Please help
1] Record journal entries for all "recordable events" Use the excel template provided. Record all of the journal entries (Use correct dates and descriptions for each journal entry). See the rubric for expectations 2] Create T-accounts and enter the appropriate amounts (with appropriate debits/credits) Post your T-accounts on the next tab of the excel spreadsheet sheet. Include correct account headers and amounts (see the rubric for expectations). Note: (Refer to your textbook Chapter 2 (pages 81-82) for an understanding of how to record journal entries and post to T-accounts January 1st,2022 : - Create a small merchandising company and give your company a name - Examples of merchandising companies include shoe store, clothing store, jewelry store, pet store, restaurant, etc. - Try to think of a unique company that sells a specialty product - Start to raise money for your company by selling stocks to each of your owners (who are also your shareholders) - Raise additional funds by making a loan from the bank (Terms: 5-year loan at 6% annual interest rate) - Sign a lease, on a building, to manufacture your product (5-year lease). - Sign a 1-year advertising contract (for monthly T.V. ads) - Hire five workers to work in your retail business ( $20 hourly wage) - Make a contract with a cleaning company to clean the premises on a weekly basis (note: you must negotiate and then set your weekly contract cleaning fee) - Post all of the recordable entries to T-accounts January 2nd - Purchase furniture \& equipment for your company by paying cash - Purchase an office computer and printer for your company by paying cash - Purchase office supplies by paying cash - Pay one year (twelve month's) lease rental in advance - Pay six month's advertising in advance - Post all of the above entries to T-accounts - Purchase sufficient inventory, on credit, to stock your business (for the first time). January 7th - Record week-1 cash sales to customers (set your cost of goods sold to be 50% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-1 and pay the bill with cash - Post the above entries to T-accounts January 14th - Record week-2 cash sales to customers (set your cost of goods sold to be 50% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-2 and pay the bill with cash - Post the above entries to T-accounts January 15th - Pay wages to your workers (for two weeks of work) - Purchase additional inventory, on credit, to replenish your stock (that is running low) - Post the above entries to T-accounts January 21st - Record week-3 cash sales to customers (set your cost of goods sold to be 50\% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-3 and pay the bill with cash - Send some documents to a supplier via FedEx and pay the bill with cash - Post the above entries to T-accounts January 28th - Record week-4 cash sales to customers (set your cost of goods sold to be 50% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-4 and pay the bill with cash - Pay your workers for two-weeks work - Purchase additional inventory, on credit, to replenish your stock (that is running low) - Post the above entries to T-accounts January 30th - Receive the electric utility bill for January and pay with a check - Receive the water bill for January and pay with a check - Receive the property insurance bill for January and pay with a check - Receive the garbage collection bill for January and pay with a check - Make payment for the inventory that was purchased, on credit, on January 2nd - Post all journal entry to T-accounts 1] Record journal entries for all "recordable events" Use the excel template provided. Record all of the journal entries (Use correct dates and descriptions for each journal entry). See the rubric for expectations 2] Create T-accounts and enter the appropriate amounts (with appropriate debits/credits) Post your T-accounts on the next tab of the excel spreadsheet sheet. Include correct account headers and amounts (see the rubric for expectations). Note: (Refer to your textbook Chapter 2 (pages 81-82) for an understanding of how to record journal entries and post to T-accounts January 1st,2022 : - Create a small merchandising company and give your company a name - Examples of merchandising companies include shoe store, clothing store, jewelry store, pet store, restaurant, etc. - Try to think of a unique company that sells a specialty product - Start to raise money for your company by selling stocks to each of your owners (who are also your shareholders) - Raise additional funds by making a loan from the bank (Terms: 5-year loan at 6% annual interest rate) - Sign a lease, on a building, to manufacture your product (5-year lease). - Sign a 1-year advertising contract (for monthly T.V. ads) - Hire five workers to work in your retail business ( $20 hourly wage) - Make a contract with a cleaning company to clean the premises on a weekly basis (note: you must negotiate and then set your weekly contract cleaning fee) - Post all of the recordable entries to T-accounts January 2nd - Purchase furniture \& equipment for your company by paying cash - Purchase an office computer and printer for your company by paying cash - Purchase office supplies by paying cash - Pay one year (twelve month's) lease rental in advance - Pay six month's advertising in advance - Post all of the above entries to T-accounts - Purchase sufficient inventory, on credit, to stock your business (for the first time). January 7th - Record week-1 cash sales to customers (set your cost of goods sold to be 50% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-1 and pay the bill with cash - Post the above entries to T-accounts January 14th - Record week-2 cash sales to customers (set your cost of goods sold to be 50% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-2 and pay the bill with cash - Post the above entries to T-accounts January 15th - Pay wages to your workers (for two weeks of work) - Purchase additional inventory, on credit, to replenish your stock (that is running low) - Post the above entries to T-accounts January 21st - Record week-3 cash sales to customers (set your cost of goods sold to be 50\% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-3 and pay the bill with cash - Send some documents to a supplier via FedEx and pay the bill with cash - Post the above entries to T-accounts January 28th - Record week-4 cash sales to customers (set your cost of goods sold to be 50% of your selling price). Note: Make only one sale entry to keep it simple (this should be a four-line journal) - Receive cleaning invoice for week-4 and pay the bill with cash - Pay your workers for two-weeks work - Purchase additional inventory, on credit, to replenish your stock (that is running low) - Post the above entries to T-accounts January 30th - Receive the electric utility bill for January and pay with a check - Receive the water bill for January and pay with a check - Receive the property insurance bill for January and pay with a check - Receive the garbage collection bill for January and pay with a check - Make payment for the inventory that was purchased, on credit, on January 2nd - Post all journal entry to T-accounts
