Account

i have an account project i’ve done most of the work i need you to complete my work and check it for me the word file is the project the second word file my answer to part 1 and the excel file is my answer for part 2 i need you to finish part 2 for me (all the sheets in excel file) for all the transaction in part 1

ManagementScience Department

Yanbu University College (Women’s Campus)

The Royal Commission at Yanbu

Kingdom of Saudi Arabia

Academic Year 2020-21

Semester 202

Check schoology

PROJECT
Course Name and Code:	FINANCIAL ACCOUNTING ACCT 110	Section:	All
Due Date :		Check schoology	Submission Date:
Total Marks:	100	Marks Obtained:
Marked By:	RAHAYU ABDULL RAZAK JUNAINI MOHAMMAD MAHA AL MALKI	Signature:

Academic Integrity Plagiarism The practice of taking someone else’s work or ideas and passing them off as one’s own. An example of plagiarism is to use creative works of another, without appropriate acknowledgment of the author or source. Collusion Secret or illegal cooperation in order to deceive others. Collusion is the presentation of an assignment as one’s own which is in fact the result in whole or in part of unauthorized collaboration with other person(s). Collusion involves the cooperation of two or more individuals in plagiarism or other forms of academic misconduct. Both plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion. Student Declaration I have read and understood the statement of academic integrity written above. I certify that the attached work is entirely my own except where work quoted is duly acknowledged in the text; that I have not worked with another person or persons except where specifically permitted by the teacher, and that this work has not been submitted for assessment by myself or any other person in any other time. I have retained a copy of my work.

Student ID	Student Name	Signature

Objectives:

20

30

CLO	PLO	Total marks	Marks awarded
1.1	KNOWLEDGE ( PART A)		20
2.1	COMPETENCE ( PART A)
2.2	SKILLS (EXCEL)		30
3.1	SKILLS ( EXCEL)
TOTAL MARK AWARDED 100

REQUIRED SUBMISSION

1. PART 1 REPORT – DUE in WEEK 7 Thursday (40 marks)

2. PART 2 EXCEL- due on Thursday WEEK 13 (60 marks)

INTRODUCTION

This project will give you an opportunity to work with other students to apply accounting concepts to a simple business venture. You will be operating a
simulated service
company for three months (JANUARY, FEBRUARY AND MARCH). During this time, you will be asked to make some operating decisions about the services, expenses and other items that actually affect the operating results that you obtain. Your results will be different from other groups in the class because you will make different decisions and because random economic events will impact the success of your company.

CASE OBJECTIVES

This case has been designed to improve skills and knowledge in the following areas:

1) Working as a team to complete a business objective

2) Preparing a business report

3) Experiencing the complexities of starting a business and making decisions about

a) service provided

b) expenses

c) man power

d) planning the business

e) financing

4) Performing steps in the accounting cycle including

a) Journal entry

b) ledgers

c) Trial balance

d) worksheet

e) adjusting entries

f) preparing financial statements

i) Income Statement

ii) Statement of Retained Earnings

iii) Balance Sheet

g) Closing entries and post-closing trial balance

EVALUATION:

The case will be graded on completeness, clarity, organization and logic. The distribution of grade to the various phases of the project will be as follows:

Planning phase (Part 1: Section A & B)) 40%

Excel (Part 2) 60%

WHAT TO DO:

Planning Phase (Part 1- Due in Week 7)

1. Each group will consist of at least
5
students.

2. Choose a business to start. You can start any service company that you like, example include facial saloon, make-up service, or day care services and etc. WRITE YOUR GROUP NAME AND CHOSEN COMPANY SERVICE IN THE GOOGLE DRIVE BY THURSDAY OF WEEK 2

3.
PART 1: SECTION A. Write a business report which include

a. Introduction about your company. Identify the owner and the type of business.

b. Create company logo and explain why you choose the logo?

c. In table form, list down how much investment each shareholder will invest?

d. In table form, list the type of service and what prices will you charge for your service(s)?

e. Where will you place your store? How much rent will you pay for the store? If you do not want to rent, you can buy the building.

f. Decide how to inform customers about your new business.

The following information represents the options you may select regarding the advertising for your store. You must determine the amount that you will spend on advertising and the types of advertising.

g. In table form, list how much will you pay salary per month for each of your employees?

You must also decide on the manager, worker and any other people working in your company

h. Other Information for planning your operation

You will need this information to make a reasonable plan

ASSET: what do you need to purchase? In table form list the name of asset and how much each will cost and how you will pay for this asset: cash or borrow?

FINANCING: How much you need to borrow? Where to borrow? Interest charges? Period of borrow (THE AMOUNT BORROW DEPEND ON THE DURATION, LARGE AMOUNT LONGER DURATION AND HIGHER INTEREST RATE)

DIVIDEND: How much of dividend to give to each investors? When to give? (ONLY 3 MONTHS DIVIDEDN, THE AMOUNT SHOULD NOT BE BIG- PUT IN AMOUNT NOT PERCENTAGE)

4.
PART 1: SECTION B: Prepare necessary transactions for three months.

From your part 1, write necessary transactions for three months (January, February, March)

Each month should have at least 10 transactions
. (Use the table form like this)

Date	Transactions
January 1
February 1
March 1

EXCEL (PART 2)- DUE IN WEEK 13

From the three months transactions that you created in the Part A, Prepare

1. In excel – journal entry for the three months

2. In excel – post the journal entry to ledgers and calculate one balance(total) amount for each account.

3. In excel – Prepare trial balance at the end of March

4. In excel – Prepare adjusting entries at the end of March (You may check with your teacher about your adjusting entries)

5. In excel worksheet, transfer your trial balance and adjusting entries to the necessary column and complete the worksheet

6. In excel, prepare income statements, balance sheet and statement of retained earnings

7. In excel, prepare closing entries and post-closing trial balance

Prepared by: Ms Rahayu Abdull Razak Page 2

ManagementScience Department

Yanbu University College (Women’s Campus)

The Royal Commission at Yanbu

Kingdom of Saudi Arabia

Academic Year 2020-21

Semester 202

Check schoology

PROJECT
Course Name and Code:	FINANCIAL ACCOUNTING ACCT 110	Section:	All
Due Date:		Check schoology	Submission Date:
Total Marks:	100	Marks Obtained:
Marked By:	RAHAYU ABDULL RAZAK JUNAINI MOHAMMAD MAHA AL MALKI	Signature:

Academic Integrity Plagiarism The practice of taking someone else’s work or ideas and passing them off as one’s own. An example of plagiarism is to use creative works of another, without appropriate acknowledgment of the author or source. Collusion Secret or illegal cooperation in order to deceive others. Collusion is the presentation of an assignment as one’s own which is in fact the result in whole or in part of unauthorized collaboration with other person(s). Collusion involves the cooperation of two or more individuals in plagiarism or other forms of academic misconduct. Both plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion. Student Declaration I have read and understood the statement of academic integrity written above. I certify that the attached work is entirely my own except where work quoted is duly acknowledged in the text; that I have not worked with another person or persons except where specifically permitted by the teacher, and that this work has not been submitted for assessment by myself or any other person in any other time. I have retained a copy of my work.

Student ID	Student Name	Signature
4110179		Hala Albakri
41100 70		Renad Alghamdi
4110012	Sarah Alrefaei
4110139	Khadeejh Bakhashwain
4110027		Thikra Alhazmi

1.
PART 1: SECTION A. Write a business report which include

a) Introduction about your company. Identify the owner and the type of business.

Flight World, an airline business, provides transportation for passengers back and forth to Jeddah, Dammam and Riyadh. It is a corporation founded by Hala Albakri, Renad Alghamdi,

Sarah Alrefeai

,

Khadeeja Bakhshwain

and Thikra Alhazmi. It is a small company with two aircrafts and limited capabilities.

b)
Create company logo and explain why you choose the logo?

The logo visually represents the brand name “flight World” in English and Arabic with little bit tough of art- a small world map and half side of wings. It’ll perfectly connect people with the vision of company that is to be wings of ordinary people and make a way to their destinies.

c) In table form, list down how much investment each shareholder will invest?

Hala Albakri

Renad Alghamdi

3 million $

Thikra Alhazmi

2.5 million $

2 million $

Shareholders	Owner’s Capital
	3 million $
Sarah Alrefeai		2 million $
Khadeeja Bakhshwain		2.5 million $
Investor (Bank Albilad shares worth)
Total	15 million $

d) In table form, list the type of service and what prices will you charge for your service(s)?

$ 70

$ 70

	Service	Price
Dammam to Riyadh			$ 70
Riyadh to Dammam	$ 60
Jeddah to Riyadh
Riyadh to Jeddah

Service

	Price ($)
Economy	70
Premium Economy	78
Business	80
First	95

e) Where will you place your store? How much rent will you pay for the store? If you do not want to rent, you can buy the building.

Flight World will be inaugurated at Jeddah as the most of demand is in there. It is located at privately owned place worth

4 million

$.

f) Decide how to inform customers about your new business.

The following information represents the options you may select regarding the advertising for your store. You must determine the amount that you will spend on advertising and the types of advertising.

1: Airing short advertisements on TV with influencers like Sarah Dundarawy or some others ($60,000) per year.

2: Advertising on social platforms ($

50,000

) per year.

3: Advertisements via banners and Digital screen on the streets ($20,000) per year.

g) In table form, list how much will you pay salary per month for each of your employees?

You must also decide on the manager, worker and any other people working in your company

$10,000each

$8,000each

$8,000each

Employees	Salary per month
2 Pilot	$30,000each
2 Manager	$20,000each
2 Receptionist		$10,000each
3 Checking people in charge
7 Cleaners			$8,000each
7 porter
8 Security Guards
Total	$326,000

h) Other Information for planning your operation.

You will need this information to make a reasonable plan.

Price ($)

Owned

Owned

Assets	Financing
2 Airplanes	Borrowed: 5 year, 3% of cost and 3-month lease in advance payment, 5 installments in total.	10 1 million each
Building			Owned	4 million
Furniture	100,000
Computers and electrical machines	Owned & Borrow on 3%interest from supplier	1 million
Supplies	50,000

Company will borrow loan of worth 80 million from bank Albilad on 7% interest for 5 years.

DIVIDEND: How much of dividend to give to each investor? When to give? (ONLY 3 MONTHS DIVIDEDN, THE AMOUNT SHOULD NOT BE BIG- PUT IN AMOUNT NOT PERCENTAGE)

There will be no dividend during the first year as per the agreements with shareholders.

1.
PART 1: SECTION B: Prepare necessary transactions for three months.

From your part 1, write necessary transactions for three months (January, February, March)

Each month should have at least 10 transactions
. (Use the table form like this)

January:

15 Jan 2020

Date	Transactions
01 Jan 2020	Company issued shares worth $ 15 million to shareholders to start operations.
02 Jan 2020	Purchased Building worth $4 million.
11 Jan 2020	Borrowed $80 million for 5 years at 7%.
12 Jan 2020	Hired employees for service to perform in the company.
13 Jan 2020	Paid $15,000 for pilot training.
	15 Jan 2020	Bought and paid in cash furniture worth $100,000
Bought supplies worth $50,000.
16 Jan 2020	Purchased two airlines worth $101 million, paid $15.857 million in advance and sign a note payable for the remainder
30 Jan 2020	Paid employees worth $326,000 in cash.
31 Jan 2020	Received cash payment of $70 in full from the customer.

February:

1 Feb 2020

16 Feb 2020

28 Feb 2020

28 Feb 2020

28 Feb 2020

	1 Feb 2020	Purchased computers worth $17,000.
Paid electricity bill worth $30,000
14 Feb 2020	Earned $50,000 service revenue from service performed.
15 Feb 2020	Received prepaid cash worth $30,000 from customer for advance booking.
	16 Feb 2020	Paid advertising expenses worth $15,000 for TV ad.
Paid advance $10,000 as a salary to receptionist.
			28 Feb 2020	Purchased supplies on account for $500, payment due within three months.
Paid half payment of supplies bought on 15 January.
Performed the services for the amount received on 15 Feb.
Signed contract for electric machine.

March:

1 March 2020

1 March 2020

		1 March 2020	Paid bill worth $30,000 for February month.
Received and paid $50,000 in cash for electric machine.
Paid $5000 for utility expenses.
11 March 2020	Payment received in advance worth $50,000 for tickets on 17 march.
14 March 2020	Purchased supplies on cash worth $15,000.
15 March 2020	Paid $20,000 for computer software for bookkeeping.
17 March 2020	Service performed for $50,000 received on 11 march.
21 March 2020	Paid $10,000 for inventories for pilot.
25 March 2020	Paid salary expense to all employees.
31 March 2020	Distributed $100 cash in dividends to each stockholder.

Transactions

Transactions

GROUP members’name

ID

Name

Section

Journal Entry

Date

journal

Journal Entry Journal Entry
Date

s and Explanations

Date Accounts and Explanations Post. Ref. Debit Credit

,000

,000 Cash 10,000

Cash 4,000,000 Cash 316,000

Cash

2/28/20

80,000,000 Cash 25,000

2/28/20

30,000

Cash 15000 2/28/20 No entry required

30,000

Cash 100,000 Cash 30,000
1/15/20

3/1/20

50,000

Accounts Payable 50,000 Cash 50,000

3/1/20

5,000

Cash

Cash 5,000

Cash 50,000

Salaries Expense

50,000

Cash 326,000

Supplies 15,000

No entry required Cash 15,000

Cash 17,000 Cash 20,000
2/1/20 Electricity Expense 30,000

Unearned Revenue 50,000

Cash 30,000 Service Revenue 50,000

Cash 50,000

10,000

50,000 Cash 10,000

Cash 30,000

Salaries Expense 326,000

Unearned Revenue

Cash 326,000

2/16/20

15,000

Accounts Payable 25,000

Cash 15,000 Cash 25,000

Account

Post. Ref.

Debit

Credit

1/1/2

0

Cash

1

5,000

2/16/20

Pre-paid Salary

10,000

Share Capital

15,000

1/2/20

Building

4,000,000

2/28/20

Salaries Expense

316,000

1/11/20

80,000,000

Accounts Payable

25,000

Notes Payable

1/12/20

No entry required

Unearned

Revenue

30,000

Service Revenue

1/13/20

Pilot Training Expense

15000

1/15/20

Furniture

100,000

3/1/20

Electricity Expense

Supplies

50,000

Electric Machine

1/16/20

Airlines

101,000,000

Utilities expense

15,857,000

Notes payable

85,143,000

3/11/20

1/30/20

326,000

Unearned Revenue

3/14/20

1/31/20

2/1/20

Computers

17,000

3/15/20

Computer Software

20,000

3/17/20

2/14/20

3/21/20

Inventory

Service revenue

2/15/20

3/25/20

30000

Advertising Expense

3/30/20

ledgers

Cash Share Capital Unearned Revenue
1/1/20

1/2/20 4,000,000 1/1/20 15,000,000 2/28/20 30,000 2/15/20 30,000

1/11/20 80,000,000 1/13/20 15,000 3/17/20 50,000 3/11/20 50,000
2/14/20 50,000 1/15/20 100,000
2/15/20 30,000 1/16/20 15,857,000

15,000,000 Balance 0

3/11/20 50,000 1/30/20 326,000
2/1/20 17,000
2/1/20 30,000 Furniture Advertising Expense
2/16/20 15,000 1/15/20 100,000 2/16/20 15,000
2/16/20 10,000
2/28/20 316,000 Balance 15,000
2/28/20 25,000 Balance 100,000
3/1/20 30,000
3/1/20 50,000
3/1/20 5,000
3/14/20 15,000
3/15/20 20,000 Supplies
3/21/20 10,000 1/15/20 50,000
3/25/20 326,000 3/14/20 15,000
3/30/20 25,000
Balance

Balance

Building

1/2/20 4,000,000 2/16/20 10,000
Balance 4,000,000
Notes Payable Accounts Payable Electric Machine
1/11/20 80,000,000 2/28/20 25,000 1/15/20 50,000 3/1/20 50,000
1/16/20 85,143,000 3/30/20 25,000
Balance 50,000
Balance

Balance 0

Pilot Training Expense Airlines

1/13/20 15,000 1/16/20 101,000,000 3/1/20 5,000
Balance 15,000 Balance 5,000
Balance 101,000,000
Salaries Expense Electricity Expense Computer Software
1/30/20 326,000 2/1/20 30,000 3/15/20 20,000
2/28/20 316,000 3/1/20 30,000
3/25/20 326,000
Balance

Balance

Balance 20,000

Computers Service Revenue Inventory
2/1/20 17,000 2/14/20 50,000 3/21/20 10,000
2/28/20 30,000
Balance 17,000 3/17/20 50,000 Balance 10,000
Balance

					15,000,000
																		Balance
		73,938,000			65,000
		Prepaid Salary
		165,143,000
		Utilities Expense
			968,000				60,000
				130,000

worksheet

Worksheet Trial Balance Adjustments Adjusted T/B Income Statement

Balance Sheet

Account Titles Dr. Cr.

Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 73,938,000 73,938,000
Building 4,000,000 4,000,000
Computers 17,000 17,000
Furniture 100,000 100,000
Supplies 65,000 65,000
Airlines 101,000,000 101,000,000
Inventory 10,000 10,000
Computer Software 20,000 20,000
Electric Machine 50,000 50,000
Prepaid Salary 10,000 10,000
Accounts Payable

– 0

– 0
Notes Payable 165,143,000 165,143,000
Unearned Revenue – 0 – 0
Share Capital 15,000,000 15,000,000
Service Revenue 130,000 130,000 130,000
Electricity Expense 60,000 60,000 60,000
Pilot Training Expense 15,000 15,000 15,000
Salaries Expense 968,000 968,000 968,000
Utilities Expense 5,000 5,000 5,000
Advertising Expense 15,000 15,000 15,000
180,273,000

180,273,000

1,063,000

130,000 180,273,000 180,273,000

adjusting

Date Accounts and Explanations Post. Ref. Debit Credit

1,400,000

2/28/20

10,000

10,000

Adjusting Entry
3/31/21	interest expense (0.07*80,000,000)/12*3		1,400,000
interest payable
salaries expense
prepaid salary

income statement

Income Statement
Revenue

$

Service Revenue

Electricity Expense

Pilot Training Expense

Salaries Expense

Utilities Expense

Advertising Expense -15,000

.00)

	$
130,000.00
Less : Operating Expenses:-
-60,000
	-15,000
-968,000
-5,000
Total Expenses	(1,063,000.00)
Net Income	(			933,000

statement of RE

0

933,000

0

933,000

Statement Of	Retained Earnings
Retained earnings beginning
Add: Net Income
less: dividend
Retained earnings ending march 31,2020

Balance Sheet

Building

Furniture

0

Airlines

Computer Software

Electric Machine

Computers

Cash

Supplies

Inventory 10000
Prepaid Salary 10000
Share Capital 15,000,000
Retained Earnings 933,000
Notes Payable

165143000

0

Unearned Revenue 0

0

Balance sheet
Noncurrent Asset:
4000000
		10000
101000000
20000
50000
17000
Total Non Current Assets	105187000
Current Asset:
73938000
65000
Total Current Assets	74023000
Total Asset	179210000
Shareholder’s Equity
Total shareholder’s Equity	15,933,000
Liabilities
Non current liabilities
	165143000
Total non current Liabilities
Current Liabilities
Accounts payable
Total current Liabilities
Total equity and liabilities	181,076,000

closing

Date Accounts and Explanations Post. Ref. Debit Credit

Closing Entry

Post Closing trial balance

Account Debit Credit