1. Produce the final accounts for a sole trader business (Horizons Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31^st. using the trial balance that you have produced in problem 2/ task1.

2. Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:

• On the 25^th of November 2021, the business purchased supplies for 10000 cash. On 31^st of December, 2021 the business found out that the supplies still on hand were 5000 only.
• The business has a Equipment with book value of   8000, with annual depreciation rate of 12%.
• On the1st of August the business purchased a one-year insurance policy for 1800. Prepare the adjusting entry on 31^st of December 2021.
• The employees are paid salaries on the 29^th of each month. Prepare the adjusting entry of 5000 of the employees’ salaries that are not yet paid on the 31^st of December, 2021.

3. Use the given adjusted trial balance for Cowell Company, LLC (Table 2) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31^st.

4. Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content.

Account Title	Dr.	Cr.
Cash	€10,700
Accounts Receivable	20,000
Supplies	2000
Prepaid Insurance	15,000
Equipment	35,000
Accumulated depreciation – Equipment		€14,000
Unearned Service Revenue		11,000
Taxes Payable		2000
Accounts payable		600
Salaries payable		9,000
Share Capital		24,000
Retained Earnings		12,000
Dividends	1,500
Service Revenue		30,000
Insurance expenses	1,600
Salaries and wages expense	5,000
Depreciation Expense	7,000
Advertising expense	4000
Rent expense	800
Total	€102,600	€102,600

Account	Debit	Credit	Account classification	Financial statement
Cash	125,960		Assets	Balance sheet
Capital		150,000	Equity	Balance sheet
Equipment	30,000		Assets	Balance sheet
Supplies	3,500		Assets	Balance sheet
A/P		12,750	Liabilities	Balance sheet
Services revenue		25,000	Revenue	Income statement
A/R	7,000		Assets	Balance sheet
Inventory	12,750		Assets	Balance sheet
Sales return	1,000		Revenue	Income statement
Sales discount	540		Revenue	Income statement
Drawings	2,000		Equity	Balance sheet
Unearned. Revenue		6,000	Liabilities	Balance sheet
Rent. Exp	950		Expense	Income statement
Salaries. Exp	2,800		Expense	Income statement
Utilities. Exp	1,250		Expense	Income statement
Prepaid. Insurance	6,000		Assets	Balance sheet
Cost of sales	0		Expense	Income statement
Total	193,750	193,750