Answer Happy

Case Analysis Accounting cycle is what should be performed in step by step for every period of time of the business entity life. This cycle is starting by recognition and measurement of transactions and ending by reporting the financial statements. What is between recognition, measurement and reporting is named bookkeeping. Bookkeeping is the double entry work using general journal and general ledger Required Using the below common list of general ledger accounts: : (You are free to use what you need based on your case) Account Name Account Type Cash Asset Supplies Asset Accounts receivable Asset Prepaid rent Asset Prepaid insurance Asset Equipment Asset Buildings Asset Machines Asset Furniture Asset Trucks Asset Accounts payable Liability Unearned revenues Liability Bank loan Liability Hamdan' Capital Equity Service revenue Revenues Salary expense expenses Rent expense expenses Insurance expense expenses Advertising expense expenses Utility expense expenses Stationary expense expenses Interest expense expenses Maintenance expense expenses Transportation expense expenses Depreciation expense Expense Supplies expense Expense
Prepare the accounting cycle for the following case 1- Record all transactions in general journal form 2- Post all transactions to general ledger accounts. 3- Prepare a trial balance in good format. 4- Prepare an income statement in good format. 5- Prepare a statement of owner's equity in good format 6- Prepare a balance sheet in good format Case description (Expressions): Hamdan started a haircutting business called Expressions. The following transactions occurred during its first month (August, 2021) On August 1, Hamdan invested $3,000 cash in Expressions. On August 2, Hamdan invested $15,000 equipment in Expressions On August 2, Expressions paid $6,000 cash for furniture for the shop. On August 3, Expressions paid $500 cash to rent space in a signature mall for August. On August 4, Expressions purchased $1,200 of machine on account for the shop. On August 5, Expressions opened for business. Cash received from services provided is $825. On August 9, Expressions paid $3,000 cash insurance in advance for 6 months. On August 15, Expressions provided $1,000 of haircutting services on account. On August 17, Expressions paid $125 to an assistant for working during the grand opening. On August 19, Expressions received $500 cash for services previously rendered on account on August 15 August 22, Expressions received $800 cash for future haircutting services. On August 30, Expressions paid a $400 cash installment for the on-account transaction on August 4. On August 31, Hamdan withdraw $900 cash for personal use.