Instructions: 1. This is a group assignment (2 students in a group) 2. Assignment should be in type written.(Advisable to use Excel Format) 3. Upload in the Infraplus 4. Deadline: 4th Jan 2021 TOPIC 1: ACCOUNTING AND THE BUSINESS ENVIRONMENT. Have you ever dreamed of running of your own business? If so, where would you begin? How much money would you need? What type of business you plan to form? Or maybe, you would like to be an investor. There are a lot of decisions to make. And you don't have to be an accountant to make a good decision, but understanding accounting can assist you to answer these questions. Required: 1. You are required to form a small service business (e.g printing, labeling, laundry, cleaning services etc.) 2. Explain the name and nature of the business, location, mission and objectives of the company. Assume the business started on 1 January 2019. (5m) 3. List down the transactions incurred during the first month of operation. The transactions should cover relationship between the following accounting elements. a) Asset and Equity - 1 transaction b) Asset and Asset - 1 transaction c) Asset and Liability - 1 transaction d) Asset and Owner's Equity (Revenue) - 3 transactions e) Asset and Owner's Equity (Expense) - 2 transactions f) Liability and Owner's Equity (Expense) -1 transaction g) Asset and Owner's Equity (Withdrawal) -1 transaction (10m) 1