The above unadjusted trial balance has been prepared based on double entry system. Explain the

concept of double$-$entry principle and its importance in maintaining the accounting equation in

accounting information system. Provide two examples of transactions to demonstrate its app. wation.

Accounting is a cycle, describe the steps involved in the accounting cycle, from recording transactions to

preparing financial statements. Also explain the importance of ethical considerations of these steps in

accounting information system.

Explain the importance of adjustments in the preparation of financial statements. Also write the

implications of not making the necessary adjustments.

Prepare a worksheet with adjustments $($based on the additional information provided above$)$ and

adjusted trial balance columns $($ignore general journal and general ledgers$)$ of ALOMOH Ltd for the year

ended $30$ June $2023.$ Write each adjusting entry by the letter $($a$-$f$)$ corresponding to the data given.

Prepare the following financial statements for ALOMOH Ltd based on the financial data you have

generated in $4$ above:

i$.$ Income Statement

ii$.$ Balance Sheet

Discuss how each statement contributes to the understanding of financial performance and position of

the company. Explain the relationship between income statement and balance sheet

Calculate the following ratios based on your prepared financial statements of ALOMOH Ltd:

i$.$ Current ratio

ii$.$ Acid$-$test ratio

iii. Debt ratio

iv$.$ Gross profit ratio

The top management wants to know how the ratios calculated above affect the company; ALOMOH Ltd$.$

liquidity and profitability of ALOMOH Ltd$.$ ALOMOH LTD

Unadjusted Trial Balance

As at $30$ June $2023$

From the second image can you please do calculations for question number $4,5,6,7,8.$ Additional information for the adjusting entries:

a$.$ Supplies on hand at the year$-$end $$200$

b$.$ Depreciation on furniture $$1,500$

c$.$ Depreciation on building $$500$

d$.$ Salaries owed but not yet paid $$250$

e$.$ Accrued service revenue $$650$

f$.$ By $30$ June $2023,$$$2000$ of the unearned service revenue was earned