I want you to do the project with the item

To start your company, the management team must make a budget for your new Company's Quarter 1, 20X0 operations (three-month accounting period).

To determine how much to budget for each category, you should imagine and research how your business will perform in Quarter 1, 20X0 and the related transactions:

• Determine the interesting and useful product your Company will sell and its selling price.

• Forecast expected Q1, 20x0 units sold and revenue recognized from your product.

• Determine how the product is created, how much it costs to create each unit, and scheduled Q1 20x0 inventory production.

• Forecast the related cost of goods sold for your product.

• Research monthly rent prices in your area for your office space.

• Determine the amount of employees and their monthly wage

• Research any other monthly expenses necessary to sell your product.

• Determine the amount your investors gave you to sell your product.

After a budget is formulated, make a chart of accounts using the following template, grouping expected transactions determined from your research in the appropriate category and giving it a unique number.

Assets(1000-1999)Liabilities(2000-2999)Equity(3000-3999)Revenue(4000-4999)Cost of Goods Sold(5000-5999)Operating Expenses(6000-6999)

After you have finished your budget and chart of accounts, your team will assume that your company has managed to stay within that budget for the first quarter (i.e. your actual expenses equal the amount that you determined in your budget). Your accounting team will now work together to complete the accounting cycle, with assistance from the management team.

Throughout this section, you've been provided templates to keep track of your work. Transfer the information in these templates into spreadsheet and/or accounting software. Incorporating this accounting technology will help you maintain accurate accounting records and perform the steps of the accounting cycle. Remember, you can use spreadsheet software to create the data, manipulate formulas, and format your data. One helpful formula is =SUM(X:X), used to display a sum for a range of cells in a spreadsheet. You enter the first cell in the range (e.g. B2) and then the last cell in the range (e.g. B7) where the Xs are.

Use this template to journalize the transactions.

DateAccountDebitCreditDate of transactionDescription of transaction0Cash, accounts payable, etc.0Date of transactionDescription of transaction0Cash, accounts payable, etc.0

Use this template to post the transactions to the general ledger.

Account Name:DateItem DescriptionDebitCreditBalance

Use this template to make a trial balance.

Company Name

Trial Balance

First Quarter,yearAccount NameDebitCreditCashAccounts receivableAssetAssetAccounts payableEquityRevenueExpenseExpenseExpenseTOTAL

Determine whether you will need to make any adjusting entries based on the outcome of your trial balance. Then, use the information to make a ten-column worksheet. Use this worksheet as a template.

Company Name

First Quarter,DatesTrial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance SheetAccount NameDebitCreditDebitCreditDebitCreditDebitCreditDebitCreditCashAccounts receivableAssetAssetAssetAccounts payableEquityRevenueExpenseExpenseExpenseTOTAL

Prepare the income statement using this template.

Income Statement

First Quarter

RevenuesDescription$0Description$0Description$0ExpensesDescription$0Description$0Description$0TotalNet incomeTOTAL

Use this template to prepare the statement of owner's equity.

Statement of Owner's Equity

First Quarter

Beginning capital$0Investment0Net income0Subtotal$0Withdrawals0Net losses0Owner's Equity$0

Now, prepare the balance sheet using this template.

Balance Sheet

December 31AssetsCash$0Accounts receivable0Other0Other0Total assets$0LiabilitiesAccounts payable$0Salaries payable0Other0Other0Total liabilities$0Owner's equityTotal owner's equity0Total liabilities and equity0

Use this template to journalize and post closing entries.

General Journal

DateAccountsDebitCreditRevenue, expense, summary, or capital0Revenue, expense, summary, or capital0Description of closing entry

Finally, use this template to make your post-closing trial balance.

Closing Trial Balance

Date

Debits

Credits

Cash$0

Accounts receivable0

Asset0Asset

Accounts payable$0

Salaries payable0

Expense0

Expense0

Expense0

Owner's capital_____0$0$0