ISLAND VIDEO PRODUCTIONS A Sole Proprietorship Service Business College Accounting: A Contemporary Approach edition Haddock Price Farina $($further adapted for use in ACC$100)$ Project $\backslash$#$1$ Outcomes Part II: From chapter $2\backslash$& $31.$ Analyze the effects of a business transaction $($document$)$ on a firm's assets, liabilities and owner's equity. $2.$ Define, Identify, and properly use asset, liability, and owner's equity accounts. From chapter $3\backslash$& $43.$ Record those transaction effects in the general journal. $4.$ Post journal entries to a general ledger account $($T$-$account$)$ and determine the balance. $5.$ Correctly use the chart of accounts for a firm. Related to Essential Employability Skills $6.$ Demonstrate verbal, written and$/$or digital communication skills. $7.$ Demonstrate working with others to complete goals $\backslash$& assignments. $8.$ Demonstrate ability to analyze and address problems; generate and evaluate solutions; and implement the appropriate solution for the use. You are Anthony $\text{'}$s recently hired part$-$time accountant responsible for maintaining the books for Island Video Productions beginning on June $2,$ of the current year $($CY$).$ REQUIRED FOR POINTS $($Total $25$ points$)$: $-$ Record each document in the general journal. There are weeks of documents to be recorded. a$.$ A chart of accounts is included at the end of the documents file and contains the list of accounts required to be used. b$.$ Analyze each document carefully for clues. Read the fine print. $-$ At the end of each week, post the transactions into the General Ledger a$.$ At this time you will only be posting to the T$-$account for CASH. b$.$ Compare your cash balance in the T$-$account to the given cash balance from Danielle each week. Fix any errors before proceeding to the next week c$.$ Include the subtotal at the end of each week in the T$-$account for Cash. $-$ A blank joumal sheet has been included in a separate document along with a T$-$account at the end of the journal sheet. $-$ Look over the resources given and be sure to follow all the information on the document. Use the Chapter slides as a resource. Reach out to your fellow classmates for questions like you would use a peer or mentor in an office setting. Descriptions and details of the documents are not required in the journal. The debit and credit accounts and amounts only are required. $-$ There are a total of $2$ items $(1$ worksheet$)$ that must be submitted to D$2$L for Part II: a$.$ General journal entries for all $5$ weeks. b$.$ T$-$account for cash with all entries posted correctly. An answer document has been created for your use. See the additional link. Share this Google Sheet or download as Excel for your submission. $**$You will be using this Part Il submission document again after grading so plan to make any updates after that process. The transactions that must be recorded use the following documents.... Week $1,$ Source Document $2$ Week $1,$ Source Document $3$ Week $1,$ Source Document $4$ Week $1,$ Source Document $5$ RECEIPT Hilton Head Island Post Office $3341$ Coolidge Avenue Hilton Head Island, SC $29928$ DATE: June $5,20\backslash$times $1$ AMOUNT: I paid cash for athletic department mailings. Please reimburse me and enter in the generaljournal. $-$ AM Issued check $$106$ for $$28\mathrm{.}00.-$ DS THANK YOU Week $1,$ Source Document $9$ ISLAND VIDEO PRODUCTIONS RECEIPT No$.1$ Date: June $5,20\backslash$times $1$ Received from: N$$colas DeCilla Six hundred fift and nor Dollars For: Deposit for videography of DeCilla$/$Botes wedding Received by: Week $1,$ Source Document $10$ ISLAND VIDEO PRODUCTIONS RECEIPT No$.2$ Date: June $5,20$x$1$ Received from: Fagen Art Gallery Three hundred and not $100$ For: Deposit for videography of grand opening of gallery Received by: Anthony Mondo Week $1,$ Source Document $11$ ISLAND VIDEO PRODUCTIONS Memorandum $2433$ Atlantic Ave., Suite $311$ No$.4$ Hilton Head Island, SC $29928$ TO: Accounting clerk FROM: Danielle sloane DATE: June SUBJECT: Cash Balance The checkbook balance is $.$ Please verify this balance with the balance in the Cash general ledger account as of $.***$ This is not a journal entry but is a check figure to see if your cash balance is correct at this time. Be sure your entries are posted in the T$-$account for Cash to use this information.$***$ ISLAND VIDEO PRODUCTIONS CHART OF ACCOUNTS ASSETS LIABILITIES OWNER'S EQUITY Anthony Mondo, Capital $315$ Anthony Mondo, Drawing $399$ Income Summary REVENUE $410$ Sales Income EXPENSES