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Managerial Accounting


•Name and product of your business. •Type of business: Must be a service business •Sole Proprietorship or Partnership. •Chart of Accounts–consider the following: ◦What assets your company will require ◦Your investment ◦Revenue ◦At least 3 expenses ◦Your capital and withdrawal accounts ◦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: ◦Initial investment ◦Revenue/sales ◦3 expenses ◦Owner’s withdrawal(s) •Post these to the ledger. •Develop a trial balance. I already have my service business which is a transport agency my Assets and liabilities include: Assets: Cars (40 numbers) Telephone system for receiving calls Invoice generating device Office building Car tracking/monitoring device Drivers, call attenders etc. Liabilities: Mortgage on office building Repayment of loan on cars Etc. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help


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