Doha Company_Journal to Financial Statements

You are given information about Doha Company which is a service company located in Qatar. You are expected to analyze, record and communicate that information by using Microsoft Excel. You will need to complete the accounting cycle in the following order:

a) Prepare journal entries in the general journal.

b) Post the entries to the general ledger.

c) Prepare the income statement, statement of changes in owners’ equity and balance sheet.

Please note that you will be expected to apply basic Excel applications such linking the cells and using formulas (i.e. adding and subtracting information in the different cells). You will be graded on your ability to complete the accounting cycle by employing Excel functions. Should you need to type in items that are not available in the provided information, such as “current asset” in the balance sheet, then please feel free to do so. Additionally, you will need to:

1. Find information from the internet regarding the different risks that are found in companies.

You will need to provide the source (link to the website) from which you have obtain that information. Alternatively, you can submit a printed copy of the information obtained from the internet.

2. Please a report write a short report (one page or less) to answer the following:

a) Assume that Doha Company asked you for a loan. Based on the information in the financial statements, would you agree to give a loan to the company? Explain your answer.

b) In your opinion, how can information technology help businesses.

Please Make sure that the report is in PDF format.

3. Please submit the excel sheet, the risk sheet (from the internet) and the report via Blackboard.

- Go to Blackboard

- Go to "Assessment Information"

- Click on "IT Project"

- Submit the three files which are the Excel sheet, risk sheet (from the internet) and the report.

- Please use your Qatar University ID number to label the different files.

2	Doha Company purchased additional equipment for QR 142,000 cash.
3	The company purchased a building for QR 742,000 cash after the board of directors approved the company's expansion policy.
6	The company completed a consulting project for a client in exchange for QR 572,000 cash.
8	Purchased equipment by paying QR 117,000 cash and signing a note payable for QR 267,000.
12	Completed consulting services for QR 112,000. The company will collect the amount within 30 days.
14	Purchased office supplies worth QR 48,000 on account.
15	Completed consulting services worth QR 135,000. The amount will be collected at a later date.
17	Doha Company collected QR 71,000 from one of the clients for amounts owed to the company.
19	The company paid QR 65,000 cash on its accounts payable.
23	Paid QR 92,000 cash for maintenance of equipment.
28	The company paid QR 82,000 cash for an advertisement in the local newspaper for the month of October.
30	Paid QR 342,000 for employee salaries.
31	An analysis of the company’s insurance policies revealed that QR 47,000 worth of insurance has expired.
31	An inventory count shows that cost of supplies used by the end of the month was QR 82,000.
31	Depreciation expense for the equipment was QR 192,000.
31	The useful life for the building is estimated to be 15 years. There is no salvage value at the end of that useful life.
31	There are 7 employees that work at Doha Company and they received their salaries at the end of the week. The work week is made up of 5 days starting on Sunday and ending on Thursday. Weekly salary is QR 212,000 and its paid every Thursday. October 31 fell on a Tuesday.
31	The company provided consulting services worth QR 192,000. The customer had paid for that service in a previous period.