Question number 1

Lime Design Ltd was founded in 1984, scoring as one of the first global architectural firms focused exclusively on interiors. As leaders in intelligent workplace design, Lime Design Ltd helps clients in diverse markets worldwide articulate and align their business strategies and core values with the dynamic use of space. They search for comfort design and are committed in meeting the needs of clients "YES, this house is SO THEM, and it was SO CREATIVE!" Copyright American College of the Middle East. 2018. May 20, 2019 During month of December 2019, the following transactions happened for the company Lime Design Ltd: 1-Dec Shareholders invested $310,000 cash in the business in exchange for shares, 6 Purchased a land costing $54,000 and supplies for $600 on account, 7 Paid in advance for one-year the rent for the studio, $6,000 cash, 12 Received $3,500 cash from customer for services not performed yet, 13 Performed services and billed customer for services performed $4,700, 20 Received half of the amount in cash from the billed customers on December 13th, 24 Paid $27,000 cash for the purchase on account on December 6th, 27 Borrowed $10,000 cash from the bank by signing a note. The note is due in 2030, Copyright @ American College of the Middle East. 2018. May 20, 2019. 28 Purchased equipment costing $4,500 cash, 29 Declared and paid cash dividends to shareholders for $5,500, 30 Paid interest of the month, $500. Requirements: 1) General Excel/ Word structure (5 Points) 2) Record the transactions into the General Journal; (57.5 Points) 3) Record the transactions into the related T-Accounts; (27 Points) 4) Prepare a Trial Balance for Lime Design Ltd for the month of December 2019. (10.5 Points) Bonus Question 1. Identify the basic steps in the recording process (3 points) Define double entry system (2 points)f the Middle East. 2018. May 20, 2019 Copyright "Anterity