 30, 2021, an owner's equity statement on June 30, 2021 and a balance sheet on June 30, 2021. 8) Prepare necessary closing entries on June 30, 2021. 9) Prepare a post-closing trial balance on June 30, 2021. Instructions for the assignment: You should solve the assignment on your script, take an image of the answers, convert it into pdf and upload the pdf file on google form. You must prepare a cover page mentioning your name, ID, Course Code, Section; faculty particulars etc. your cover page should appear as the first page of the assignment. You may use 'camscanner' apps to take an image. File size: Maximum 10 MB. Gmail ull 3:57 PM 60% Assignment -1,... la ACN 201, ASSIGNMENT-1, SUMMER 2021 Marks: 5. Assignment type: Individual, handwritten: Deadline: 31 July 2021. Saturday@11.59 PM On June 1, 2021, Babor Lotus opened Lotu Repair Service. During the month, the following transactions occurred: June 1 Invested TK. 20,000 cash in the business. 1 Paid the rent for the store for current month, TK. 1,700. 1 Paid the premium on a one-year insurance policy. Tk. 1,920 2 Purchased repair equipment from Bilbao Company, Tk. 16,800. Terms were Tk. 2,400 down and Tk. 1,200 per month for one year. First payment is due July 1. 5 Purchased repair supplies from Rusin Company on credit, TK. 1,872. 8 Paid cash for an advertisement in a local newspaper, Tk. 240. 15 Received cash repair revenue for the first half of the month, Tk. 1,600. 21 Paid Rusin Company on account, Tk. 900. 30 Received cash repair revenue for the last half of June, Tk. 3,900. 30 Made a withdrawal, Tk. 1,200. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, Prepaid insurance, equipment, accounts payable, capital, withdrawal, revenues, expenses. 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on June 30, 2021 and prove the arithmetic accuracy of the accounts. Other data: a) The repair equipment has an estimated useful life of 24 months with zero salvage value. b) The physical count revealed Tk.872 supplies on hand at the end the month c) One month insurance expired. Requirements: 5) Prepare necessary adjusting entries on June 30, 2021. 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended June 30, 2021, an owner's equity statement on June 30, 2021 and a balance sheet on June 30, 2021. 8) Prepare necessary closing entries on June 30, 2021. 9) Prepare a post-closing trial balance on June 30, 2021. Instructions for the assignment: You should solve the assignment on your script, take an image of the answers, convert it into pdf and upload the pdf file on google form. You must prepare a cover page mentioning your name, ID, Course Code, Section; faculty particulars etc. your cover page should appear as the first page of the assignment. You may use 'camscanner' apps to take an image. File size: Maximum 10 MB
