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ACCT 212 Course Project (Devry)Click Here to Buy the Tutorialhttp://www.acct212.com/product-24-ACCT-212-Course-Project-For more course tutorials visitwwwww.acct212..acct212.cocom(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1)Describe what owners' equity values would be if Assets are $100,000 and Liabilities are$27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation ofwhat accounts could be found in owners' equity. (10 points)(TCO 1) The financial statements present a company to the public in financial terms. (1)Which financial statement identifies where cash was generated and where it was spent duringthe year (10 points) and (2) identify the three major parts of this statement. (10 points)(TCO 1) The accounting profession follows a set of guidelines for measurement anddisclosure of financial information called the Generally Accepted Accounting Principles(GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10points) and (2) provide an example of its application. (10 points)(TCO 2) Transaction analysis results in the development of a journal entry. Supplies arepurchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impactedand how using the format account name/debit or credit/dollar amount (10 points) and (2)explain how the Accounting Equation is impacted. (10 points)(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrualaccounting principles are applied. At the beginning of the month $1,350 of office supplieswere purchased. There was not a beginning balance and the one purchase was the only onefor the month. At the end of the month $500 of supplies remained. Develop the adjustingentry. (1) Name the accounts impacted and how using the format account name/debit orcredit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted.(10 points)(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical businesspractices. (1) Identify and explain the reason for any two of the seven internal controlprocedures (10 points) and (2) provide examples of how your two selected internal controlprocedures will meet the goal of safeguarding assets and promoting ethical business practices.(15 points)(TCO 5) The bank account as a control device helps to protect cash. One of the requirementsis to conduct periodic bank statement reconciliations. Using the following data, complete the

ank statement reconciliation. (Use the format shown on page 255 of your textbook) (25points)Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August31.• A NSF check from Johnny Jones for $3,164.•Two deposits made on August 31 were not onthe bank statement, totaling $2,897.•The bank collected an EFT payment for Rent for$2,600.•August 31 balance in Cash was $2,005.•The owner had written check # 1598 for$500 and recorded this check as $5,000.•The balance on the bank statement as of August 31was $5,316.•Bank service charge of $28 was shown on the bank statement.•Checks #1572,1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on thebank statement, even though the company had sent the checks.