Description
Quickly skim the questions or assignment below and the assignment rubric to help you focus.
Read the required chapter(s) of the textbook and any additional recommended resources. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
Consider the course discussions so far and any insights gained from it.
Create your Assignment submission and be sure to cite your sources if needed, use APA style as required, and check your spelling.
Assignment:
Use the transactions below to prepare an accounting equation and Income statement. See the example below of a journal entry. Also, remember to use the excel file and watch the video attached to this module to assist you with the assignment.
Example:
Account
Debit
Credit
Cash Basis – Rent Expense
$2,800
Cash Basis – Cash Account
$2,800
Accrual Basis – Prepaid Rent
$2,800
Accrual Basis – Cash Account
$2,800
1. On November 1, 2021, Barbie Riley opened Barbie’s Art Studio. The following transactions occurred in November.
Nov. 1 Barbie Riley invested $8,000 in the art studio
Nov. 1 Paid ten months’ rent in advance, $2,800
Nov. 3 Purchased $1,200 of equipment from Omni Co. on the account
Nov. 5 Received $900 cash for art-training workshop for teachers
Nov. 8 Purchased $450 of art supplies for cash
Nov. 9 Billed Howie Co. $2,500 for group art lessons for its employees
Nov. 10 Paid salaries of assistants, $1,300
Nov. 15 Barbie withdrew $100 from the business for personal use
Nov. 28 Paid electrical bill, $110
Nov. 29 Paid telephone bill for November, $140
Your tasks are to do the following:
Prepare a trial balance as of November 30, 2021, on a cash basis and accrual basis.
Create an income statement on accrual basis
2. Write a summary describing what you did in this assignment.
3. Record audio and video showing your work (approximately 6-8 minutes).
Assignment Expectations
Length: 6-8 minute video; answers must thoroughly address the two questions in a clear, concise manner
Structure: Include a title page and reference page in APA style. These do not count toward the minimum word amount for this assignment.
References: Use the appropriate APA style in-text citations and references for all resources utilized to answer the questions. Include at least three3) scholarly citations to support your claims.
