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Instructions 1. This is an individual assignment. 2. Complete this exercise using a MS Excel spreadsheet. 3. Submit the assignment on the assigned Blackboard link. 4. The due date is 25 February 2021 at 5PM. 5. Marks will be awarded for accurate, neat and well- presented work in line with generally accepted accounting principles (GAAP). July 25 PART A 15% Alamein opened Alamein Cleaning Services (ACS) on July 1, 2017. During July, the following transactions took place: July! Alamein invested S20,000 in the business. July 1 ACS purchased a used truck for $12,000, paying $4,000 cash, with the balance on account. The truck is expected to be used for 5 years and after which it will disposed off for $2,000. July 3 ACS purchased cleaning supplies for S2,100 on account. July 5 ACS paid $1,800 cash on 1-year insurance policy effective July 1". July 12 ACS billed customers $4,500 for cleaning services. July 18 ACS paid $1,500 cash on amount owed on truck and S1,400 on amount owed on cleaning supplies. July 20 ACS paid $2,800 cash for employee salaries. July 21 ACS collected $3,400 cash from customers billed on July 12. ACS billed customers 56,000 for cleaning services. July 31 ACS paid $350 for the monthly gasoline bill for the truck. July 31 ACS withdrew $5,600 cash for personal use. Required 1. Prepare journal entries for the above transactions 2. Post the journal entries into the ledger. 3. Extract a trial balance as at July 31 2017. PART B 15% ACS discovered the following data on July 31* after preparing the trial balance in Part A above: 1. Unbilled and uncollected revenue for services performed at July 31' were $2,700. 2. No provision has been made for depreciation. 3. No adjustment for insurance has been made. 4. Only $600 of cleaning supplies are on hand. 5. Employee salaries of S1,000 have not been paid. Required: 1. Prepare journal entries for the above adjustments and post them to the ledger 2. Prepare a worksheet and make the above adjustments in the worksheet. 3. Prepare the following financial statements: a. The income statement for the period ended July 31" 2017. b. Statement of changes in owner's equity for the period ended July 31" 2017. c. Statement of cash flows for the period ended July 31" 2017. d. Statement of financial position as at July 31* 2017. 3

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