Reference no: EM133510679

Questions 1-4 are based on the following information.

Bright Sunny recently opened her own floral shop, which she operates as a sole proprietorship. The name of the new entity is Sunny. Sunny experienced the following events during the organising phase of the new business and its first month of operation. July 2023. Some of the events were personal. Others were business transactions.

July I Received 510.000 capital contribution from the owner Sunny.
Borrowed 53,000 cash from the bank for 12 month-loan, 6% interest rate per year, payable at end of each month.
4 Paid S1,200 cash for a 12-month insurance policy. The policy begins I July.
8 Paid electricity and gal expense of 5800.
IS Purchased a fridge for 510,000 (55.000 on account, and the remainder 55.000 on cash).
18 Delivered a floral service for a client's engagement party on account. 54,000.
20 Paid 55.000 for the fridge purchased on 15 July.
22 Collected 51,000 in advance for a client's birthday party service to be performed later.
25 Delivered floral service for a client's anniversary event on credit 51.000.
26 Sunny withdrew 51000 cash from the business for a personal holiday in Bali.
27 Purchased floral supplies for SI000 on account.
28 Paid S 1.000 employee salaries.
In Paid interest CXDC
30 Paw interest expense for the bank loan for April.
On 30 July, the collo‘%ing data were yet to be adjusted to Sunny's account.
a. Accrued s.tiarics expense, $500.
b. Depreciation expense $200 was recorded on the fridge.
c. Prepaid insuince for July has expired.
d. Floral supplies on hand, $200.
e. Unearned revenue earned during the month, $400.
f. Accrued service revenue*. S1300.

Question 1 Analyse the Sunny's transactions and use Excel to record each transaction in the journal using the following chart of accounts and post the transactions into the T-accounts. Narrations aren't required.

Cash. Sunny-Drawings, Accounts receivable, Equipment, Floral supplies. Service revenue, Prepaid
insurance. Salaries expense. Insurance expense, Accounts payable. Interest expense. Interest payable,
Loan payable, Unearned revenue, Supplies expense, Sunny - Capital. Electricity and gas expense.

Question 2. Use Excel to prepare an unadjusted trial balance and an adjusted trial balance as at 30 July 2023.

Question 3. Use Excel to prepare Sunny's financial statement (income statement, changes in equity, and balance sheet) for the month ended 30 July 2023.