How do Journal this and Trial Balance it and T balance 

 Module 02 Accounting Cycle Part I Taylor’s Creative Design PART 1 You are an employee at a full-service bookkeeping and auditing firm called Accounting Solutions. You have just started doing general bookkeeping services for clients when your manager introduces you to your new client, Taylor Jones. Taylor is graduating with a degree in digital design. She requests help setting up and keeping the books for a new company, Taylor’s Creative Design. Taylor will hire a CPA to file all tax forms and apply for a tax ID number with the IRS. You will keep the books and send them to the CPA and Taylor monthly. Taylor has already created a chart of accounts, numbering her account categories as follows: Assets 100 Liabilities 200 Stockholders’ equity 300 Revenue 400 Expense 500 Review the chart of accounts tab in the spreadsheet template and familiarize yourself with the accounts to be used in this problem. Next, Taylor numbered the accounts within the categories, leaving numbers open for possible future needs to add accounts. You will not need to add new accounts for this problem. After Taylor’s Creative Design’s first month of operations, Taylor delivers to you a stack of invoices, check stubs, receipts, and her first VISA-Business bill. You must decipher these to enter them into the accounts. After sorting through the source documents, you have made a list of transactions for the first month, April. Required for the accounting cycle part one assignment, you will complete the following tasks: 1. Journalize the April transactions in a journal. 2. Post the journal entries to the T-accounts. 3. Create an Unadjusted Trial Balance List of April Transactions April 1. Taylor invested $15,000 in the company, resulting in her receipt of common stock. April 2. Taylor purchased from Best Buy a computer, printer, monitor, and software for $5000 on account. She procured a 12-month, no interest credit arrangement and will make monthly payments to Best Buy. You decide this will all be categorized as equipment since it will be used for several years in the business. April 3. Taylor set up a credit account with the Office Supply Store for supplies and purchased supplies including, printer paper and ink for the printer for $250 on account. Taylor gave you the invoice, but she does not have to make a payment until the end of the month. April 4. Taylor purchased a comfortable desk chair from a department store for $325, paying cash. You decide this will be classified as equipment. April 7. Taylor decided to develop a logo and other advertising materials for her car and customers. She had them printed and had her car painted with the new logo. Taylor paid $300 cash for the advertising. You decide this will be expensed in the current month. (Hint: Since this is advertising that will all be expensed in the current month, what is the correct account to use?) April 8. Taylor negotiated a business transaction with a local restaurant (Charley’s) who is just opening. She has contracted with them to work on a logo, menu, and flyers for the restaurant. The restaurant owner made a $200 cash down payment to Taylor to be used against the first month’s bill. Taylor will bill Charley’s Restaurant monthly based on her hours worked on the account. (Hint: Taylor hasn’t done any work yet; she has only agreed to do work in the future for the restaurant. The agreement means she has an obligation to either do the work or give the money back.) April 9. Taylor designed a flyer for a local bakery and was paid cash of $230 for her work. April 12. Taylor designed an album cover for a friend who is a drummer in a local band. She was paid $800 cash for her work. April 14. Taylor designed some Point-of-Sale material for CO-OP Deli. She sent them an invoice for $600 for her work due on the last day of the month. April 22. Taylor set up a subscription account to purchase stock photos for artwork to be used in her design work for $300. This is a prepaid asset until Taylor uses the photos. (Hint: This transaction will use the two following accounts: Cash and Prepaid Photo Subscriptions. You decide how they will be affected.) April 23. Taylor designed and set up a website, email account, etc., for herself. She paid $480 to register everything and will expense $40 per month against this amount. (Hint: Taylor is paying for advertising for a full year today but will only “use up” $40 of that amount each month-the $40 figure is related to one of the adjusting entries in Part 2 and will not be used in this transaction. It’s extra information right now.) April 24. Taylor wrote a check to herself to cover personal living expenses in the amount of $1,200. (Remember, when the stockholders receive money from the business, it is called a dividend. Taylor doesn’t get to call her personal costs business expenses- that would be a violation of the business entity concept.) April 30. Taylor made her first monthly payment on the computer to Best Buy in the amount of $352. (Hint: This is one of the previous charges she made, which she is now paying on account.) April 30. Taylor made a payment for supplies to the Office Supply Store of $75. (Hint: This is one of the previous charges she made, and she is now making a payment on account.) April 30. Taylor received a check from the local CO-OP Deli for $250 in partial payment of the invoice sent to them on April 14th. April 30. Taylor worked on a business card and logo for the Quilt Shop. She did not finish the work, and there will be more work completed for this company in the next month, so she billed them for 15 hours of work completed now at $85 per hour. (This is a new client who has not paid her in advance. Treat this as a new billing to a customer for services performed.) End of Accounting Cycle Part I

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To journalize the April transactions you will need to record each transaction in a journal with the ... View the full answer