'r'oject Individual 'r'oject Summgy tbjective: his project is designed to introduce students to set up merchandising business and its 'ansactious. I'-CESS: Iforking individually, you will choose a type of merchandising business and give it a ame. You will then determine the types of assets, liabilities, revenues and expenses that re used in that business. You will then create reasonable transactions for two months for rat business. Your transactions must include at least: I Initial inveshnent in the business {at least 1} I .Purchase of long term assets for cash { at least 2] I Purchase of long term assets on credit {at least 2} I Sales made for cash or credit (at least E} I Sales returns 3: Purchase Returns (at least 1 each} I ?urchases of inventor-jg,T on Cash or on credit {at least E} I Expenses paid by cash or on credit (at least 2 each} I Cash paid to creditors for amounts owing to tirem [at least 2} I Cash received from customers for amounts owing from them (at least 2} I Different adjusting entries {at least 2 depreciation entries and any other adjusting entries that are required for your company} lumpany policies: rou will need to set up at least 3 inventory items, 3 customers and 3 vendors (suppliers) ud use them in the transactions above. rou can set up your own terms and conditions for Credit Sales and Credit purchases