TRIAL BALANCE AT $1/1/23$

$($Look at picture for chart$)$

The following is a summary of the transactions during the $2023$ year:

January $1-$ Paid $$8,000$ for salaries. Of that, $$5,500$ was for salaries payable the prior year and the rest was for salaries in the current year from Jan $1-$ Jan $10.($Hint$,$ you will have $3$ accounts on this journal entry.$)$

January $10-$ Provided catering services for customers for $$22,000$ on account.

February $1-$ Paid $$4,000$ for salaries to employees for the current period.

February $15-$ Provided catering services to customers for $$25,000$ for cash.

March $1-$ Prepaid $1$ year of rent in the amount of $$30,000$

March $30-$ Paid the Utility bill for March, $$1,800$

March $15-$ Provide catering services to customers for $$50,000.$ Of that, $$20,000$ was on account and the rest was in cash. $($This will be one journal entry with three accounts$).$

April $1-$ Paid $$10,500$ on accounts payable owed.

May $1-$ Collected on accounts receivable, $$6,300.$

June $2-$ Provided catering services to customers for $$32,500$ on account.

June $10-$ Paid $$10,000$ for salaries to employees for the current period.

August $15-$ lssue more shares of common stock in exchange for $$5,000$ cash.

August $20-$ Collected on accounts receivable, $$42,000.$

September $1-$ Provided services to customers for $$15,000$ for cash.

September $10-$ Paid $$10,000$ for salaries to employees.

October $12-$ Pax for repairs and maintenance expenses, $$2,200$

November $1-$ Borrowed $$10,000$ from the local bank with $10\%$ annual interest rate and signed a note promising to repay the full amount of debt and interest in two years.

November $2-$ Purchased equipment for $$10,000$ cash.

November $15-$ Purchase supplies on account in the amount of $$800.$

November $30-$ Provided catering services on account in the amount of $$35,000.$

November $30-$ Paid $$300$ on accounts payable owed.

November $31-$ Paid utility bill for November, $$1,800.$

December $15-$ Receive a deposit in advance from customers, $$5,000,$ for catering

services to be provided in the future.

December $15-$ Collect on accounts receivable, $$32,500.$

December $29-$ Pay $$8,000$ cash dividends to stockholders.

Requirements:

$1.$Set up the necessary $T-$accounts and enter the beginning balances from the trial balance you were given on page $1.$

$2.$Record each of the transactions for the year. $($Record as journal entries. Remember to put a description for each entry and then skip a space before the next entry$).$

$3.$Post the transactions to the accounts $($What does posting mean? it means putting the debits and credits from your journal entries into their proper $T$ accounts. You will add to the beginning balance that was already there on January $1.)$

$4.$Prepare an unadjusted trial balance. This is just a list of all of your accounts with their ending balances after you recorded the transactions. So total up each $T$ account and

that is your ending balance.