please do a balance sheet, income statement and a tabular summary of transactions. Also, discuss the conceptual framework of accounting according to: definition of accounting, purpose of accounting, difference between bookkeeping and accounting, users of accounting information, accounting assumptions, and accounting principles. Also discuss the major type of adjusting entries in detail.
() / ( Accounting ) (1): Firstly Theoretical Part: Discuss The Conceptual Framework of Accounting according to : -Definition of Accounting. -Purposes of Accounting. -Difference between Bookkeeping and Accounting. -Users of Accounting information. -Accounting Assumptions. -Accounting principles. Secondly Practical Part: on The Following is the Trial balance of Jana Company December31,2019 before preparing the financial statements : Accounts Amounts Debit Credit Cash 91,100 7 ] 23,100 6,900 331,560 638,440 2/26 Cash 91,100 AR 7,800 Building 144,000 Land 180,000 | N/P Capital Drawings 75,000 Revenues Advertising expenses 45,000 Rent expenses 108,000 Maintenance expenses 15,600 Salaries expenses 237,000 Utilities expenses 13,500 Insurance expenses 7,560 Other expenses 75,440 1,000,000 Required: 1 - Prepare Income Statement For 2019. 2- Prepare Balance Sheet. 1,000,000 (): Firstly Theoretical Part: Compare between different types of financial statements according to: Name of statement Purpose of statement and Elements of statement. Secondly Practical Part: The following are business transactions for a Koky company during its month of operation. Transaction (1): On January 1, 2020 Koky Company invests 200,000 cash in the business. Transaction (2): On Jan 5, Koky purchases for 80,000 equipment from Silver Company on credit (on account). Transaction (3): On Jan 8, Koky got a Loan for 60,000 cash. Transaction (4): On Jan 14, Koky Purchase furniture for 20,000 cash. Transaction (5): On Jan 17, Koky receives 40,000 cash from customers for Provide services. Transaction (5): On Jan 17, Koky receives 40,000 cash from customers for Provide services. Transaction (6): On Jan 20, Koky Sold part of the furniture for 16,000, received 8,000 in cash and the rest on the account. Transaction (7): On Jan 22, Koky pays 10,000 wages in cash. Transaction (8): On Jan 25, Koky pays 30,000 to silver company cash. Transaction (9): On Jan 28, Koky receives 4,000 in cash from customers the remaining part of the furniture of the sale price. Transaction (10): On Jan 30, the owner of Koky Company withdraws 12,000 in cash from the business (The Company) for his personal use. Required: 1-Prepare a Tabular summary of the transactions 2-Prepare Income Statement. 3-Prepare Balance Sheet (): Firstly Theoretical Part: Discuss the major Types of Adjusting Entries in details. Secondly Practical Part : The Following is the Trial balance of Joury Company on December 31,2020 before preparing the financial statements : Accounts Amounts Credit Cash AR Notes Receivable Building Equipment AP Capital Debit 200,000 100,000 50,000 400,000 50,000 70,000 500,000
