Solve The 6 Assignments

FIRST ASSIGNMENT (1)

Step 1 Analyze Business Transactions (Accounting Cycle)

Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020:

You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation!

SECOUND ASSIGNMENT (2)

Step 7 Accounting Cycle Prepare Financial Statements

You are requested using the information of Step 1 to prepare the financial statements of your chosen business for the month of August 2020.

THIRD ASSIGNMENT (3)

Step 2 Accounting Cycle Journalize Business Transactions

You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!

FOURTH ASSIGNMENT (4)

Step 3 Accounting Cycle Post Business Transactions

Based on the work in step 2 of the accounting cycle [Journalize the transactions], You are requested to Post the assumed transactions for your chosen business during the month of August 2020!

FIFTH ASSIGNMENT (5)

Step 4 Accounting Cycle Prepare Trial Balance

Based on the work in step 3 of the accounting cycle [Post Business Transactions], You are requested to prepare the trial balance for your chosen business during the month of August 2020!

SIXTH ASSIGNMENT (6)

Step 7 Accounting Cycle Prepare Financial Statements

Based on the work in step 4 of the accounting cycle [Prepare Trial Balance], You are requested to prepare the financial statements for your chosen business during the month of August 2020!

Important Notes: -

* All steps and 6 Assignments are related to each other

* Business suggested: Car showroom

* I need it in a word format ... not PNG picture please so I can copy and paste the numbers and Table

* Solution method like pictures please

Assets = Liabilities + Accounts + Receivable + Accounts Payable Equity Retained Earnings Rev. Exp. Div. Supplies + Equipment Share + Capital + + 15,000 = Issued Shares +7,000 Trans- action Cash (1) +15,000 (2) -7,000 (3) +1.200 (5) (6) +1,500 (7) -1,700 +1,600 +1,600 +1,200 +250 -250 +2,000 +3,500 Service Revenue Adver. Expense Service Revenue Rent Expense Sal./Wages Exp. Utilities Expense -600 _900 -200 -250 (8) (9) (10) -250 +600 -1,300 -600 1,300 Dividends 1,300 8,050 + 1,400 + 1,600 + 7,000 1,600 + 15,000 + 4,700 1,950 18,050 18,050 4,700 Softbyte SA Income Statement For the Month Ended September 30, 2020 Revenues Service revenue Expenses Salaries and wages expense 900 Rent expense 600 Advertising expense 250 Utilities expense 200 Total expenses Net income 1.950 2,750 0 2,750 2.750 1,300 1,450 7,000 1,600 1.400 8,050 18,050 Softbyte SA Retained Earnings Statement For the Month Ended September 30, 2020 Retained earnings, September 1 Add: Net income Less: Dividends Retained earnings, September 30 Softbyte SA Statement of Financial Position September 30, 2020 Assets Equipment Supplies Accounts receivable Cash Total assets Equity and Liabilities Equity Share capital-ordinary 15,000 Retained earnings 1,450 Liabilities Accounts payable Total equity and liabilities Softbyte SA Statement of Cash Flows For the Month Ended September 30, 2020 Cash flows from operating activities Cash receipts from revenues Cash payments for expenses Net cash provided by operating activities Cash flows from investing activities Purchase of equipment Cash flows from financing activities Sale of ordinary shares 15.000 Payment of cash dividends (1.300) Net increase in cash Cash at the beginning of the period Cash at the end of the period 16,450 1,600 18,050 3 3,300 (1.950) 1,350 (7.000) 13,700 8,050 0 8,050 Yazici Advertising A.. Trial Balance October 31, 2020 Credit Debit 15,200 2,500 600 5,000 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Share CapitalOrdinary Dividends Service Revenue Salaries and Wages Expense Rent Expense t 5,000 2,500 1,200 10,000 500 10,000 4,000 900 28,700 t28,700 GENERAL LEDGER Cash No. 101 No. 201 Accounts Payable Explanation Ref. Debit Date Explanation Ref. Debit Credit Balance Date Credit Balance 2020 Oct. 5 2,500 2,500 10,000 1,200 2020 Oct. 1 2 3 4. 20 26 31 J1 J1 J1 J1 No. 209 900 600 10,000 11.200 10,300 9,700 9,200 5,200 15,200 Unearned Service Revenue Explanation Ref. Debit Credit Balance 500 Date 2020 Oct. 2 4,000 11 1,200 1,200 J1 10,000 Supplies Ref. Debit Share CapitalOrdinary Explanation Ref. Debit Credit No. 126 Balance Date No. 311 Balance Explanation Credit 2020 Date 2020 Oct. 5 Oct. 1 11 10,000 10,000 J1 2,500 2,500 Dividends Ref. Debit No. 130 Balance Prepaid Insurance Explanation Debit No. 332 Balance Date Explanation Credit Date Ref. Credit 2020 2020 Oct. 20 J1 500 500 Oct. 4 J1 600 600 No. 400 Equipment Ref. Debit No. 157 Balance Service Revenue Explanation Ref. Debit Date Credit Balance Date Explanation Credit 2020 Oct. 31 11 10,000 2020 Oct. 1 10,000 5,000 No. 726 J1 5,000 Notes Payable Explanation Ref. Debit No. 200 Salaries and Wages Expense Explanation Ref. Debit Credit Balance Date Credit Balance Date 2020 Oct. 26 2020 Oct. 1 J1 4,000 4,000 J1 5,000 5,000 No. 729 Rent Expense Explanation Ref. Debit Date Credit Balance 2020 Oct. 3 J1 900 900 GENERAL JOURNAL PAGE J1 Account Titles and Explanation Ref. Debit Credit Date 2020 Oct. 1 10,000 101 311 10,000 1 5,000 157 200 5,000 2 1,200 101 209 1,200 3 900 729 101 900 4 600 Cash Share CapitalOrdinary (Issued shares for cash) Equipment Notes Payable (Issued 3-month, 12% note for office equipment) Cash Unearned Service Revenue (Received cash from R. Knox for future services) Rent Expense Cash (Paid October rent) Prepaid Insurance Cash (Paid one-year policy; effective date October 1) Supplies Accounts Payable (Purchased supplies on account from Aero Supply) Dividends Cash (Declared and paid a cash dividend) Salaries and Wages Expense Cash (Paid salaries to date) Cash Service Revenue (Received cash for services performed) 130 101 600 5 126 201 2,500 2,500 20 500 332 101 500 26 4,000 726 101 4,000 31 10,000 101 400 10,000