Suppose that you are responsible for the accounting in a company specialized in providing Consultation services...

  

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Suppose that you are responsible for the accounting in a company specialized in providing Consultation services named XYZ. This company has a number of 5 employees with different roles and responsibilities: • Employee 1: Salary 1000,000 LBP. • Employee 2: Salary 1200,000 LBP. • Employee 3: Salary 1400,000 LBP. • Employee 4: Salary 1800,000 LBP. • Employee 5: Salary 2000,000 LBP. The company has submitted a project proposal and signed the contract on 1-1-2022 for providing service to the company Key located in Tripoli. The project budget was as follows: ❖ Providing Service "A" Budget: 10000$ (bank rate: 1$=8000 LBP) ❖ Providing Service "B" Budget 20000$ (Fresh Dollar) ❖ Providing Service "C" Budget 20,000,000 LBP P.S: note that Gamma will transfer the budget of Service "A" to the Ice burg bank account in BLOM Bank (currency: Dollar bank rate). Moreover, it will transfer the budget of Service "B" to the Ice burg bank account in Libano-Francaise (currency: Fresh Dollar). Finally, the budget of Service "C" will be paid in cash by Key → Key transferred the budget of Service "A" on 5-5-2022 to the Ice burg bank account → Key transferred the budget of Service "B" on 1-6-2022 to the Ice burg bank account → Key Paid in cash the budget of Service "C" on 8-8-2022 to the Ice burg bank account In order to execute its operation, Ice burg contracted with experts from different domains shown below: 1) Expert 1: Marketing Expert- Contract date: 2-January-2022 (Budget: 1000$ Fresh Dollar) 2) Expert 2: Digital marketing Expert- Contract date: 2-January-2022 (Budget: 1400$ Fresh Dollar) 3) Expert 3: Accounting Expert- Contract date: 2-January-2022 (Budget: 2000$ Fresh Dollar) 4) Expert 4: Sales Expert- Contract date: 2-January-2022 (Budget: 10,000,000 LBP) 5) Expert 5: Office Administration- Contract date: 2-January-2022 (Budget: 4000,000 LBP) Ice Burg paid all its liabilities concerning the experts by cash in 15-5-2022 During the project execution Ice Burg paid several expenses related to its day-to-day operation to note them: - Electricity fees: 1800,000 LBP Paid by cash in 2-2-2022 - Phone fees: 200,000 LBP paid by cash in 5-2-2022 - Internet charges: 200$ Paid by Ice Burg bank Libano-Francaise credit card in 8-5-2022 - Food order for the team: 500,000 LBP paid by cash in 10-5-2022 buying 2 laptops for the teams: 1000$ paid on account to a company named tech laptop in 15-52022 a) Please provide the chart of accounts that you think will be concluded as deliverables from the activities. b) Develop the journal entries correspondent for each transaction taking into consideration the double-entry methodology and the presence of different types of currencies c) Conclude the ledger for the above-mentioned journal entry d) Conclude the trial balance concerning all Ice Burg transactions Suppose that you are responsible for the accounting in a company specialized in providing Consultation services named XYZ. This company has a number of 5 employees with different roles and responsibilities: • Employee 1: Salary 1000,000 LBP. • Employee 2: Salary 1200,000 LBP. • Employee 3: Salary 1400,000 LBP. • Employee 4: Salary 1800,000 LBP. • Employee 5: Salary 2000,000 LBP. The company has submitted a project proposal and signed the contract on 1-1-2022 for providing service to the company Key located in Tripoli. The project budget was as follows: ❖ Providing Service "A" Budget: 10000$ (bank rate: 1$=8000 LBP) ❖ Providing Service "B" Budget 20000$ (Fresh Dollar) ❖ Providing Service "C" Budget 20,000,000 LBP P.S: note that Gamma will transfer the budget of Service "A" to the Ice burg bank account in BLOM Bank (currency: Dollar bank rate). Moreover, it will transfer the budget of Service "B" to the Ice burg bank account in Libano-Francaise (currency: Fresh Dollar). Finally, the budget of Service "C" will be paid in cash by Key → Key transferred the budget of Service "A" on 5-5-2022 to the Ice burg bank account → Key transferred the budget of Service "B" on 1-6-2022 to the Ice burg bank account → Key Paid in cash the budget of Service "C" on 8-8-2022 to the Ice burg bank account In order to execute its operation, Ice burg contracted with experts from different domains shown below: 1) Expert 1: Marketing Expert- Contract date: 2-January-2022 (Budget: 1000$ Fresh Dollar) 2) Expert 2: Digital marketing Expert- Contract date: 2-January-2022 (Budget: 1400$ Fresh Dollar) 3) Expert 3: Accounting Expert- Contract date: 2-January-2022 (Budget: 2000$ Fresh Dollar) 4) Expert 4: Sales Expert- Contract date: 2-January-2022 (Budget: 10,000,000 LBP) 5) Expert 5: Office Administration- Contract date: 2-January-2022 (Budget: 4000,000 LBP) Ice Burg paid all its liabilities concerning the experts by cash in 15-5-2022 During the project execution Ice Burg paid several expenses related to its day-to-day operation to note them: - Electricity fees: 1800,000 LBP Paid by cash in 2-2-2022 - Phone fees: 200,000 LBP paid by cash in 5-2-2022 - Internet charges: 200$ Paid by Ice Burg bank Libano-Francaise credit card in 8-5-2022 - Food order for the team: 500,000 LBP paid by cash in 10-5-2022 buying 2 laptops for the teams: 1000$ paid on account to a company named tech laptop in 15-52022 a) Please provide the chart of accounts that you think will be concluded as deliverables from the activities. b) Develop the journal entries correspondent for each transaction taking into consideration the double-entry methodology and the presence of different types of currencies c) Conclude the ledger for the above-mentioned journal entry d) Conclude the trial balance concerning all Ice Burg transactions

Answer rating: 100% (QA)

A Ans a Chart of Accounts ASSETS Cash Bank Accounts Supplies Prepaid Expenses LIABILITIES Accounts payable EQUITY Owners Equity INCOME Consulting Serv... View the full answer