Hello, please help me with my part in my team assignment (due within 20 hours):

Team B Week 3 Assignment Details and Break Down



Exercise E3-2

On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit would increase substantially.

Instructions:

(a) What is the difference between accrual-basis accounting and cash-basis accounting?=>Nicole

(b) Why would politicians prefer the cash basis over the accrual basis?=>Nicole

(c) Write a letter to your senator explaining why the federal government should adopt the accrual

basis of accounting.=>Patrick



Problem P3-2A



Instructions:

(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31.=>Brian



(b-part 1) Prepare a ledger using the three-column form of account. =>Brian



(b-part 2) Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.)



(c) Prepare an adjusted trial balance on August 31. =>Anita



(d-part 1) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31. Nyeasha



(d-part 2) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31. Nyeasha



(d-part 3) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.

My part is:

(b-part 2) Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.)

(d-part 3) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.