The following is a list of transactions that have occurred during the month of August.

Date	Transaction
August 1	Started the business with (ID x 120) in cash.
August 1	Borrowed (ID x 450) + $150,000 in the form of a note payable.
August 2	Purchased land with cash for (ID x 300).
August 2	Purchased building with cash for (ID x 150).
August 3	Purchased equipment on account for (ID x 200).
August 4	Purchased a 12-month insurance policy for $12,000.
August 5	Purchased $150,000 of Food and Beverage Inventory on account.
August 10	Paid $2,800 in cash for advertising
August 15	Paid a utility bill of $1,500 in cash
August 18	Received a $1,250 cash deposit for a future banquet
August 22	Paid $3,500 in cash for china that is expensed immediately
August 28	Paid $90,000 in wages in cash for August 1-28 work
August 31	Generated $150,000 in food revenue for the entire month. The guests paid cash.
August 31	Generated $30,000 in beverage revenue for the entire month. The guests paid cash.
August 31	You withdraw $1,200 from the business for personal use.

Required:

1. Prepare journal entries in good form for the transactions above.

2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.

3. Complete the unadjusted trial balance in good form as of August 31, 2020 (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas.

Answer rating: 100% (QA)

Answer Date Journal Entries Debit Credit August01 Cash ID x 120 Capital ID x 120 Being Capital bring ... View the full answer