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You decided to start a merchandising and service business in 2024. You would like to set up your company accounting records. Begin by making a
You decided to start a merchandising and service business in 2024. You would like to set up your company accounting records. Begin by making a copy of the Google Sheet Template. You will use this template to complete the following sections: 1. Introduction Create a unique logo, company name and a paragraph description of the company. If you're unsure of what to include in your description, revisit our unit 1 and see what knowledge you can demonstrate. You can discuss your types of merchandise and services here. 2. Chart of Accounts using your experience at setting up the previous assignment, list at least: a) 2sourcesofrevenueforyourbusiness. b) 10expenseaccountsforyourbusiness c) 10 asset accounts (classified using the headings Current Assets, Fixed Assets), including accumulated depreciation accounts for the fixed assets. d) 4liabilityaccounts(classifiedusingtheheadingsCurrentLiabilities,Long-term Liabilities), including HST Recoverable and HST Payable. e) 1Capitaland1Drawings. 3. Opening Entry - Prepare an opening entry for your assets, liabilities and capital accounts (do not enter balances for revenue, expenses or drawings account). Use January 1, 2024 as the date for the opening entry. Remember to make sure your debits and credits balance - this will ensure that your balances follow the fundamental accounting equation (A = L + OE)
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