LSST BA30032E: Recording and Analyzing Business Transactions Report

This report delves into the crucial aspects of recording and analyzing business transactions. It begins with an introduction to the role of journals and ledgers in summarizing transactions, emphasizing their importance in informed decision-making. The report then explores the needs of different decision-makers, such as management, owners, and managers, for accounting information, highlighting the advantages and disadvantages of recording such information. It provides detailed journal entries with narrations for specific transactions, followed by the creation of a ledger and trial balance. Furthermore, the report includes an income statement and analyzes the impact of COVID-19 on various income statement items, such as sales and wages. The conclusion reinforces the significance of accurate transaction recording for sound financial analysis and decision-making. References to relevant books and journals are also provided.