Part 1: In your group, discuss and select a service type of business that your group would like to set up and start as a real life business. This business would have started on the 19 January, 2019. Type in the space provided below: A brief description about your business - the name of your company, business location and type of business activity (what type of service will be offered by your business) and mention that the starting date of your business will be on 1st January 2019. (5 Marks) Part 2: In your group, complete the list of transactions outlined below to be undertaken by your business in January 2019 with the initial investment made by the owner of the business. 1. Investment in business by ------ (Name of owner) on the 1 January 2019, AED100,000. 2. The company borrowed AED80,000 on the 1" January 2019, from --------------(Name of Bank) on a 10 year note payable. 3. Purchase of a vehicle for cash from on the 19 January 2019 for AED40,000. 4. Purchase of equipment for cash on the 1" January 2019 for AED10,000. 5. Paid AED4,000 to ------ --(Name of insurance company) for insurance on vehicle for one year on the 1" January 2019. 6. Purchase of supplies AED5,000 on credit from ----- --(Name of Supplier) on the 2nd January 2019. 7. Owner withdrew AED6,000 from the business on the 5th January 2019 for personal use. 8. Sold a service on account to --------------(Name of Customer) on the 7th January 2019 for AED18,000. 9. Received cash of AED7,000 from -------- (Name of Customer) on the 10th January 2019 for services to be performed over the next three months. 10. Purchase of supplies for AED 2,000 cash on the 12th January 2019. 11. Cash sale of services on the 15th January 2019, AED8,000. 12. Full payment made of amount owing in transaction 6. above on the 25th January 2019. 13. Received part payment of amount owing in transaction 8. above on the 27th of January 2019 for AED8,000. 14. Payment of lights and water on the 31" January 2019 for AED 3,500. 15. Paid salaries to employees, AED10,000 on the 31 January 2019. Part 3: Record the transactions in the Journal for the month of January 2019. (30 Marks) Date Account Titles Debit Credit Balance (AED) 3,500 10,000 Part 4: Account Code Account Name 160 Owner's Capital 309 Bank Loan 101 Vehicle 310 Equipment 799 Prepaid Insurance 156 Withdrawals 409 Unearned Revenue Balance Account (AED) Code Account Name 100,000 689 Lights & Water 80,000 209 Salaries 40,000 156 Accounts Payable 10,000 167 Supplies 4,000 278 Accounts Receivable 6,000 297 Revenue 7,000 250 Cash 7,000 10,000 26,000 122,500 Use the above account information and balances for your business to prepare the Trial Balance for 31st January 2019. (20 Marks) Debit Credit Part 5: Use the information from your Trial Balance to prepare the Financial Statements for your business for the month ended 31" January 2019. (45 Marks) 1. Income Statement 2. Statement of Changes in Owner's Equity LEEE EE 3. Balance Sheet