Part ONE BAF3M- Grade 11 Accounting This is an individual project Accounting for your own service business - COMMUNICATION / APPLICATION You have just decided to open a small service business to help you save up for your post-secondary education. The accounting knowledge that you have obtained from the Grade 11 Fundamentals of Financial Accounting course will be adequate for you to keep your book. Required: Choose a type of service business that you will be interested in starting Example: tutoring, lawnmowing, Swimming instructor, Walking dog, landscaping, etc. Create 10 transactions for your business. Your transactions should include the following the initial investment of the business a business loan from the bank or parent(s) a purchase of a long-term asset on account or cash a purchase of a short-term asset with cash or on account ( if part c is on account then it is in cash vice versa) Service performed with cash and also one for on credit the expense(s) for the business a loan payment with interest for a month ( Show calculation for the interest) a withdrawal for personal use. A receipt from customer(s) Provide the journal entries for the transactions that you described.

Answer rating: 100% (QA)

Sure lets create 10 transactions for your service business a tutoring service in this case 1 Initial ... View the full answer