Preparing the Trial Balance For this Portfolio Project, you will follow several steps of the accounting cycle that include analyzing transactions, preparing journal entries, and posting the transactions to the ledger accounts. As a result, you will prepare a trial balance for year 20Xl. Assume the following transactions took place in November and December 20X1: Invested cash $20,000 to start your business, Memo 01. 26 Issued Check 101 for $2,000 to pay for rent in November and December. 30 Issued Check 102 for $3,000 for a one-year insurance policy. $2,000, Invoice 1342. 103 for $3,000, and agreed to pay the balance in 30 days. $3,600. Issued Check 105 for $500 to pay for advertising expense. Dec. 8 Maestro Services LLC bought lunches for its employees for 1 month on credit, $2,500 net; sales tax 5%; Sales Slip 301. Dec. Purchased Inventory costing $1,800 from Jolly Plus, Invoice 2341, terms 2/10, n/30, 15 with freight charges of $100 paid by Jolly Plus and added to the invoice. Issued Check 106 for partial payment to Cucina Inc. for the kitchen equipment. 20 Issued Check 108 to pay the balance owed to Jolly Plus. 24 Received a cash payment from Maestro Services LLC to cover the liability. 27 Sales in cash for $8,300, sales tax 8%. 3 l The owner's withdrawal for personal expenses, Check 109. 31 Below is the information that you will use for adjusting entries: 0 Merchandise Inventory on hand at the end of the month is $4,700. You use the periodic inventory system. ' You use straight-line depreciation method. The estimated useful life of the purchased equipment is 5 years. - Make sure to record the Rent and Insurance expired in December. You and your assistant earned $4,830 for salaries in December. The salaries expense has not been recorded because the employees will not be paid until January 10, 20x2. Ignore the payroll taxes and refer to this article to record the salaries that were accrued but not paid