Comprehensive Problem: Service Industry Essay

Objectives award application of accounting concepts pertaining to a serving company, including the followingselection of credit line form, ledgerization and broad public opinion poll of daily transactions,creation of unadjusted ladder balance,adjustment of the accounts to properly report changes in balances, creation of financial statements,completion of the completion process with appropriate closing entries and observation to T accounts, determination of book measure for fixed as desexualises, anddiscussion of companys financial position.As you work through this problem please refer to the Penn asseverate rules regarding Academic Integrity. It is very important that you aver your sources.Part 1 5% of duty assignment GradeMonica door guard loves photography and wants to lower her own company. She is single, 26 years old, and lives in an apartment in Nicetown. She has a employment as a clerk in a grocery store that shortly pays her living expenses. Her dream is to be a portrait photographer specializing in events such as weddings, birthdays, graduations, etc. She has saved $10,000 to get weaving this endeavor. She knows nothing about accounting and has hired you to provide her with accounting services as well as guidance in starting this business. This first task is to shape which business organization entity she should choose. Please formulate the different business formats and which one you would signal for her business, which will be named Portraits by Porter (PBP).Part 2 85% of assigning GradeMonica has followed your advice and on January 11, 2012, she deposited $10,000 into a business bank account for PBP and started pursuing her dream. It has been a hectic year, and in June Monica contacts you to ask your advice in helping her to determine whether she can withdraw from the grocery store and work the photography business full time. She provides you with a listen of the things that have happened during the past 6 months. She has util ise for a small business bring of $25,000 and has been told by her banker that sheneeds a set of books (whatever that means) and financial statements (?) along with a leaning of her fixed assets at book value. The banker told her that the books should be closed for the year as end June 30, 2012, with corresponding financial statements.1. grow the daybook for the transactions and post these to the T accounts (45 pts).2. piss the unadjusted trial balance (5 pts).3. get to the necessary adjusted journal entries (6 pts).4. Create the adjusted trial balance (5 pts).5. perpetrate the financial statements income statement, retained earnings, and balance sheet (15 pts).6. Close the books using appropriate journal entries with T accounts (5 pts).7. Determine the BV of the fixed assets (4 pts). situation 3 10% of assignment denounceDiscuss the economic position of BPB and what you would project Monica concerning her job at the grocery store.