RECORDING PROCESS AND PREPARATION OF FINANCIAL STATEMENTS.

$1.$ You are required to form a small business

$2.$ Explain the name and nature of the business, location, mission and objectives of the company.

Assume the business started on $1$ January $2024.(5$m$)$

$3.$ List down the transactions incurred during the first month of operation. The transactions should

cover relationship between the following accounting elements.

a$)$ Asset and Equity $-1$ transaction

b$)$ Asset and Asset $-1$ transaction

c$)$ Asset and Liability $-1$ transaction

d$)$ Asset and Owner$$s Equity $($Revenue$)-3$ transactions

e$)$ Asset and Owner$$s Equity $($Expense$)-2$ transactions

f$)$ Liability and Owner$$s Equity $($Expense$)-1$ transaction

g$)$ Asset and Owner$$s Equity $($Withdrawal$)-1$ transaction $(10$m$)$

$4.$ Based on requirement in $(3),$ prepare:

$($i$)$ journal entry for each of the transaction $($Please include the transaction on $1$ January

$2023-$ first investment$)(10$m$)$

$($ii$)$ post the transaction to the t$-$accounts and balance off accounts $(15$m$)$

$($iii$)$ trial balance as at $31$st January $2023.(5$m$)$

$($iv$)$ at least TWO $(2)$ adjustment to the account $(5$m$)$

$($v$)$ financial statement for the month of January $2023(10$m$)$

END OF QUESTION