BACT105 Business Accounting - Individual Business Report

Task:

Required: You need to use Word document to answer the questions below.

1. Journalize the transactions in the Journal (template is given below). Narrations must be provided.
2. Post the entries to the Ledger (template is given below).
3. Prepare Adjusted Trial Balance.
4. Prepare Income Statement and Balance Sheet
5. Prepare Closing entries and post them to the ledger.
6. Please write a business report on Historical Cost Principle and Fair Value Principle. In this report, please identify and discuss the advantages and disadvantages of them respectively.

Reference requirements: You must provide both in-text references and reference list using Harvard Style reference (600-700 words).