Question

This is an Calculation Assignment not Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in August 2020 Transaction then Analyze it by shown the impact of these transaction on the accounting, then implement the Accounting Cycle ( 9 Steps with the Calculation ) on these transaction. Assume your own Transaction Given and Cover all The business Cycle Transaction Structure for these Transactions. Cover the 9 steps in Business Cycle. You need to Assume Transactions from your own so you can do the 9 steps of Business Cycle in TABLES

Assignment (1) 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! After that implement the remain steps of the accounting cycle on the transactions of the chosen business.

Answer 1

Book1 - Excel A Nila Rejesh File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut Ie> Auto Sum και Calibri - 11 Å ab Wrap Text General Bad Good Neutral Calculation Еe Copy Fill - Paste Normal Conditional Format as Check Cell Formatting Table Explanatory... Hyperlink Input Linked Cell Insert Delete Format Clear Sort & Find & Filter - Select Editing W х Cells Styles N 1 K L M O Р Q R S T U V Y BIU- D-A- Merge & Center - 0% Format Painter 8 08 Clipboard Font Alignment Number А B C D E F H 2 Sale of goods on account amounting $2000 3 Change in accounting equation 4 Assets Liabilities Equity 5 Receivables increase No Effect Net Income increase therefore Equity increase 6 7 Steps 8 1 Sale of goods will increase income. Goods are sold on account, therefore accounts receivable will increase 9 2 Journal Entry Dr Cr 10 Accounts Receivable 2000 11 To Sales 2000 12 (Being sale of goods on account) 13 3 14 Sales 15 Particulars Amount Particulars Amount 16 To Balance 2000 By Accouts receivable 2000 17 Total 2000 Total 2000 18 19 20 O Particulars To Sales Total Accounts receivable Amount Particulars 2000 By Balance 2000 Total Amount 2000 2000 21 22 23 24 25 26 27 4 Trial Balance Dr Cr 2000 Particulars Sales Accounts receivable Total 2000 2000 28 2000 29 5 Adjusting entries 30 31 32 Transactions Provision for doubtful debt @4% on accounts receivable 33 34 35 36 37 Adjusting entry Dr Cr Bad debt 80 To Provision for doubtful debt (Being provision @4% o accounts receivable) 80 38 39 40 41 42 Sheet1 Sheet2 Sheet3 + Ready @ + 100% Type here to search g > 8 Š g AO ENG 21:16 22-09-2020

Book1 - Excel A Nila Rejesh File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do & Share & Cut Ie> Auto Sum και Calibri 11 AA ab Wrap Text General Bad Good Neutral Calculation Еe Copy Fill - Paste В І U- >>-A- Normal Conditional Format as Check Cell Formatting Table Merge & Center - D% 8 08 Explanatory... Hyperlink Format Painter Input Linked Cell Insert Delete Format Clear Sort & Find & Filter - Select Editing W х Clipboard Font Alignment Number Cells Styles N А B D E F H 1 K L M O Р Q R S T U V Y 44 45 Dr Cr 46 2000 47 6 Adjusted Trial Balance Particulars Sales Accounts receivable Provision for Doubtful debt Bad debt Total 2000 48 80 49 80 2080 50 2080 51 52 53 7 Income statement Sales 2000 54 55 2000 Total income Expenses 56 57 58 Bad debt 80 59 60 Net Income 1920 61 62 Balance Sheet 63 Dr Cr Assets Non current Assets Liabilities Non current liabilities 64 65 66 Current Assets Accounts receivable Current liabilities 2000 Provision for doubtful debt 67 80 68 69 70 Equity Retained earnings 2000 Total 1920 2000 71 Total 72 73 Cr 74 1920 8 Post closing entries Dr Net Income To Retained earnings (Being closure of net income 75 1920 76 77 78 79 Dr Cr 2000 80 9 Post closing trial balance Particulars Accounts receivable Provision for Doubtful debt Retained earnings Total 81 82 80 1920 2000 83 2000 94 Sheet1 Sheet2 Sheet3 + Ready @ + 100% Type here to search g > . 8 g AO ENG 21:16 22-09-2020
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