You are opening up a new business of your choice. Complete each section with the specified requirement: The paper should be in Times New Roman, 12 font, double spaced. You should also complete a PowerPoint that will be presented in class to explain your business and the sections addressed in your paper. Your grade will be divided between the paper and the PowerPoint presentation:
A. You are required to:
 Name your business
 Industry ( restaurants, coffee shops, bakery, hair-dresser)
 Write a description of what the business functions. ( 100 words)
B. Research the industry and find out (using 150 words):
 What it costs to open this kind of business
 How it functions
 Who are your customers “Target”
 Who are your competitors
 What will you offer that can distinguish you from your competitor “advantage”
 The location you will be opening your business in
 The location you will be opening your business in

C. Create 20 to 25 transactions that happened in your business, including:
 Investments ( to start business)
 Loans ( if needed)
 Purchasing assets (that the business needs like: furniture, oven, computers, etc…) at least 6 assets for cash and on account.
 Selling a product or rendering/performing a service “depending on your business, at least 6 revenues for cash and on account”
 Collect account receivables from customers
 Paid account payables to suppliers
 Show at least 6 expenses
 Drawings for personal use
D. Record the transactions into the general journal by using double-entry principles
E. Post transactions into a 3 column ledger, taking into account how debits and credits affect different accounting elements.
Format report:
 The paper should be a minimum of 5 pages
 Times New Roman, 12 font, double spaced
 You should also complete a PowerPoint that will be presented in class to explain your business and the sections addressed in your paper.
 Use the following rubric as a guideline to complete your project.
 Submission Date: 24th October 2021

Description Debit Credit
Cash
Capital
X
Y

Ledgers
Description Debit Credit Balance
Cash

Total

 Submission date: 24th Oct 2021