Need urgent help =\

• This is for a daycare center 

What assets your company will requireYour investmentRevenueAt least 3 expensesYour capital and withdrawal accountsIf a partnership, research how to set up the capital accounts

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper
• Discuss the internal controls necessary for your business. Consider how the Sarbanes-Oxley Act applies.
• Develop journal entries for the first month. You must have the following, at a minimum:Initial investmentRevenue/sales3 expensesOwner’s withdrawal(s)
• Post these to the ledger.
• Develop a trial balance.

Discuss in your narrative why you chose the particular business and why you decided to set it up as a sole proprietorship or as a partnership.

Discuss the challenges that you will face in ensuring the integrity of your company’s accounting information.

The deliverable for this assignment is one Excel spreadsheet with worksheets for the journal, the ledger, and the trial balance, with the narrative part of the assignment pasted in from Word.

Chart of

Save Time On Research and Writing

Hire a Pro to Write You a 100% Plagiarism-Free Paper.

Get My Paper

Account

s-Phase 4 IP

Account Account

Account

Account

Number Account Name Type

1

0

Asset

Asset

Asset

Asset

Asset

Card Payable

Liability

Liability

s

Equity

Revenue

Expense

Expense

Expense

Expense

Expense

Expense

Expense

Chart of accounts

For Phase 4 IP

Your Company

http://www.netmba.com/accounting/fin/accounts/chart/

This link is to information about Charts of Accounts

Number

Account Name

Type

Accountingcoach.com has an example also.

1

0

Cash

Asset

This is a sample chart of accounts.

1200

Prepaid Insurance

Use the chart you started with in your DB post.

1300

Office Supplies

Make sure you have these types of accounts:

1400

Truck

Assets

1500

Tools

Liabilities

1600

Books

Capital

2100

Credit

Liability

Withdrawal

2200

Bank Loan Payable

Revenue

2300

Salaries Payable

Expense

3100

Joe Smith, Capital

Equity

3200

Joe Smith, Withdrawal

If an account is a liability, use the word “payable”.

4100

Service Revenue

If an account is an expense, use the word “expense”.

5100

Training Expense

5200

Advertising Expense

5300

License Expense

5400

Gasoline Expense

5500

Interest Expense

5600

Insurance Expense

5900

Supplies Expense

http://www.netmba.com/accounting/fin/accounts/chart/

Journal-Phase 4 IP

For Phase 4 IP

Credit

1 Cash

10,000.00

JOURNAL

Page: 1

Date

Description

Post Ref.

Debit

March

10,000.00

This is a sample journal entry, you should overwrite with your own entry.

Owner, Capital

Invested cash in business

Journal Entries should include the following:

Initial investment (owner investing money into the business).

Revenue/sales (service provided to a customer).

At least 3 expenses (think of expenses you will incure to provide your service to customers).

Owner withdrawing money from business.

All of your journal entries must balance, they must have both a debit and a credit.

Ledger-Phase 4 IP

For Phase 4 IP

Debit Credit
Date

Date Amount

10,000.00

Enter Account Name Enter Account #

Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount
Enter Account Name Enter Account #
Debit Credit
Date Amount Date Amount

Enter Account Name

Enter Account #

Enter your account name and account number for each account.

Amount

3/1

Date and dollar amount here is an example, you can overwrite.

After you write your journal entries in the ledger, post your entries to the ledger.

You will need to add account names and account numbers.

There are probably more accounts here then you will need.

You will need to compute the balance for each account.

Trial Balance

-Phase 4 IP

For Phase 4 IP

Trial Balance
Date

Account

Number Account Name Debit Credit

0 0

			Name of Company
Use accounts from your chart of accounts.
The debits and credits should balance.

Narrative-Phase 5 IP

Enter your narrative here. Fill this in for the Phase 5 IP.
The narrative should explain these points:
Why did you choose the service company you did?
Why did you choose either a partnership or sole proprietorship?
Discuss internal controls, why they are important, how will you use controls to ensure the integrity of your company’s accounting information.
Include the narrative in the Excel file.

Income Statement

-Phase 5 IP

Name of Company
Income Statement

Date

Amount

Revenue

0

Account Title Amount

0

0

		For Phase 5 IP
			Account Title
Total Revenue
Expenses
Total Expenses
Net Income

Statement of Equity-Phase 5 IP

Name of Company

For Phase 5 IP

Date

0

0

Statement of Owner’s Equity
Beginning Owner’s Capital	Beginning capital is zero because this is a brand new business.
Plus: Owner Investment
Less: Owner Withdrawal
Plus: Net income	This is Net Income from the Income Statement
Owner’s capital, June 30

Balance Sheet

-Phase 5 IP

Name of Company

Balance Sheet

Date

For Phase 5 IP
Account Title Amount Account Title Amount
Assets Liability
Equity Owner, Capital

– 0

$ – 0

ASSETS	LIABILITIES & EQUITY
Total Liabilities		– 0
Owner’s Capital is same amount as ending
balance of Statement of Equity.
Total Equity
TOTAL ASSETS		$ – 0	TOTAL LIABILITIES AND EQUITY