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Accounting Procedures : Julie Yard's school of Music adopts a manual accounting system and uses the general journal for the recording of individual transactions. These transactions are journalized at the end of the month with the date of each entry being the actual transaction date. After all transactions have been recorded in the general journal, the next step is to post the transactions from the general journal to the general ledger with the posting date being the date when each of these transactions occurred. Accounting Policies : A) Business operations : Julie Yard's School of Music is set up as a sole proprietorship based in Seattle with Diana Taylor as the sole owner. The business derives its main source of revenue from providing music lessons to students. All music lessons are provided by instructors who are employed on a part time basis. Since it took a few days to set up the business, music lessons did not start until the end of the first week. Lessons can be conducted on any day of the week, including weekends. Instructors receive their wages every two weeks, after they have conducted the lessons. Diana handles all of the administrative tasks but she does not receive a salary for her work. Instead, from time to time she makes withdrawals of capital from the business. B) Accounting Cycle : The business adopts a monthly accounting cycle. C) Revenue recognition : The business recognizes revenue when music lessons are provided to customers. Any revenue received in advance is recorded as a liability. D) Sales Tax : Diana has advised you to ignore the effect of sales tax. (Aside: This is an assumption to make the practice set easier for you to complete. In the real world, sales tax cannot be ignored.) E) Prepayments : The business has a policy of recording prepayments, including office supplies, as assets. At the end of the month, adjustments are made to the relevant accounts to recognize the expense incurred during the accounting period. F) Plant, Property, and Equipment : Plant, property, and equipment items are depreciated over their estimated useful life using straight line depreciation method to calculate the depreciation charge. Depreciation is allocated on a monthly basis. G) Long-term Liabilities : The business obtained an interest only loan of $174,000 from MRMC Bank on June 1st, 2020 at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal on the loan is due on June 1, 2024. H) Withdrawals : Withdrawals from the business by Diana Taylor are recorded using the Withdrawals account. 3 nstructions Transactions Chart of Accounts General Journal General ledger Unadjusted Trial Balance incon A B Do not change this Spreadsheet: Do not make any changes to this Spreadsheet other than entering your answers. The format of all accounting records must be kept intact. You should not delete accounts or lines from this Spreadsheet even though those accounts or lines may not have any entries in them. 11 Background : Assume it is currently June 30th, 2020. You are working for the temporary accounting agency known as ABC company. Today you have been asked to work at Julie Yard's School of Music, a new music school that operates in Seattle and is owned by Diana Taylor. Your task here is to complete the accounting cycle for Julie Yard's school of Music for the month of June 2020. To assist you in this task, Diana tells you to read the accounting policies and procedures for the business. Note that you will be required to follow these policies and procedures when completing the accounts for the company. Accounting Policies : A) Business operations : Julie Yard's School of Music is set up as a sole proprietorship based in Seattle with Diana Taylor as the sole owner. The business derives its main source of revenue from providing music lessons to students. All music lessons are provided by instructors who are employed on a part time basis. Since it took a few days to set up the business, music lessons did not start until the end of the first week. Lessons can be conducted on any day of the week, including weekends. Instructors receive their wages every two weeks, after they have conducted the lessons. Diana handles all of the administrative tasks but she does not receive a salary for her work. Instead, from time to time she makes withdrawals of capital from the business. B) Accounting Cycle : The business adopts a monthly accounting cycle. C) Revenue recognition : The business recognizes revenue when music lessons are provided to customers. Any revenue received in advance is 12 recorded as a liability. D) Sales Tax : Diana has advised you to ignore the effect of sales tax. (Aside: This is an assumption to make the practice set easier for you to complete. In the real world, sales tax cannot be lanored.) E) Instructions Transactions Chart of Accounts General Journal General ledger Unadjusted Trial Balance Income Accounting Procedures : Julie Yard's school of Music adopts a manual accounting system and uses the general journal for the recording of individual transactions. These transactions are journalized at the end of the month with the date of each entry being the actual transaction date. After all transactions have been recorded in the general journal, the next step is to post the transactions from the general journal to the general ledger with the posting date being the date when each of these transactions occurred. Accounting Policies : A) Business operations : Julie Yard's School of Music is set up as a sole proprietorship based in Seattle with Diana Taylor as the sole owner. The business derives its main source of revenue from providing music lessons to students. All music lessons are provided by instructors who are employed on a part time basis. Since it took a few days to set up the business, music lessons did not start until the end of the first week. Lessons can be conducted on any day of the week, including weekends. Instructors receive their wages every two weeks, after they have conducted the lessons. Diana handles all of the administrative tasks but she does not receive a salary for her work. Instead, from time to time she makes withdrawals of capital from the business. B) Accounting Cycle : The business adopts a monthly accounting cycle. C) Revenue recognition : The business recognizes revenue when music lessons are provided to customers. Any revenue received in advance is recorded as a liability. D) Sales Tax : Diana has advised you to ignore the effect of sales tax. (Aside: This is an assumption to make the practice set easier for you to complete. In the real world, sales tax cannot be ignored.) E) Prepayments : The business has a policy of recording prepayments, including office supplies, as assets. At the end of the month, adjustments are made to the relevant accounts to recognize the expense incurred during the accounting period. F) Plant, Property, and Equipment : Plant, property, and equipment items are depreciated over their estimated useful life using straight line depreciation method to calculate the depreciation charge. Depreciation is allocated on a monthly basis. G) Long-term Liabilities : The business obtained an interest only loan of $174,000 from MRMC Bank on June 1st, 2020 at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal on the loan is due on June 1, 2024. H) Withdrawals : Withdrawals from the business by Diana Taylor are recorded using the Withdrawals account. 3 nstructions Transactions Chart of Accounts General Journal General ledger Unadjusted Trial Balance incon A B Do not change this Spreadsheet: Do not make any changes to this Spreadsheet other than entering your answers. The format of all accounting records must be kept intact. You should not delete accounts or lines from this Spreadsheet even though those accounts or lines may not have any entries in them. 11 Background : Assume it is currently June 30th, 2020. You are working for the temporary accounting agency known as ABC company. Today you have been asked to work at Julie Yard's School of Music, a new music school that operates in Seattle and is owned by Diana Taylor. Your task here is to complete the accounting cycle for Julie Yard's school of Music for the month of June 2020. To assist you in this task, Diana tells you to read the accounting policies and procedures for the business. Note that you will be required to follow these policies and procedures when completing the accounts for the company. Accounting Policies : A) Business operations : Julie Yard's School of Music is set up as a sole proprietorship based in Seattle with Diana Taylor as the sole owner. The business derives its main source of revenue from providing music lessons to students. All music lessons are provided by instructors who are employed on a part time basis. Since it took a few days to set up the business, music lessons did not start until the end of the first week. Lessons can be conducted on any day of the week, including weekends. Instructors receive their wages every two weeks, after they have conducted the lessons. Diana handles all of the administrative tasks but she does not receive a salary for her work. Instead, from time to time she makes withdrawals of capital from the business. B) Accounting Cycle : The business adopts a monthly accounting cycle. C) Revenue recognition : The business recognizes revenue when music lessons are provided to customers. Any revenue received in advance is 12 recorded as a liability. D) Sales Tax : Diana has advised you to ignore the effect of sales tax. (Aside: This is an assumption to make the practice set easier for you to complete. In the real world, sales tax cannot be lanored.) E) Instructions Transactions Chart of Accounts General Journal General ledger Unadjusted Trial Balance Income