Question Details

Phase 5 Individual Project
See Assignment Description
1.	Finalize the key assignment that you started in the previous unit. Incorporate feedback from discussions with your classmates and the feedback from your instructor to finalize this assignment.
2.	Additionally, develop an income statement, statement of equity, and balance sheet by using the trial balance. 
Following are the specifications for the original assignment:
In this assignment, use the knowledge that you have gained in this class to develop an idea that will be the start of a business plan. Build on the idea for the business that you submitted in your earlier assignments.
The initial business plan should include the following: 
•	Name and product of your business.
•	Type of business: Must be a service business
•	Sole Proprietorship or Partnership.
•	Chart of Accounts-consider the following: 
o	What assets your company will require
o	Your investment
o	Revenue
o	At least 3 expenses
o	Your capital and withdrawal accounts
o	If a partnership, research how to set up the capital accounts 
•	Discuss the internal controls necessary for your business. Consider how the Sarbanes-Oxley Act applies.
•	Develop journal entries for the first month. You must have the following, at a minimum: 
o	Initial investment
o	Revenue/sales
o	3 expenses
o	Owner- withdrawal(s) 
•	Post these to the ledger.
•	Develop a trial balance. 
Discuss in your narrative why you chose the particular business and why you decided to set it up as a sole proprietorship or as a partnership. 
Discuss the challenges that you will face in ensuring the integrity of your company's accounting information.
The deliverable for this assignment is one Excel spreadsheet with worksheets for the journal, the ledger, and the trial balance, with the narrative part of the assignment pasted in from Word. 
Please submit your assignment.
• Recognize and define the accounting equation, classify accounts as Asset, Liability, or Equity, and evaluate, record and post common business transactions. 
• Assess the internal controls of a business and make recommendations for improvements. 
• Review the accounting for typical current assets of an enterprise. 
• Examine contemporary issues related to personal honesty and integrity in recording, protecting, and reporting accounting information. 
• Review the principles of accounting for current assets such as cash, accounts receivable, and inventory. 
•  Use team, problem-solving skills and effective communication techniques to collaborate on a project

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