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Want to ask a financial accounting question

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want to ask a financial accounting question
Submitted: 2 years ago.Category: Single Problem
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Customer reply replied 2 years ago
Accounting ProjectPart 1
Business Background, Chart of Accounts and Transactions.
Name Any company then write a business letter. Include the following items:
a. a. A description of your business, including the location and what types of services you provide.
b. b. A list of the asset, liability, equity, revenue and expense accounts you believe your business will use in its accounting.Develop 12 transactions that occur during the first month of your business operations using the guidelines below. Write descriptions (sentences) of the transactions in the Word document. Include all of the relevant information like the enterprises involved, dates and amounts. Use realistic numbers so that your financial statements will eventually make sense.
1. 1.
a. a. Record a stock issuance as your first transaction.
b. b. Record transactions involving at least three assets other than cash. Include the purchase of a depreciable asset and a prepayment.
c. c. Record at least two transactions involving the liabilities accounts payable and notes payable. (These can be combined with the asset transactions above or the expense transactions below.)
d. d. Record two revenue transactions. One of the transactions should include accounts receivable. (Unearned revenue doesn’t count.)
e. e. Record at least four expense transactions, each using a different expense.
f. f. Record a dividend payment.Part 2
Journal Entries and Posting.
Journalize all of the transactions you wrote in chronological order. Use the Word template developed for this project and provided in Blackboard. (If you know how to use Excel, you may use that instead. I will also post Excel templates) Include a description of each transaction, and skip a line between transactions.Post all of your journal entries to ledger t-accounts. Write and label the ending balance if there is more than one transaction in an account.Part 3
Posting, Trial Balance and Adjustments (25 points)
Prepare a trial balance with the totals from your t-account ledger. (Be sure your accounts are in the proper order)
1. 1. Journalize four adjusting entries at the end of the month, including descriptions. Be sure to record depreciation and usage or expiration of the prepaid expense you recorded. Use the same journal you used in part 2, but write these entries in red to distinguish them from the regular transactions.
2. 2. Post the adjusting entries to your ledger. Use red for the amounts to distinguish these from the regular transactions. Write and label ending balances for accounts with more than one transaction.
3. 3. Prepare an adjusted trial balance.Part 4
Financial Statements and Closing Entries.1. 1. Prepare an income statement, statement of retained earnings and classified balance sheet for the month. (Format counts – be sure items are ordered correctly and dates and headings are correct as well as dollar signs, etc.).
2. 2. Journalize closing entries. Use your previous journal, then post the entries to the ledger accounts. Use blue for your closing entries to distinguish them from your other entries. Note that your temporary accounts should all have zero balances! Hand in your journal with all of the entries.
3. 3. Prepare a post-closing trial balance using the new balances in the accounts.
Customer reply replied 2 years ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Help via Email or Text Message. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer reply replied 2 years ago
Hello
Answered in 1 hour by:
9/25/2015
Business Tutor: F. Naz, B.Com replied 2 years ago
F. Naz
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 5,378
Experience: Have completed B.Com and CA Finalist
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Hello

Please mention the deadline and also tell that the company name will be provided by you? or it could be any fictitious company, thanks

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Customer reply replied 2 years ago
The deadline is Monday september 28, 2015; at 5pm...I just want any small business company...examples like dales shops, phone store, coffee shop, pizza shop etc. etc..Thanks.
Business Tutor: F. Naz, B.Com replied 2 years ago

Will you provide any sort of template?

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Customer reply replied 2 years ago
Just on word ducument
Customer reply replied 2 years ago
Please have in mind the due date. Thank you...
Business Tutor: F. Naz, B.Com replied 2 years ago

Okay, I am sending you the offer please accept it so the answer can be delivered to you in the deadline, thanks.

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Customer reply replied 2 years ago
okay
Customer reply replied 2 years ago
Amount is too much, Cant afford that please. Just answer have just taken $30 from my account.....
Customer reply replied 2 years ago
Please let do it for $80. will have a balance of $55 to pay.
Customer reply replied 2 years ago
Hello....
Customer reply replied 2 years ago
Are you there?
Business Tutor: F. Naz, B.Com replied 2 years ago

Sorry for the late reply, I can do it for you if you can add the balance of $85 as bonus at the time of accepting or rating the answer, thanks.

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Customer reply replied 2 years ago
Lets keep the balance @ $80. Please!
Business Tutor: F. Naz, B.Com replied 2 years ago

Okay,

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Customer reply replied 2 years ago
Thank You. We have a deal.
Business Tutor: F. Naz, B.Com replied 2 years ago

I will provide you the answer in excel , okay?

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Business Tutor: F. Naz, B.Com replied 2 years ago

You are always Welcome !

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Customer reply replied 2 years ago
You cant do it in words?
Business Tutor: F. Naz, B.Com replied 2 years ago

I can, but it is a sort of calculation so it will be more good to provide the answer in excel, thanks.

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Customer reply replied 2 years ago
Its ok , I will play with it when i get it. Thanks
Business Tutor: F. Naz, B.Com replied 2 years ago

Okay, thanks.

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Customer reply replied 2 years ago
Will be waiting.
Business Tutor: F. Naz, B.Com replied 2 years ago

Okay

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Business Tutor: F. Naz, B.Com replied 2 years ago

http://www.mediafire.com/view/q7u7ii9ni9u4gxk/Excellent_Phone.doc

http://www.mediafire.com/view/hz6cc2nep4fcgo8/Excellent_Phone_Part_2.xls

Your both parts are at above link. Please rate the answer and add the agreed amount as bonus, thanks.

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Customer reply replied 2 years ago
Hello Mr. F. Naz, I'm so sorry I wasn't able to get back to you. I travel on a family emergency. I have read through the financial statements. I have a problem with it. Please re-read the instructions carefully before making the changes. These are what i pick up....
1 CS Issue x
2 Prepaid Asset x
3 Depreciable Asset x
4 Another Asset
5 A/P x
6 Note Payable x
7 Revenue
8 Revenue + A/R
9 Expense 1 x rent
10 Expense 2 x utilities
11 Expense 3 x salaries
12 Expense 4 x insurance
13 Dividend xPlease make these changes:This is a merchandising business, not a service business. The accounting for inventory is too complicated for this F. Statement.Omit the January 7 and 15 and 29 transactions. Replace them with transactions describing revenue earned from services.You need another asset purchase (to replace the inventory transaction you must omit).
Customer reply replied 2 years ago
It suppose to be service business Financial statement not Merchandising business.
Business Tutor: F. Naz, B.Com replied 2 years ago

Okay will do it in next 48 hours, please rate the answer and add the bonus as agreed so I get credit for my efforts, thanks.

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F. Naz
F. Naz
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