Business, 13.04.2022 22:40 anastasiasam8996

You will imagine a newly established SERVICE COMPANY as of Jan 01, 2015. You will start and finish the Accounting Cycle according with the below instructions. You should prepare your Semester Assignment by considering below items to be recorded to the Journal;

During January 2015, record 9 economic events (directed below) to the Journal and post these recorded entries to the related Ledger accounts (:
1 investing some capital (On the 1st of January, some capital from shareholders (1st economic event) is transferred to the company.)
1 getting some loan from a bank (On the 1st of January, some loan from the creditors (banks) with 20% annual interest rate is deposited to the company’s bank account (2nd economic event),
5 deferrals (4 prepaid expenses, 1 unearned revenue),
1 purchasing a vehicle in the beginning of January,
1 purchasing equipment in the beginning of January,

At the end of January, Prepare Trial Balance

Record 8 adjusting entries (5 deferrals for previously recorded entries and, 3 accruals (2 expenses, 1 revenues)) and post these 8 adjusting entries to the related Ledger accounts

Prepare Adjusted Trial Balance
Prepare Income Statement
Prepare Retained Earnings Statement
Prepare Balance Sheet

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You will imagine a newly established SERVICE COMPANY as of Jan 01, 2015. You will start and finish t...

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