Assignment # 1 Question 1 (6 marks, 005 mark for each transaction) Following are the transactions occured during the first month of Saced s nseoffice operating as first month of Saced's new business: 1. The owner, John, invests $1 proprietorship. 2. Purchased land costing $28,000 for cash. 3. Paid $1,000 for a one-year insurance policy. 4. Purchased office equipment for $12.000, paying $6,000 - note payable for the balance. 5. Purchased $500 supplies on credit. 6. Paid $1000 in cash for the current month's rent. 7. Paid $500 cash on account for office supplies purchased in 8. Real estate commissions billed to customers amount to $5000 9. Received a bill from the advertising transaction 5 agency $ 1000 for advertising for the current month. Paid $ 4,000 cash for officer's salaries. 11. John withdrew $ 2000 from the business for personal expens- ascount for commissions 12. Received cash for $3,000 f 10. Instructions: Journalize the following business transactions in general journal form. Identify each number. You may ignore the explanations of each transaction Question 2(4 marks) Morgan Gym ledger accounts at December 31, 2013 are shown below: Accounts Payable Accounts Receivable Building Morgan, Capital Cash Short term investment Exercise Equipment Weight Equipment Notes Payable Office Supplies Office Equipment Morgan, Drawing S 9,100 1,050 51,400 86,500 15,000 23,400 18,900 22,000 49,000 350 2,000 10,500 Instructions: Prepare a trial balance for Morgan Inc in December 31, 2013