Be creative. You are a financial accountant for a small business and have been tasked with preparing a monograph for the company's financial statements. The monograph should include a list of economic events that have occurred over the course of one month, including: 1) receivables, 2) merchandising assets, 3) sales, 4) VAT, 5) prepaid expenses and revenues (these five categories have to be in your monograph as mandatory). Your list should include 15 economic events. For each economic event, you will need to create a general journal entry, post the entry to the general ledger, prepare a trial balance, and ultimately prepare the company's income statement and balance sheet. To complete this assignment, you will need to: 1. Create a list of at least 15 economic events that have occurred over the course of one month. Make sure to include the mandatory economic events mentioned above and any other important events that you can think of. 2. For each economic event, create a general journal entry and post the entry to the general ledger. Make sure you journalize adjusting entries as well. 3. Prepare a trial balance from the general ledger. 4. Prepare an income statement for the company. 5. Prepare a balance sheet for the company. Your monograph should be well-organized and include all relevant financial statements. Make sure to clearly label each statement and explain how you arrived at your final figures. I expect that you will show a deep understanding of the principles of financial accounting and be able to apply those principles to real-world economic events. Your financial statements should be accurate, complete, and reflective of the company's financial position over the course of a month. Don't forget to choose a random name for the company and choose any month of the year to work on. Also this Assignment should be HANSWRITTEN please.
Be creative. You are a financial accountant for a small business and have been tasked with preparing a monograph for the company's financial statements. The monograph should include a list of economic events that have occurred over the course of one month, including: 1) receivables, 2) merchandising assets, 3) sales, 4) VAT, 5) prepaid expenses and revenues (these five categories have to be in your monograph as mandatory). Your list should include 15 economic events. For each economic event, you will need to create a general journal entry, post the entry to the general ledger, prepare a trial balance, and ultimately prepare the company's income statement and balance sheet. To complete this assignment, you will need to: 1. Create a list of at least 15 economic events that have occurred over the course of one month. Make sure to include the mandatory economic events mentioned above and any other important events that you can think of. 2. For each economic event, create a general journal entry and post the entry to the general ledger. Make sure you journalize adjusting entries as well. 3. Prepare a trial balance from the general ledger. 4. Prepare an income statement for the company. 5. Prepare a balance sheet for the company. Your monograph should be well-organized and include all relevant financial statements. Make sure to clearly label each statement and explain how you arrived at your final figures. I expect that you will show a deep understanding of the principles of financial accounting and be able to apply those principles to real-world economic events. Your financial statements should be accurate, complete, and reflective of the company's financial position over the course of a month. Don't forget to choose a random name for the company and choose any month of the year to work on. Also this Assignment should be HANSWRITTEN please.
Chapter9: Responsibility Accounting And Decentralization
Section: Chapter Questions
Problem 3EB: The following information is from Dessert Dynasty. The company runs three stores and the December...
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Transcribed Image Text:Be creative. You are a financial accountant for a small business and have been tasked with preparing a
monograph for the company's financial statements. The monograph should include a list of economic
events that have occurred over the course of one month, including: 1) receivables, 2) merchandising
assets, 3) sales, 4) VAT, 5) prepaid expenses and revenues (these five categories have to be in your
monograph as mandatory). Your list should include 15 economic events. For each economic event, you
will need to create a general journal entry, post the entry to the general ledger, prepare a trial balance,
and ultimately prepare the company's income statement and balance sheet. To complete this
assignment, you will need to: 1. Create a list of at least 15 economic events that have occurred over the
course of one month. Make sure to include the mandatory economic events mentioned above and any
other important events that you can think of. 2. For each economic event, create a general journal entry
and post the entry to the general ledger. Make sure you journalize adjusting entries as well. 3. Prepare a
trial balance from the general ledger. 4. Prepare an income statement for the company. 5. Prepare a
balance sheet for the company. Your monograph should be well-organized and include all relevant
financial statements. Make sure to clearly label each statement and explain how you arrived at your final
figures. I expect that you will show a deep understanding of the principles of financial accounting and be
able to apply those principles to real-world economic events. Your financial statements should be
accurate, complete, and reflective of the company's financial position over the course of a month. Don't
forget to choose a random name for the company and choose any month of the year to work on. Also
this Assignment should be HANSWRITTEN please.
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