We have to solve these required for the transaction below

WE ARE REQUIRED TO SOLVE THESES ( ITS CALCULATION QUESTION NOT EXPLAINING )

Step 2 Accounting Cycle Journalize Business Transactions

You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!

STEP 3 ACCOUNTING CYCLE- Posting or Ledgering the journal entries

You are requested to Posting or Ledgering the journal entries the assumed transactions for your chosen business during the month of August 2020!

STEP 4 ACCOUNTING CYCLE Preparing Trial Balance

You are requested to Preparing Trial Balance the assumed transactions for your chosen business during the month of August 2020!

Step 5 Accounting Cycle Journalize and Post Adjustments

You are requested to Performing adjusting the assumed transactions for your chosen business during the month of August 2020!

Step 6 Accounting Cycle- Laying down adjusted trial balance

You are requested to Laying down adjusted trial balance the assumed transactions for your chosen business during the month of August 2020!

Step 7 Accounting Cycle Prepare Financial Statements

You are requested to Prepare Financial Statements the assumed transactions for your chosen business during the month of August 2020!

Step 8 Accounting Cycle- Book Closing

You are requested to Book Closing the assumed transactions for your chosen business during the month of August 2020!

Step 9 Accounting Cycle-Post-closing trial balance

You are requested to Post-closing trial balance the assumed transactions for your chosen business during the month of August 2020!

I am assuming here some of the business transactions as below: Aug 1 Business started with Capital $ 100,000 Aug 5 Equipment purchased with cash $ 20,000 Aug 10 Goods purchased on account $ 20,000 Aug 15 Goods sold on cash $ 25,000 Aug 20 Cash Paid for Goods purchased on 10 august $ 20,000 Aug 25 Cash paid for Rent $ 10,000 Aug 30 Salaries paid to staff $ 10,000 now lets see impact on accounting Equation of above transactions. Accounting Equation Assets Equity + Cash + Account receivables + Equipment = = Capital + Retained earnings + Aug-01 1,00,000 + + = 1,00,000 + + Aug-05 -20000 + + 20,000 = + Aug-10 + + + -20,000 + Aug-15 25,000 + + = + 25000 + Aug-20 -20,000 + + = + + Aug-25 -10,000 + + + = + -10000 Aug-30 -10000 + + = = + -10000 Total 65,000 + 10 20,000 = 1,00,000 -15,000 Solution: I am assuming here some of the business transactions as below: Aug 1 Business started with Capital $ 100,000 Aug 5 Equipment purchased with cash $ 20,000 Aug 10 Goods purchased on account $ 20,000 Aug 15 Goods sold on cash $ 25,000 Aug 20 Cash Paid for Goods purchased on 10 august $ 20,000 Aug 25 Cash paid for Rent $ 10,000 Aug 30 Salaries paid to staff $ 10,000 now lets see impact on accounting Equation of above transactions. Accounting Equation Equipment Equity Liability Capital Retained earnings + Accounts payable = 1,00,000+ + 20,000 + + + + + + 20,000 Assets Cash + Account receivables + Aug-01 1,00,000+ Aug-05 -20000 + + Aug-10 Aug-15 25,000 + + Aug-20 -20,000 Aug-25-10,000 Aug-30 -10000 65,000 -20,000 25000 + + + + + -20000 + + + -10000 -10000 - 15.000 + Total 0 1+ 20,000 1.00.000