Project 1. You are promoting a rock concert in your area. Your purpose is to earn a profit, so you need to establish the formal structure of a business entity. Assume you organize as a corporation.
1. Make a detailed list of 10 factors you must consider as you establish the business.
2. Describe 10 of the items your business must arrange to promote and stage the rock concert.
3. Identify the transactions that your business can undertake to organize, promote, and stage the concert. Journalize the transactions, and post to the relevant T-account. Set up the accounts you need for your business ledger. Refer to the chart of accounts in Appendix if needed.
4. Prepare the income statement, statement of retained earnings, and balance sheet immediately after the rock concert--that is, before you have had time to pay all the business bills and to collect all receivables.