Team Assignment #2, Part 1: Accounting basics James Bond gets tired of taking orders from M and decides to open an office as an independent international spy. Bond names the company Universal Exports, giving his establishment a covert name so as not to draw attention to the type of business he is in. Universal Exports is a sole proprietorship. Listed below are the transactions for July 2012. Required: 1. Show the transactions described below in the appropriate T-accounts. Depreciation on all equipment uses the straight-line method and a 5-year life. There is no salvage value. 2. Write the journal entry or entries for each transaction described below. 3. Prepare a trial balance. 4. Close the ledger (in the T-accounts) and also write out the journal entries for closing. 5. Prepare an income statement, a balance sheet (unclassified) and a statement of owner’s equity. 6. Prepare a post-closing trial balance. An Excel file with the T-accounts is posted in this folder.
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