$(1)$ During $2021,$ its first year of operations as a delivery service, Underwood Corp.

$(1)$ During $2021,$ its first year of operations as a delivery service, Underwood Corp.

entered into the following transactions:

Issued shares of common stock to investors in exchange for $$100,000$ in cash.

Borrowed $$45,000$ by issuing bonds.

Purchased delivery trucks for $$60,000$ cash.

Billed customers $$92,500$ for services provided.

Purchased office supplies for $$4,700$ on account.

Paid rent of $$15,200$

Received $$76,000$ from customers for services provided.

Paid salaries of $$28,000.$

Paid insurance premium of $$9,200.$

$10.$Paid a dividend of $$11,000$ to shareholders.

a$.$ Prepare a journal entry for each transaction.

b$.$ Create a T$-$account for each account and compute the balance of each.

c$.$ From those balances, prepare a trial balance for the end of $2021.$

$(2)$ Joe Kelly and other student investors opened Campus Carpet Cleaning, Inc. on

October $1,2023.$ During the first month of operations, the following transactions

occurred:

Stockholders invested $$20,000$ cash in the business.

Paid $$1,000$ cash for store rent for the month of October.

Purchased industrial carpet$-$cleaning equipment for $$25,000,$ paying $$10,000$ in

cash and signing a $$15,0006-$month, $10\%$ note payable.

Paid $$1,200$ for a $1-$year accident insurance policy.

Received a $$200$ bill from the Daily News for advertising the opening of a cleaning

service.

Performed services on account for $$6,200.$

Paid a $$700$ cash dividend to stockholders.

Received $$5,000$ payment from billed customers.

entered into the following transactions:

Issued shares of common stock to investors in exchange for $$100,000$ in cash.

Borrowed $$45,000$ by issuing bonds.

Purchased delivery trucks for $$60,000$ cash.

Billed customers $$92,500$ for services provided.

Purchased office supplies for $$4,700$ on account.

Paid rent of $$15,200$

Received $$76,000$ from customers for services provided.

Paid salaries of $$28,000.$

Paid insurance premium of $$9,200.$

$10.$Paid a dividend of $$11,000$ to shareholders.

a$.$ Prepare a journal entry for each transaction.

b$.$ Create a T$-$account for each account and compute the balance of each.

c$.$ From those balances, prepare a trial balance for the end of $2021.$

$(2)$ Joe Kelly and other student investors opened Campus Carpet Cleaning, Inc. on

October $1,2023.$ During the first month of operations, the following transactions

occurred:

Stockholders invested $$20,000$ cash in the business.

Paid $$1,000$ cash for store rent for the month of October.

Purchased industrial carpet$-$cleaning equipment for $$25,000,$ paying $$10,000$ in

cash and signing a $$15,0006-$month, $10\%$ note payable.

Paid $$1,200$ for a $1-$year accident insurance policy.

Received a $$200$ bill from the Daily News for advertising the opening of a cleaning

service.

Performed services on account for $$6,200.$

Paid a $$700$ cash dividend to stockholders.

Received $$5,000$ payment from billed customers.