Table 1: Masterminds Programming Company June Transactions

Transaction number	Date June	Transaction
1	1st	The owner invests 175,000 cash in the business.
2	2nd	The business purchases office equipment for 42,000 cash.
3	4th	The business purchases for 2,500 on account from a Supply Company computer paper and other supplies expected to last for several months
4	6th	The business receives 7,500 cash from customers for programming services it has provided
5	9th	The business provides 12,000 of programming and maintenance services for a customer. It receives cash of 8,000, and it bills the balance of 4,000 on account. .
6	10th	The business purchases computer accessories as an inventory in order to resell them. The business purchases 1,200 headsets for 13 each with credit term of 8/10, n/30.
7	11th	The business finds out that 112 pieces of headsets are defective and returns them back to the supplier.
8	19th	The business pays the purchases due balance for the supplier.
9	20th	The business sells 720 units for customers for 22 each, with credit term of 5/15, n/ 30.
10	22nd	The customer returns 85 headsets that dont meet the specifications.
11	29th	The business receives the sales due balance from the customers.
12	28th	The business owner withdraws 1,800 cash from the business for his personal use.
13	29th	The business hires a new secretary with basic salary of 1,000.
14	30th	The business receives 9,000 for programming services that will provide during the next 5 months.
15	30th	The business pays the following expenses in cash for February: Store rent 1,250, salaries and wages of employees 2750 and utilities 1,320.
16	30th	The business purchases a 6-month insurance policy for 9,500

Your line manager wants to assess your understanding and ability to prepare and produce the Trial Balance by using the following ledger accounts of the Masterminds Programming Company in order to produce a trail balance at December 31.2021, applying the use of the balance off rule to complete the ledger. And, make the adjustments entries for the following transactions before preparing the final accounts for LLC company:

On the 5^th of July 2021, the business purchased supplies for 800 cash. On 31^st of December, 2021 the business found out that the supplies still on hand were 600 only

On the1st of July the business purchased a one-year insurance policy for 600. Prepare the adjusting entry on 31^st of December 2021.

Masterminds received 2,100 on October 2 from customer for advertising services expected to be completed by December 31. Unearned Service Revenue shows a balance of 2,100 on 31^st of December 2021. Analysis reveals that the company performed 1,300 of services

Now, At Masterminds Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that affects the trial balance are

A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550.

The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,570

A payment for Utilities Expense costing $200 was omitted from the general journal

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