accounting question and need the explanation and answer to help me learn.
Its a fund of financial Acct homework, in the file there is all the info that you may need.
Requirements: 1
Group #___ members:
1.
2.
Exercise 1.
Create journal entries for the following transactions;
Draw up a T-account for each account affected by transactions;
Calculate ending balances for all T-accounts. All accounts have zero beginning balance as of January 1.
Prepare an unadjusted trial balance.
Transactions:
January, 1: Student Co. received fees earned from customers, $ 20,000;
January, 2: Purchased office equipment on credit, $45,000;
January, 3: Received utilities bill, $2,700;
January, 6: The owner invests $270,000 cash into business;
January, 8: Purchased office supplies on account, $2,500;
January, 9: Purchased land for a future building site, $80,000;
January, 13: Paid office rent for one month, $15,500;
January, 16: Received cash $4,100 from a customer for interest earned;
January, 19: The owner withdraws $3,000 from the business;
January, 20: Purchased inventory, $11,000;
January, 21: Paid creditors on account, $5,500;
January, 24: Paid tax expense, $5,000;
January, 25: Services provided on account, $23,000;
January, 28: Paid creditors on account, $20,000;
January, 29: Paid salaries, $23,900.
January 30, Received $10,000 on account from customers.
Ledger
Add more T-accounts if needed.
Exercise 2.
Below is the unadjusted trial balance for Dawson Designs.
REQUIRED:
Identify the errors in the trial balance. Write it.
Prepare a corrected trial balance.
Exercise 3.
Reconstruct all journal entries based on the posting entries from the ledger of Potter Service Company during the month of March.
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