â€¢Name and product of your business. â€¢Type of business: Must be a service business â€¢Sole Proprietorship or Partnership. â€¢Chart of Accountsâ€“consider the following: â—¦What assets your company will require â—¦Your investment â—¦Revenue â—¦At least 3 expenses â—¦Your capital and withdrawal accounts â—¦If a partnership, research how to set up the capital accounts â€¢Discuss the internal controls necessary for your business. Consider how the Sarbanes-Oxley Act applies. â€¢Develop journal entries for the first month. You must have the following, at a minimum: â—¦Initial investment â—¦Revenue/sales â—¦3 expenses â—¦Ownerâ€™s withdrawal(s) â€¢Post these to the ledger. â€¢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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