Comprehensive Problem: Service Industry Essay

Objectives Demonstrate application of accounting concepts pertaining to a helping company, including the followingselection of stock form, journalization and posting of daily legal proceeding, creation of unadjusted trial commensurateness, adjustment of the accounts to properly report changes in balances, creation of pecuniary statements, completion of the closing process with appropriate closing entries and posting to T accounts, determination of book value for fixed assets, and discussion of companys financial position.As you work through this problem please call d hold to the Penn State rules regarding Academic Integrity. It is very important that you cite your sources. plowshare 1 5% of Assignment GradeMonica Porter loves photography and wants to start her own company. She is single, 26 yrs old, and lives in an apartment in Nicetown. She has a credit line as a clerk in a grocery monetary fund that currently pays her living expenses. Her dream is to b e a portrait photographer specializing in events such as weddings, birthdays, graduations, etc. She has saved $10,000 to start this endeavor. She knows nada about accounting and has hired you to provide her with accounting services as well as guidance in starting this product line. This first parturiency is to determine which business organization entity she should choose. Please explain the different business formats and which one you would suggest for her business, which will be named Portraits by Porter (PBP).Part 2 85% of Assignment GradeMonica has followed your advice and on January 11, 2012, she deposited $10,000 into a business bank account for PBP and started pursuing her dream. It has been a hectic year, and in June Monica contacts you to investigate your advice in helping her to determine whether she can leave the grocery keep and work the photography business full time. She provides you with a list of the things that go happened during the past 6 months. She has ap plied for a small business add of $25,000 and has been told by her banker that she needs a set of books (whatever that means) and financial statements (?) along with a listing of her fixed assets at book value. The banker told her that the books should be closed for the year as ended June 30, 2012, with corresponding financial statements.1. Create the journal for the transactions and post these to the T accounts (45 pts).2. Create the unadjusted trial balance (5 pts).3. get hold of the necessary adjusted journal entries (6 pts).4. Create the adjusted trial balance (5 pts).5. Complete the financial statements income statement, retained earnings, and balance sheet (15 pts).6. Close the books utilize appropriate journal entries with T accounts (5 pts).7. Determine the BV of the fixed assets (4 pts).PART 3 10% of assignment gradeDiscuss the economic position of BPB and what you would send away Monica concerning her job at the grocery store.