MIBC has a beginning balance total of RM280,000 in asset, RM 19,000 of liabilities and RM 261,000 of Owner's Equity January1 Invested RM 300,000 in business January 5 Purchased bowling equipments on account for January 7 Hired Employee, to be paid RM 400 per week. January 10 Purchased supplies for cafe inside the bowling center RM100,000. for RM 2000 January 13 ire Receptionist. January 20 Paid RM30,000 for newly constructed bowling lanes. January 22 Receive RM 10,000 on account for partnership. January 24 Gets billed RM 2,500 for electricity January 27 Gets billed by a company that completed the design of the building RM 20,000 Receive 2,000 cash from customers Invest RM 8,000 for different types and styles of January 29 January 30 bowling balls. 1. The observation may involve To observe the types of assets in the company To observe the potential liabilities in the company To observe the sources of revenue in the company To observe the varieties of expenses that might incurred in the company a. b. c. d. 2. Record ALL transactions by complying with 9 steps in the accounting cycle and complete the Financial Statement for the month. (Start with creating and analysing the transactions until preparation of Post-Closing Trial Balance) Nine steps of Accounting cycle: 1. Collect And Analyze Data From Transactions And Events Journalize Transactions Post Ledger Entries Preparation of unadjusted trial balance Prepare adjustment entries Prepare and adjusted trial balance Prepare financial statements Close accounts Post-closing trial balance 2. 3. 4. 5. 6. 7. 8. 9. MIBC has a beginning balance total of RM280,000 in asset, RM 19,000 of liabilities and RM 261,000 of Owner's Equity January1 Invested RM 300,000 in business January 5 Purchased bowling equipments on account for January 7 Hired Employee, to be paid RM 400 per week. January 10 Purchased supplies for cafe inside the bowling center RM100,000. for RM 2000 January 13 ire Receptionist. January 20 Paid RM30,000 for newly constructed bowling lanes. January 22 Receive RM 10,000 on account for partnership. January 24 Gets billed RM 2,500 for electricity January 27 Gets billed by a company that completed the design of the building RM 20,000 Receive 2,000 cash from customers Invest RM 8,000 for different types and styles of January 29 January 30 bowling balls. 1. The observation may involve To observe the types of assets in the company To observe the potential liabilities in the company To observe the sources of revenue in the company To observe the varieties of expenses that might incurred in the company a. b. c. d. 2. Record ALL transactions by complying with 9 steps in the accounting cycle and complete the Financial Statement for the month. (Start with creating and analysing the transactions until preparation of Post-Closing Trial Balance) Nine steps of Accounting cycle: 1. Collect And Analyze Data From Transactions And Events Journalize Transactions Post Ledger Entries Preparation of unadjusted trial balance Prepare adjustment entries Prepare and adjusted trial balance Prepare financial statements Close accounts Post-closing trial balance 2. 3. 4. 5. 6. 7. 8. 9
